natwest contactless card

Joe_Bloggs

It would be advantageous if there was a contemporaneous record/receipt of the contactless payment that could be communicated to the recipient. Perhaps an itemized list could be printed out on a piece of paper as a definitive reference.

There is a growing technological trend for the smart phone to replace the payment card. Perhaps a selfi with the price tag of purchased goods in question is the way forward if it is going to take four days for your bank to report how much you have spent.

J_B.

Archi_Bald

People should stop confusing a current account with a budgeting app. Even if all card purchases were always reflected in real time on the current account (which we know they aren't, for various reasons), it remains a retro-active record of what has been spent and does not take into account what might come out shortly for an SO, DD, a dreaded CPA, or even one-off bills (car, boiler, holidays etc etc).

Some people are trying get round the SO/DD/CPA aspect with multiple current accounts but the only real solution is proper budgeting. There are great software packages on the market that help you do exactly that. I use the excellent MS Money which is available for free but as it's not been maintained in years, there is no mobile or cloud version, and if I were to start out again, I would be looking for a mobile app. I have seen several positive reports about YNAB but I have no experience with it myself so you need to search the forum

Edit: some reviews of personal finance packages:
http://www.which.co.uk/money/money-saving-tips/reviews-ns/personal-finance-software/

http://personal-finance-software-review.toptenreviews.com/

Gromitt

sparky260500 wrote: »

also tens of millions are in debt every day

A friend of mine was constantly in debt, constantly overdrawn and eventually got fedup of the bank taking their interest and charges every month.

So now, instead of assuming there bank balance is what they can spend, they assume that a balance of £250 or less is "Nothing left to spend" and although they do end up with less than that figure by each pay day, they've never been in overdraft since, so they effectively have more money to spend as they are paying zero in charges and interest.

Bloomberg

sparky260500 wrote: »

Hi all used my natwest contactless card for the first time yesterday. I have a receipt to say that the payment went through but its not showing on online banking that the money has been taken. I thought this should show up in real time that the money has left your account does it take longer using contactless. Not very good if it does as you could get in all sorts of trouble. with going OD

I occasionally use the contact less feature on my contactless Barclaycard American Express and there is normally a delay of about a day before it shows up on the pending transactions. Personally I avaoid using the contacless feature as I like to keep close tabs on my spending.



You mention that contactless payments could get you into trouble, as contacless payments are off line which means that they don't have to be pre authorised they are only given to customers of a reasonably good standing. Ultimately it is up to individuals to keep tabs on their spending.

Uxb

dr_adidas01 wrote: »

What ever did we do before the days of internet banking!?!

What we did was keep a note of all that we spent by keeping receipts or writing down the amount we spent and deducted this from our available balance.

....and add in that we only had statements once a month to reconcile against, had no access to a bank as they only worked 9:30am to 3:30pm weekdays only, and at that time ATM did not give balances.

Indeed I used a combination of paper notes and my memory, as well as keeping notes of which DD's came out when and for how much.

colsten

We also used lots of cash (oh the memory of the lunchtime queues at the counters, everybody wanting some cash.....). And cheque books in which we noted down how much the cheque was for. Overdrafts were only granted after a serious grilling by some bowler-hat type, and you needed to have a damned good explanation what exactly the money would be used on.

Bloomberg

Uxb wrote: »

....and add in that we only had statements once a month to reconcile against, had no access to a bank as they only worked 9:30am to 3:30pm weekdays only, and at that time ATM did not give balances.

Indeed I used a combination of paper notes and my memory, as well as keeping notes of which DD's came out when and for how much.

Personally I could not imagine managing my money without mobile apps let alone Internet banking. Nowadays there is no excuse for not keeping tabs on your money. I remember being very impressed when some ATMs offered bill payments and mini statements - showing my age now.

sparky260500

Bloomberg wrote: »

I occasionally use the contact less feature on my contactless Barclaycard American Express and there is normally a delay of about a day before it shows up on the pending transactions. Personally I avaoid using the contacless feature as I like to keep close tabs on my spending.



You mention that contactless payments could get you into trouble, as contacless payments are off line which means that they don't have to be pre authorised they are only given to customers of a reasonably good standing. Ultimately it is up to individuals to keep tabs on their spending.

Couldn't be further from the truth :rotfl:

Bloomberg

sparky260500 wrote: »

Couldn't be further from the truth :rotfl:

"Unfortunately, not all customers qualify to have a Contactless Card e.g. Basic Account and Youth Account holders.
If you are not eligible for contactless, we will continue to issue you with the same type of VISA Debit card you currently receive. Please note this type of debit card has slightly reduced functionality as it cannot be used at payment terminals that don't connect to the bank's systems. These terminals are not common; examples include unattended petrol pumps and some terminals on trains or aeroplanes."




Basically if the bank don't trust you then they only want you to have a card that can be used at a terminal which connect to the bank's systems.

brewerdave

:rotfl:I have a 100% secure system for controlling the OH's spend on her contactless debit card -I've hidden it:D