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

YorkshireBoy

ian-d wrote: »

It's certainly putting me off applying for Natwest.

Do you not think all banks will (are?) be moving to this technology? Where will you save your money then?

agsnu

Personally I find the fact you need a card reader to set up a new payee to be the right balance. Even if someone stole my OLB details they couldn't add a new payee and transfer all my money away to some account of theirs. Nationwide have IMO gone too far - you ahve to sign all transactions using the card reader, which is unnecessary hassle.

LucyTheDwarf

HSBC are going to start using mobile phones, to add a layer of security. From what I understand, to set up a new payee, they'd text you an access code, which you'd need to input before you can make payment.

leviathan

I don't appreciate how the PIN number or a hash of it is now stored on the card itself.
It's a matter of time before someone figures out how to read that info.

I don't like being treated like an online idiot and forced to use a card reader to protect the bank. But since there is no choice, I have repeatedly asked for them and from what I can see there is no limit to the number you can have. I have them scattered around cars, work, homes, friends etc so I can easily make a payment without having to carry it with me.

A RSA keyring might have been a better solution.

One thing which does bug me about Natwest OLB is when you set up a payee it asks you from which account you would like to normally send the money. This information is taken but doesn't ever seem to be used. You always have to say from which account you want the moment to be taken.
So why ask? O_o

home_alone

I am also setting up a new e savers account (it takes forever) and after years with ing and icesave I find the whole thing a bit over the top and am now considering cancelling and going elsewhere.

gary

LucyTheDwarf

ian-d wrote: »

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.

Thought I'd report back... received my card reader today (received the card on Friday, and the PIN yesterday). Set up my current account as a payee, and made a payment this evening, to test it. VERY easy. It's a one off mini-hassle when you want to set up a payee, but really does take no longer than a minute at most to set up the card reader, and create the payee.

I think it's a good rate, and it'd be a shame if anyone was put off by the need for a card reader for withdrawals.

Daps

A card reader should not be necessary. I just went into the branch, opened a standard current account (I couldn't prove my salary so it was just a cash account - no debit card, etc.) That very night the current account shows on your online banking, and allows you to transfer the money from the e-savings to the current account (using the quick transfer service on the website) - no need for a card reader or setting up a payee. Then just pop into the branch the next day to withdraw the money from the current account.

I had been panicking a bit about it, but it turned out to be very hassle-free.