Natwest e-savings... HOW TO PULL MONEY?

LucyTheDwarf

EdInvestor wrote: »

You can set up payments to yourself over the phone. Indeed you must do it like this even if you already have a card reader, as I do.

I haven't much confidence with telephone banking, to be honest. To be fair, I've not had much experience of it, and never with NatWest for a personal account - although their business banking team is great. I once tried to make a payment over the 'phone with HSBC (a bank that I love, generally, for its in branch customer service, and great online banking), but sadly the Indian gentleman working in their call centre could not understand a word of what I was saying - it was especially difficult to spell out the name, address, IBAN etc of the person I was paying. So I hope that if I need to use NatWest's 'phone banking, they have British call centres!

earlgrey_3

LucyTheDwarf wrote: »

So I hope that if I need to use NatWest's 'phone banking, they have British call centres!

UK and pretty efficient in my experience. Touchtone service or press 2 for living, breathing agent.

ScarletBea

LucyTheDwarf wrote: »

So I hope that if I need to use NatWest's 'phone banking, they have British call centres!

I've also had to use their customer service twice and they were extremely efficient and understanding (and understandable)

Icesaver

f_@_w_y wrote: »

Dear All,

I recently transfered £10k to my newly opened Natwest e-savings. This morning when I logged in and clicked on the option to do a payment to my account, it says you have to order the card reader (which will take 15 days to come) and then I can make a PAYEE.

I currently dont have any Natwest account other then this. I cant pay my £10k to myself in another bank account.

Any ideas?? What shud I do? Is my 10k stuck in this bank???

I ordered a card reader for this account the card, reader and pin number only took a week to come.

Dead easy to use and to set up any accounts you want to transfer out from. I'd have liked to have seen the account initially set up so you could withdraw into the account you funded the e-saver from but that's another story.

ian-d

Sorry, I was looking to open an e-savings account (a new customer) but this has got me confused!

If I set up, presumably sending them an initial cheque of £1 to get the account open, how do I then transfer further funds from my HSBC account? Just by normal BACS transfer?

If that's the case, what's the card reader for? Just to transfer money back out of the e-savings account into my HSBC? What does the card reader do and do you have to use it each time you want to take money out?

Natwest seems like one of the best for savings and ISA's at the moment, but the whole situation seems a little messy and over complicated!

earlgrey_3

ian-d wrote: »

If that's the case, what's the card reader for? Just to transfer money back out of the e-savings account into my HSBC? What does the card reader do and do you have to use it each time you want to take money out?

It generates a validation code. Needed to set up authority for a new payee, e.g. your HSBC account, but once set up isn't needed for each payment to that payee (unlike Nationwide). Should make your account reasonably secure unlike many on-line account systems.

Icesaver

Check out demo of card reader here http://www.natwest.com/global/security/security-centre/online-banking/online-banking-security/card-reader.ashx

ian-d

Thanks for the information...I just find it a little of a nonsense to be honest.

I understand the added security, like HSBC Business do with a keyfob code generator for logging on, but a card reader for sending money, plus a card in the first place for a savings account, all seems a little over complicated to me.

What happened to good old fashioned savings accounts, transfer money in from an account, transfer out when you want! I have NR for that, just trying to find a better rate with simple conditions and no frills!

jem16

ian-d wrote: »

I understand the added security, like HSBC Business do with a keyfob code generator for logging on, but a card reader for sending money, plus a card in the first place for a savings account, all seems a little over complicated to me.

The card reader is not needed when withdrawing money to a payee already set up. It is required to set up a new payee - presumably to stop someone hacking into your account, setting up themselves as a payee and withdrawing all your money to their bank account.

ian-d

jem16 wrote: »

The card reader is not needed when withdrawing money to a payee already set up. It is required to set up a new payee - presumably to stop someone hacking into your account, setting up themselves as a payee and withdrawing all your money to their bank account.

Accept that, but IMHO it's a step too far, and not a requirement for internet banking. All other online banks I've used have never requested such measures, working on the basis that if you can get through the initial log on (which are usually fairly tight anyway) then it's your account and can send money where you want.

It's certainly putting me off applying for Natwest.