DBS Fund transfer not immediate

[ahnyaahnya]

Oh the name of payee is someone else but you are the correct and intended recipient.

I thought its intended for someone else

Correct.
One of the names of payee is not even anyone's name.... " auntie "

 

[CrashWire]

Now they are required to be more careful.
BTW even if the payee name you enter is same as yours, there's no guarantee that it is your bank account . The bank does not have the capability to check the payee bank records to see the actual name. So you could be paying to a scammer.

The banks definitely have the ability to check. How else do you think the brokerages can match same name account to prevent 3rd party withdrawals?

They just refuse to enforce, because in the past we didn't want to ask for people's full names just to send them money.

Every month I receive remittances where the payee name is " Auntie" . And used to receive remittances where the name of payee is someone else

You are saying you are receiving money from overseas?

For local transfers, the sender name is always the name as in bank account leh.

 

[ahnyaahnya]

The banks definitely have the ability to check. How else do you think the brokerages can match same name account to prevent 3rd party withdrawals?

They just refuse to enforce, because in the past we didn't want to ask for people's full names just to send them money.


You are saying you are receiving money from overseas?

For local transfers, the sender name is always the name as in bank account leh.

. They are all local fast transfers.
I think you have everything in reverse.
Local transfer is FAST ( and more than lives up to its name, is immediate) bank doesn't know who you are really sending to.
And receiving bank credits the payee account, regardless of whether the name is correct.
Overseas payments, iirc, will be rejected by the payee bank if name is wrong ( but I'm not sure about this ). The payee"s bank knows whether the name is correct mah.

And by the way, I myself have used an abbreviation, and in another case a nickname, as a payee . Money went through, even large amounts. So you are arguing with someone who has actual experience , on both the receiving end and sending end of it , repeatedly over 5 years, every month

 

[CrashWire]

And by the way, I myself have used an abbreviation, and in another case a nickname, as a payee . Money went through, even large amounts. So you are arguing with someone who has actual experience , on both the receiving end and sending end of it , repeatedly over 5 years, every month

No I'm just curious what you are saying exactly by this:

Every month I receive remittances where the payee name is " Auntie" . And used to receive remittances where the name of payee is someone else

So you have this person added as "Auntie"? Or this person's transaction appears as "Auntie" on your bank statement?

 

[ahnyaahnya]

No I'm just curious what you are saying exactly by this:

So you have this person added as "Auntie"? Or this person's transaction appears as "Auntie" on your bank statement?

They added as payee. They don't bother to check what's my real name. They address me as Auntie. So they just put payee name as Auntie.
That proves that their bank dunno who is receiving the money. The payor's bank cannot check the payee"s bank. And that's the way it should be

 

[yuppieboy]

I started this thread to highlight the delay in my FAST transfer and call them to do transaction immediately. Since then, seems like I’m now able to transact to the max daily limit without any delay encountered.

 

[reddevil0728]

I started this thread to highlight the delay in my FAST transfer and call them to do transaction immediately. Since then, seems like I’m now able to transact to the max daily limit without any delay encountered.

The original issue is cause new payee?

 

[yuppieboy]

The original issue is cause new payee?

Nope. It’s to existing payee. I guessed they exempted me from their blanket restrictions ever since I called up.

 

[reddevil0728]

Nope. It’s to existing payee. I guessed they exempted me from the restrictions ever since I called up.

hmmm i wonder if that's really how it works.

 

[wira]

The banks definitely have the ability to check. How else do you think the brokerages can match same name account to prevent 3rd party withdrawals?

They just refuse to enforce, because in the past we didn't want to ask for people's full names just to send them money.

i believe SG banks cannot check the beneficiary account names due to SG banking secrecy act.

The banks definitely have the ability to check. How else do you think the brokerages can match same name account to prevent 3rd party withdrawals?

They just refuse to enforce, because in the past we didn't want to ask for people's full names just to send them money.

for brokerages usually you need submit withdrawal request and they take 1-2 days to process. I suspect they will do manual verification with the bank to ensure account belong to same customer.
Or they will usually ask you submit bank statement to prove you own the account.