Are "offline" passbook accounts safer?

Paul_1977

SnowTiger wrote: »

Fair enough.

What's the point of this thread? To convince yourself you're right?

You prefer to use a passbook

You're old fashioned and like doing things that way.

How much as we talking here? £100 in a passbook account paying interest of 0.1% a year?

To ask if passbooks are safer?:undecided

Robin9

They are possibly safer as they are such a pain to operate.

As part of a small Charity we operated a Nationwide Treasurers a/c - getting 3 signatures in a small box, 2 to fill in withdrawal forms to get a cheque, visiting a branch.

When Nationwide closed our local agency our business went with it - now have a real cheque book and online statements - bliss

[Deleted User]

A passbook may be less safe. Let me explain...

1. Fraudster sets up a mailbox at somewhere like Mail Boxes Etc.
2. Fraudster writes to your bank, forging your signature, saying you've moved.
3. Fraudster waits a couple of weeks, then writes asking them to post a new passbook, as you've lost yours.
4. Fraudster receives new passbook, and empties account by forging your signature in branch.

Of course, while the exact same thing could happen with a debit card, the main difference is that - assuming you use it enough - you'd realise your old debit card had been blocked before the new one is received by the fraudster.

Paul_1977

billbennett wrote: »

A passbook may be less safe. Let me explain...

1. Fraudster sets up a mailbox at somewhere like Mail Boxes Etc.
2. Fraudster writes to your bank, forging your signature, saying you've moved.
3. Fraudster waits a couple of weeks, then writes asking them to post a new passbook, as you've lost yours.
4. Fraudster receives new passbook, and empties account by forging your signature in branch.

Of course, while the exact same thing could happen with a debit card, the main difference is that - assuming you use it enough - you'd realise your old debit card had been blocked before the new one is received by the fraudster.

They would need ID?

Santander did not change my address as instructed, so the address on my passbook account has been incorrect for two years, yet they managed to change other details, so they did receive the form I filled in. No need for fraudsters, the bank will do it for oyu.:D