Banks should check IBANs for errors: PvdA

Recent complaints about errors in the 18-digit IBAN numbers, resulting in the money ending up on the wrong account, prompted PvdA MP, Henk Nijboer, to address Minister Jeroen Dijsselbloem about the issue. The PvdA wants banks to verify that the name of the beneficiary and the IBAN number match for internet banking. That would prevent people from accidentally transferring money to the wrong account when entering the 18-digit account number and letters. An automatic payment can easily be reversed, but retrieving money that's been transferred to the wrong account is not that easy. The PvdA MP wants to know how often this occurs and what the Minister plans to do about it. Nijboer also wants Dijsselbloem to discuss the issues with the banks.