Something fairly major is happening in banking soon and it’s not been very widely talked about in our circles and how it affects us.
This is coming in July – quite simply the “payee name” that the sender types in will have to match the name on the bank account.
This is fairly important when it comes to paying deposits/tributes especially with many other financial options not very friendly to our industry (stories of freezing funds from Paypal and Amazon, amongst others)
Paying directly into a bank is largely a lot safer – however, of course, at the minute the name placed in the payee name doesn’t have to match.
So, going through some of my prior payments it’s often just a string of the ladies’ initials.
Which, presently, is fair. But from July this will return as a partial match and ask me “did you mean…?” along with the name on the back account.
How much of an issue this is may vary from individual to individual.
But, certainly, this is something a lot of people wish for privacy on.
The most logical way to proceed from here is to open a business account.
There’s a number of pros and cons to these anyway. With cons including that there is usually a monthly fee or transaction charge – plus of course sitting in a stuffy bank trying to describe your business.
Honestly, I had a business account for my live music company – and trying to explain something as simple as that was… challenging.
However, such is the modern era there are now assorted “app” and online based banks that provide really good value for what they offer.
I do not wish to look weighted towards one product or another especially as many may be better for different needs – so here is an overview of some bank accounts
(Note. I am not on an affiliate deal with any of these links and are all presented as impartial advice)