Natwest £50 savings cashback loophole

mary

Received my Online BAnking Card, followed by my pin. They said they were replacement ones. Bearing in mind I'm new to them, I was wondering if they assume I have a card reader already. Does anyone know the order in which they send these things out?

bristolleedsfan

mary wrote: »

Received my Online BAnking Card, followed by my pin. They said they were replacement ones. Bearing in mind I'm new to them, I was wondering if they assume I have a card reader already. Does anyone know the order in which they send these things out?

My card and reader arrived on the same day in seperate packaging, P.I.N arrived following day, NatWest card works in Nationwide BS card reader as they are basically the same technology.

brookerbabyisababy

This Natwest Card surely it isn't for this Savings Account on its own, you must have other products with them to enable them to send them you one?

Dagobert

bristolleedsfan wrote: »

NatWest card works in Nationwide BS card reader as they are basically the same technology.

But it does not generate the same number.

bristolleedsfan

brookerbabyisababy wrote: »

This Natwest Card surely it isn't for this Savings Account on its own, you must have other products with them to enable them to send them you one?

No additional products are required.

bristolleedsfan

Dagobert wrote: »

But it does not generate the same number.

Can u elaborate further please because different numbers appear to be generated for each transaction carried out.

Dagobert

bristolleedsfan wrote:

NatWest card works in Nationwide BS card reader as they are basically the same technology.

Dagobert wrote:

But it does not generate the same number.

bristolleedsfan wrote:

Can u elaborate further please because different numbers appear to be generated for each transaction carried out.

The number is not per transcation but per timeframe. The device has no concept of transactions, just a built-in clock. The generated number is valid for a certain period of time, say 1 minute.

I reckon the reader will not just be bank but customer specific. I presume that 2 NatWest devices will generate a different number. Otherwise it would not give much protection.

LongTermLurker

Dagobert wrote: »

The number is not per transcation but per timeframe. The device has no concept of transactions, just a built-in clock. The generated number is valid for a certain period of time, say 1 minute.

I reckon the reader will not just be bank but customer specific. I presume that 2 NatWest devices will generate a different number. Otherwise it would not give much protection.

I haven't seen one of these readers but from the sound of it, it acts like an authentication "token", so here's how they work (apologies if anyone knows it's not the same).

When a token is set up, it is synchronised to a central server and is, indeed, account specific. The number changes every 60 seconds and is randomly generated using a shared algorithm that is identical on both the server and the token (in this case probably based on personal/account details as the seed), so at 19:01 if the token generates 18720354 then the server will be generating exactly the same code.

You enter 18720354 into the login box and that is compared to the code which the server has for you at that particular time. Because a Nationwide reader isn't synchronised to the Natwest server the codes generated won't match.

Hope that helps.

oliver_m_2

To get the £50.00 cashback I've opened a "First Reserve" account in the last August week in a Natwest branch (actually I've tried to open an e-Saver but it took them ages to send out documents). Anyhow, I've sent up a monthly standing order from my Halifax current account to transfer £101.00 to the First Reserve account. Now, I've just checked the balance and the "mini statement" is showing

Date: 3 Sep 2008
Description: Automated Credit
Paid in: £101.00

and the "full statement" is showing

Date: 3 Sep 2008
Type: BAC
Description: My Name
Paid in: £101.00
Paid out: -
Balance: £101.00

From the statement I'm *not* sure whether one can see that I've paid in the money by standing order. I guess paying in by standing order is a requirement to get the
£50.00 cashback. BAC is obviously not SO?!
Any help would be much appreciated! Thank you!

redagila

I have had a card reader from Natwest since last year - we already had a joint c/a before opening e-saver a/cs in both our names.
When I tried to set up s/o for my husband using the card reader issued to me, it was not allowed and he is now waiting for one for his use. So I would suggest that each card reader is somehow only usable by the person who receives it.