Online Banking Woes

Originally Posted by Incognitas

Frankly online banking is useless to anyone but the banks.The only reason I use it is to check my account level because checking at the ATM is a waste of time as the mini statement is always seems to be inaccurate.

I so hate banks.They have convinced every institution to insist on paying wages through them and one just can't do any finances without them being involved in some way.This means that they have a virtual monopoly and I swear that they are operating a cartel.Just about every bank charges for use of ATM's now.

Online banking is fantastic, I use it all the while, do anything I want, whenever I want. The number of bills I have paid at 2am in the morning is getting bigger every month.

As for ATM's, hardly ever use one - I get all my cash from shops as cashback.

Originally Posted by Paul M

Online banking is fantastic, I use it all the while, do anything I want, whenever I want. The number of bills I have paid at 2am in the morning is getting bigger every month.

As for ATM's, hardly ever use one - I get all my cash from shops as cashback.

Hooray for online banking from me too. While this discussion has been ongoing, Mrs T has had her debit card refused at B&Q ... she came home to find a letter from Barclays warning of unusual transactions and advising that the card is suspended. I was able to check immediately and see where and when the amounts debited had been spent. Indeed they were dodgy - so Mrs T just phoned Barclays and a very nice lady explained what we had to do to get the money back.

She sends us a form, we detail the fraudulent transactions, we sign (in blood!), we get reimbursed. And because we can do that by referring to our balance online, instead of having to wait for a statement, we hopefully get our money back rather quicker.

She told us that the card has been 'used' (unsuccessfully, thank goodness) half a dozen times since it was suspended, in the West Herts/Northwest London area. Apparently what's likely to have happened is when Mrs T paid for something in a shop, some unscrupulous shop assistant took a second swipe of the card. How they managed to then use that without actually having the card in their hands is beyond me.

We're going to get it back, but I didn't need £200-odd to go missing from my current account right now!

[gazzae]

Originally Posted by gary_580

I believe all ATM's charge in the states

Only if its not your banks ATM. If you use an ATM belonging to your bank then its usually free.

Debit card use is very common in American, the majority of shops are fitted with card readers where you insert your debit card and enter your pin.

[Gareth]

Originally Posted by Chris T

<snip>Apparently what's likely to have happened is when Mrs T paid for something in a shop, some unscrupulous shop assistant took a second swipe of the card. How they managed to then use that without actually having the card in their hands is beyond me. </snip>

The usual method is that the fraudulant swipe is used to record the data by means of a handheld card reader, and then this copied data is physically written to another card which is usually a stolen credit card that has been maxxed-out and itself then been cancelled. This means that the thief can re-use the stolen credit card until it's cancelled as the magnetic strip now contains details of an active account. Once the fraudulent activities are identified, the account becomes frozen and the thieves will then overwrite the card data on the magnetic strip with somebody else's data that they've also skimmed illegally.

This whole process could fall down if shop assistants took the time to verify that the details physically printed on the card match those printed on the receipt, but this doesn't always happen. Also, the use of Chip & Pin will dramatically reduce the amount of skimming that is possible.

[SMHarman]

Originally Posted by GDW1975

The usual method is that the fraudulant swipe is used to record the data by means of a handheld card reader, and then this copied data is physically written to another card which is usually a stolen credit card that has been maxxed-out and itself then been cancelled. This means that the thief can re-use the stolen credit card until it's cancelled as the magnetic strip now contains details of an active account. Once the fraudulent activities are identified, the account becomes frozen and the thieves will then overwrite the card data on the magnetic strip with somebody else's data that they've also skimmed illegally.

This whole process could fall down if shop assistants took the time to verify that the details physically printed on the card match those printed on the receipt, but this doesn't always happen. Also, the use of Chip & Pin will dramatically reduce the amount of skimming that is possible.

This is why you see competent shop assistants circle the last 4 digits printed on the paper ticket and check they match those embossed on the card. If the data track is rewritten, it is highly unlikly 10000/1 that they will match.

[bob_builder]

Originally Posted by Incognitas

Frankly online banking is useless to anyone but the banks.The only reason I use it is to check my account level because checking at the ATM is a waste of time as the mini statement is always seems to be inaccurate.

I disagree, I find online banking very useful. It lets me do anything that I could do in the branch without having to be there (very useful as my nearest branch is 2.5 miles from where I live and work).

However, online banking does not let you do anything that you could not already do in the branch so I guess its usefulness depends on how close your branch is.

[SMHarman]

Originally Posted by bob_builder

However, online banking does not let you do anything that you could not already do in the branch.

Except you can do it any time, not just when they feel like opening a branch. Anyway whats a branch? I bank with First Direct, their only branch is a telephone call away 24/7.

