Online savings account - security on setting up & money transfers

Andy_McDonald

I'm attracted by the Kaupthing savings account but always have the "collywobbles" when arranging new account opening online.

With so many crooks about, what steps are available to ensure that one is setting up an account with a credible organisation, when everything is done by e-mail and website form-filling? This becomes even more imortant, of course, when the vital step is to be taken of actually authorising a monetary transfer (again done totally over the Internet) from one's personal account to the newly established receiving account.

With no "High Street" presence to be able to make personal or at least telephone checks, how can one be certain that the money will not simply vanish into a "black hole", rather like those money transfers that gullible people send electronically to bogus organisations, usually based in Nigeria?

ukmike

When 1st.set up ,try a transfer to & from with just a small amount,say £5,to make sure everything is working OK.

username

I usually do the same too, usually with £1 or 1p.

YorkshireBoy

And don't forget to save the payee details, for peace of mind with future, larger, transfers.

natman

Andy_McDonald wrote: »

I'm attracted by the Kaupthing savings account but always have the "collywobbles" when arranging new account opening online.

With so many crooks about, what steps are available to ensure that one is setting up an account with a credible organisation, when everything is done by e-mail and website form-filling? This becomes even more imortant, of course, when the vital step is to be taken of actually authorising a monetary transfer (again done totally over the Internet) from one's personal account to the newly established receiving account.

With no "High Street" presence to be able to make personal or at least telephone checks, how can one be certain that the money will not simply vanish into a "black hole", rather like those money transfers that gullible people send electronically to bogus organisations, usually based in Nigeria?

Hi -
Yeah i follow these steps with all banking -
make sure anti virus up to date
make sure firewall all hunky dorey
I am wireless - so when i do any banking activity i wire my self in and turn off my wireless connection
I too like the other posters, transfer a 2 pence into the new account, then transfer a penny back , making sure all transfers are working..........

dont worry too much, if you try and be safe and be careful, things should be fine!

janey_uk

Kaupthing automatically send out a written security confirmation if that offers any reassurance.

oldandgrumpy

It's all very well this internet/online banking, but Kaupthingy, to change my nominated account, want a paper statement of my new nominated account, and a photocopy of my passport/driving licence....SHOWING MY PICTURE! And it is to be sent in the post! The nominated account is also an e-saver, Barclays, ....and the statement cannot be ordered online, and online does not have my address on it, so can't be printed off,...and costs £5. I suppose it is all worth it in the end.

janey_uk

I didn't get asked for any of this...

Lokolo

Depends on the person.

For instance, with Egg I had to send loads of stuff because I was only 16 at the time and therefore, not on electrol role, no drivers liscence, no household bills etc. so they needed proof of address etc.

But obviously if Kaupthing can contact electerol roll etc. they can get your information in setting up your account and therefore not need anything from you.

oldandgrumpy

Yeah,lokolo, you could have a point. Me, 65, home owner, no mortgage, and I already have the account with Kaupthingy, have had for some months now. and why my picture? Beats me.

Ashlion

janey_uk wrote: »

Kaupthing automatically send out a written security confirmation if that offers any reassurance.

Is the confirmation by email, or a hard copy in the post? Do you get anything in the post?

I tend to have the same reservations about e-saver accounts as Andy, although I have opened a Sainsburys one. They sent me an email to confirm creation of a bill payment mandate, and I also received a pay-in book in the post as well as various other gumph. This makes me feel like it's a real account, as at least I have some proof that I even have an account.

Does Kaupthing send you any physical documents? (Call me old-fashioned!)