In October 2018, The Payments Systems Regulator (PSR) enforced a new rule (Confirmation of Payee) regarding user deposits. This rule aims to minimize a rising trend of automated push payment fraud.
If you are paying into another bank account for the first time, Banks and financial institutions are now required to check the recipients' name in addition to the sort code & account number/IBAN.
With the above in mind, it's important to follow the rules below when depositing funds into your Plutus Account. If you fail to do so then you risk your depositing bouncing back to the account you sent it from.
- You can only transfer funds from your own accounts.
- Transfer funds to and from your own personal bank account, not via external entities.
- Bank Account name must be identical to your Plutus Account in order to enable funds transfer.
It is essential that, in addition to your Plutus sort code & account number/IBAN, you enter your own name, and not 'Plutus' or anything else as the 'payee'. If you fail to do this, your deposit may be returned to your sending account.
You can find a full guide on how to deposit funds here
If you've used our top tips above and are still having issues depositing funds into your Plutus Account, please reach out to our support team at firstname.lastname@example.org