[patio11]

They're fun, too, in that the ultimate authority for setting the recipient name is on the sender but the ultimate authority for accepting a transfer is the bank of the recipient, which can result in that failure-to-sync causing someone to input a name which cannot be reconciled with the account's owner. (This is particularly common in consumer-to-business payments because even with great attention to detail if you're not doing this frequently the error rate will be a few percent.)

The pull system works in a different but similar fashion, and will (notably) fail if the information submitted with an incremental pull fails to match the name which was handwritten onto the document which sets up the pull (which is circulated at both financial institutions). A gym once received, and I was (in the literal sense) CCed, an icily polite letter from my local bank saying that the bank had no knowledge of a Mr. (close misspelling of McKenzie) and that if the gym had business with customer of the bank it should due him the common courtesy of getting his name right.