Not understanding Nationwide 'Reserve Limit'

olly300

Gromitt wrote: »

And how do you know you don't have the money unless you visit the ATM every day to check?

With my main personal bank account I roughly know how much I have in the account in my head to the nearest £20.

If I forget I go online* or go to an ATM rather than get overdrawn.

When I was a student or when my budget was/is tight I know exactly how much I have.

*Others use telephone banking, use a computer program/spreadsheet or , as already stated, pen and paper to keep track.

olly300

Gromitt wrote: »

Even the banks think its insecure. I once asked for a replacement card over OLB. They responded with "Please use telephone banking or visit your local branch to order replacement cards. We can not accept requests through online banking for security reasons.".

The banks set up certain procedures so they comply with regulations like money laundering and data protection.

When they design their software systems or add features to it, they don't always add these bits on to their procedures so they can't be used.

When a lay person questions about it they always say it's security but if you work in IT, regulation or data protection they will actually give you the real answer when you question them pointing out what you do for a living.

Edited to say: Though as the BS who asked adults "What their favourite cartoon character was" as a security question mean indicate they have deeper problems.

Joe_Bloggs

Gromit said :-

I login into my OLB account MAX once a month (if that). If I want to view my balance or make transfers I visit the branch.

It would cost me money and time to visit a branch. If you wait for statements then you will be the last person to know about the pertinent day to day details about your accounts. For all you know some impersonator has gone into the branch and changed your address so you may never get your statement.

I opted for online statements as the postal ones present an identity theft opportunity.

J_B.

Gromitt

The postal ones are also the only proof you have that you actually have the funds you are claiming to have. Sure, if the bank loose all your financial information the paperwork means nothing, but at least they'll investigate (and have something to examine) if you give them your last 5 years of statements. If all your statement on are your OLB, you have nothing. You don't even exist.

Proof of Funding is also useful if you wish to purchase something expensive, like property.

Therefore, I'll be keeping my paper statements.

Claree__x

I think it's madness when people "don't know" what's in their account. They either have too much money or are worse at managing it than I am!

I honestly can't imagine not knowing roughly what's in my account or even have an idea when I've reached my limit! I have a £100 overdraft on my account for emergencies but before I did I did my utmost to keep within my limit 'cause the charges are ridiculous.

Gromitt

I received today a "Charges and fees" notification. They wanted to charge £50 for my unauthorised overdraft.

So I rang them up and said that I thought this was unfair. They agreed and cancelled the charges. I should be receiving written confirmation of the cancellation shortly.

I'm a happy bunny now! (Just need to use the ATM more to ensure it doesn't happen again)