Rabobank to check bank account names during online banking

Rabobank’s headquarters in Utrecht. Photo: Depositphotos.com

Rabobank is to start checking bank account numbers and names as a new function of online banking from Tuesday and will alert its customers to potential problems.

The function, introduced by popular request, was announced in February and other banks will be following suit within months, broadcaster NOS said.

Around 1,300 transfers a year end up in the wrong bank account because people are using obsolete account numbers or have not updated their contact data, Rabobank says.

Rabobank, which developed the tool, says the new system will also weed out fake invoices because the account number will not match the company clients think they are transferring the money to.

The bank will not block a ‘faulty’ transfer.

‘Clients may have a good reason to make the transfer. Companies may be registered under a slightly different name than appears on the bill. Clients will want to pay that bill and we don’t want to stop them,’ Rabobank spokesperson Alexander Zwart told NOS.