Suche
New SEPA rule from October 9th: How to protect your money in Lübeck!
From October 9, 2025, banks in Lübeck must check SEPA transfers to ensure security and reliability.
New SEPA rule from October 9th: How to protect your money in Lübeck!
From October 9, 2025, things will get serious: a comprehensive recipient check for SEPA transfers will come into force nationwide. What does this mean for anyone who regularly transfers money? The innovations are aimed at significantly increasing security in payment transactions and curbing incorrect transfers and cases of fraud. This means that the transfers are no longer processed as quickly, but are all the more secure.
How does it all work? It's quite simple: In the future, the information on the transfer forms will be automatically compared with the data stored at the banks. The transfer will only be carried out if the name and IBAN match 100 percent. Discrepancies can result in the payment not being made or being delayed - especially unpleasant when deadlines are involved!
Responsibility of the client
The responsibility for the correctness of the transfer data clearly remains with the client. It is advisable to carefully check the information on the SEPA transfer form, especially in the “Payee details: last name, first name/company” field, where only “Hansestadt Lübeck” must be specified when making payments to them. The city of Lübeck has also announced that payments not received on time usually lead to reminders and additional costs for the client.
These new regulations affect not only individual transfers, but also standing orders that are set up or changed after the deadline. However, existing standing orders are not affected by this regulation for the time being - a small ray of hope.
Security in transfer transactions
The legal obligation to verify recipients, which will apply from October 2025, was introduced to increase security in European payment transactions. The name of the payment recipient is always compared with the associated IBAN. Banks must provide recipients with accurate information about payment processing and ensure that incorrect transfers are prevented from the outset.
When transferring money at the bank counter, employees also check the data, while online transfers and payments via self-service terminals are checked electronically. If there is a technical problem, the test must be carried out again later. The bank is responsible if damage occurs due to incorrect or omitted checks.
There is also a little relief for companies: you can opt out of recipient verification for collective transfers, for example for regular salary payments. However, the majority still applies to transfers in euros within the euro area. Similar regulations are to be introduced for transfers in other currencies within the EU by July 9, 2027.
It is to be hoped that the new measures will not only increase security in payment transactions, but also strengthen consumer trust. Because ultimately it is important that we all have a good hand when transferring money so that there are no unpleasant surprises waiting for us!
For detailed information about the changes, we recommend taking a look at the pages of hl-live, Bankenverband and [Ververbraucherzentrale Lower Saxony].