Bank Card Readers - all the same?

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Comments

  • marvin
    marvin Posts: 2,185
    Combo Breaker First Post First Anniversary I've been Money Tipped!
    Forumite
    This is an item that rather makes internet banking pointless as you need it and your card with you if you want to do anything. Can't see your average Iphone user having one too hand although Apple will probably build on in soon!

    I have the NW with this and I have taken the strategy of having several of their card readers everywhere on in the car one at work etc. Good job the NW is mainly used for putting money in so others can steal it (Power co's, local council, insurence co's etc) so affects me little but if I want to move money it is a pain.

    Good to know others work with others cards but why have them in the first place I think we need a student like protest against them.
    I started with nothing and I am proud to say I still have most of it left.
  • atypical
    atypical Posts: 1,342 Forumite
    I_luv_cats wrote: »
    I have a Co Op card reader.

    I thought they were personal to you as you have to put your PIN number in and didn't think your PIN was stored on your card.

    Your PIN is stored on the chip on your card, hence 'chip and PIN'.

    From the Co-Op FAQs:

    "Q. I am led to believe that a chip-reader supplied by any bank or building society will work equally well. Could you confirm that this is the case?

    Yes, it is possible to use other banks’ Card Readers."
  • Hi,

    In the UK, the PIN is stored on the card in an encrypted form. This allows the sales devices in shops etc to validate the card before dialling up the bank for monetary authorisation.
    It works differently when the card is used in an ATM; the machine sends the encrypted PIN to the bank who then make the decision.

    This is why you can change your PIN in a ATM but not a shop, as the bank can synchronise the PIN in the card with the master one at the bank.

    Cheers

    Darren
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