In plain English
This is the financial institution's own name, not the name of the person or business using the account. It identifies which bank or other financial institution keeps the relevant account.
In context
Here, "bank name" requests the name of the bank or other financial institution that holds the payroll account.
- Situation
- Completing employee onboarding, payroll setup, policies, and mandatory forms
- What it communicates
- requests the name of the bank for the payroll account.
Meaning limits
The term alone does not identify any particular account at that institution.
Examples
“The bank name was the same on both transfer receipts, but the account holder names and account numbers were different.”
“Payroll asked each new employee for a bank name along with the account number.”