Company Bank Account

[Unicorn]

- we have to hope that someone checks the signatures match up but I am not sure this is always the case.

Not any more, Direct Debits are set up directly by the company who claims the money.

In the past there used to be a paper trail where the claiming company got the DD form from the customer (parts A+B), they then sent it to the customers bank who kept Part B, set up the DD and checked the signature on the form. Part A was then sent back to originating company which when received allowed them to claim money from the DD.

Now any DD company can just set one up and claim. The DD Indemnity Scheme then covers the complaints received.

Shed loads of back offices jobs gone as the number of complaints per number of DDs collected is minute.

[blacjac]

Someone did this to Jermey Clarkson not so long ago. He was boasting about how no one could do anything with your bank account details anyway so published his in his Sun column.

Someone used them to set up a Direct Debit to DiabetesUK for £500 a month...

http://news.bbc.co.uk/1/hi/entertainment/7174760.stm

[Beefy198]

After knowing quite a few people who work for various banks they all confirm that unless a cheque is for a HUGE amount no-one checks it.

Hell, I've used a different signature than the one I used to open up my personal bank account for years and have never had a cheque or direct debit refused. I even signed a loan form with the newer signature and no-one battered an eyelid.