[Bishop]

every time I go into a branch to do something at the counter I always manage to get behind someone who has decided to bring in a massive sack of notes and coins that need to be counted out when all the other windows are closed or gone to lunch


online banking is good - but if that 3 day rule applies then how come they can't wait three days to actually remove it.

But this is, I imagine, the nature of the beast

Originally Posted by Bishop

every time I go into a branch to do something at the counter I always manage to get behind someone who has decided to bring in a massive sack of notes and coins that need to be counted out when all the other windows are closed or gone to lunch


online banking is good - but if that 3 day rule applies then how come they can't wait three days to actually remove it.

But this is, I imagine, the nature of the beast

Precisely.

As for online banking yes I can pay my bills but I already have everything set up with DD's and I use either cheques or card for everything else.I've only ever set up one DD in three years online.Ok if I want to transfer money between accounts at the same bank it's ok.However it is quicker to go and take the cash from one account and pay it in over the counter into the other account.No delays that way.

Half the problem is that when you want to pay money into another account is that you have to factor in what day of the week it is as for some reason even with electronic banking the weekend always adds at least two days to the total of days for transfer.So mid week it can be three days but on Friday it will 5 days.

[zoombini]

Online banking can be really easy & convinient, however yes they do need to update some of thier procedures & timescales to reflect the 24 hour facilities of online banking.

perhaps annoying the ombudsman etc might get them to force a change?
Even bad press like watchdog etc.

[Gareth]

Originally Posted by Bishop

every time I go into a branch to do something at the counter I always manage to get behind someone who has decided to bring in a massive sack of notes and coins that need to be counted out when all the other windows are closed or gone to lunch

Heh, I thought I was the only person that did this. I always seem to end up being stood behind the owner of our penny arcade

[bob_builder]

Originally Posted by Incognitas

As for online banking yes I can pay my bills but I already have everything set up with DD's and I use either cheques or card for everything else.I've only ever set up one DD in three years online.Ok if I want to transfer money between accounts at the same bank it's ok.However it is quicker to go and take the cash from one account and pay it in over the counter into the other account.No delays that way.

Online banking is very good for cancelling Direct Debits, though. You used to have to go into a branch and fill in a form that would then be applied to your account the next day or write a letter to your bank. With online banking, you can view the DD and just press the cancel button. You can then see that it has immediately been removed from your account. The same goes with standing orders where you can also change the amount to be paid, date or frequency online.

Transferring money online between accounts within the same bank or building society is instantaneous so taking the cash from one account and paying it in over the counter into the other account should not be quicker.

[SMHarman]

Originally Posted by Andy E

i
I regularly use SWIFT transfers to move money from an account in spain to a nat west account .... takes three working days to clear , I move 700 euros once a month and it costs £3

Andy E
ntl pirate

From Spain to the UK, I'd be interested to find out how much Nat West charge to send â‚ ¬700 from the UK to Spain. Intra Europe things have got much better since the advent of the â‚ ¬.

Originally Posted by nffc

I don't use ATMs you have to pay for. Those ones that have started to appear in pubs etc are expensive, if you use one of your bank's group you don't have to pay, and they do tell you afaik if you're getting charged.

Incidentally, how does this work, do they add a fixed fee / % onto the money you withdraw?

Originally Posted by GDW1975

Yep, we have a cash machine near my office (I'm based on a business park too far to walk anywhere else ) - I think it's run by TravelEx iirc, anyway the machine is free to use for balance queries, but as soon as you try and withdraw any cash, they charge you a flat fee of £1.50. Needless to say, I never use it to withdraw cash

http://news.ft.com/cms/s/0d1d8c92-0b...00e2511c8.html
Receipt with that?
By Clay Harris
Published: September 21 2004 03:00 | Last updated: September 21 2004 03:00

Moneybox, operator of ATMs in clubs and convenience stores, said last week that transaction volumes were down over the summer and that it wouldn't meet full-year forecasts made on joining Aim in March.

Have even binge drinkers wised up and refused to pay £1.50 or £1.75 for a withdrawal that would be free from any Link machine?

Moneybox still doesn't know what caused the dip, but founder and chief executive Paul Stanley has gone. Peter McNamara becomes executive chairman. Stanley will make one final withdrawal from Moneybox, equal to a year's salary estimated at £200,00 0

[bob_builder]

Originally Posted by SMHarman

Moneybox still doesn't know what caused the dip, but founder and chief executive Paul Stanley has gone. Peter McNamara becomes executive chairman. Stanley will make one final withdrawal from Moneybox, equal to a year's salary estimated at £200,00 0

At least he will only have to pay a single flat rate fee of £1.50

[bonzoe]

Seems to depend on the receiving bank as much as the transmitting bank, if I send a transfer to ING from HSBC it takes 2 days, but ING to HSBC takes 3! As you say a banking con so that they can lend the money to business at no cost to themselves.