You'd think the banks would check the account name against the number when processing a direct debit request but they obviously don't, which is a bit scary.
We discovered a few years ago when closing down the Victorian junior squad bank account that the change of signatories form for that account when I became OV treasurer had never been processed, which meant I'd been signing cheques for an account I wasn't a registered signatory of for about 15 years without anyone noticing.
And when statements are 6 monthly (or you can access them on the web but never bother) this can just go on and on.
I found out ages ago that banks don't match up the account name anymore, only the BSB and account number. This is why they state it is your responsibility to get the numbers right. Probably some litigation issue whereby they were processing payments for, say, ABC Pty Ltd when the payer was writing ABC P/L or something along those lines. Could be up for a payout if the company or person disputed the payment. This way there is no onus on the bank.
My boss used to point out to me errors that the AP girl had made when making online payments to companies if there was a spelling mistake in the payee details and I hadn't picked it up. I used to politely tell him that the banks don't care so I didn't bother correcting them.