Marcus, Cynergy, Aldermore

kfsimpson

Marcus, Cynergy, Aldermore
I am hoping other Forumites will have been contacted by these banks and will be able to help with advice on their plans for PSD2 login security in September. I am considering moving funds from Coventry BS after the latest rate reduction, but would like to know about what systems they plan to use for login to internet banking. I live in a very rural area where we often don’t have mobile signal in certain weather conditions or just due to the whims of the local transmitter. Therefore a system which requires me to be able to receive a text message every time to be able to log in is not helpful. I see that at the moment all their websites only mention passwords and PINs to log in, but this will have to change by 14th September. Have any of them announced plans to issue a portable device like the First Direct ‘Secure key’ or other method which doesn't involve use of a mobile telephone? I don’t want to use a mobile app.
Thanks anyone who can offer advice.

Terry98

Marcus use email and text to send a code.

You might be interested in this from the bank forum https://forums.moneysavingexpert.com/discussion/6029004/internet-banking-without-mobile-phone

Broadwood

Not sure about advice but I think you're already thinking along the right lines by planning to dump the Coventry BS.

We were with them for many years but finally closed our last account only yesterday. Just waiting for the closing balance to arrive in our Barclays account then I can put it into the Marcus one I set up in less than 3 hours yesterday afternoon.

Notice of the latest Coventry interest rate cut was the final nudge we needed to cut our ties for good. They aren't the saver friendly institution they were 5 or 10 years ago.

Last month we took the plunge and moved long-term savings into BLME spread between a 12 month bond and 90 day notice account.

Loyalty is the savvy saver's worst enemy.

As regards log-in security I guess we just have to go along with what the institutions decide to impose to comply with the new rules.

kfsimpson

Thanks Terry and Broadwood. Sounds as if Marcus is worth trying and will hope that I can continue to operate it without needing a mobile 'phone. Of course they have to implement PSD2, but I wish they would let potential customers know the hoops through which they will require us to jump to access our money. I will be going for a fixed rate Aldermore, so won't really matter as I can always write to them via GPO post at the end of the term. With the increasing insistence upon everyone having and being permanently attached to a mobile 'phone and today's news piece that now nearly 50% of households have Netflicks or similar, I feel a real dinosaur!

20SmthngSver

I don't get asked by Marcus for an SMS or email code now, only the first time I logged in.

Re Marcus, the max. balance says £100,000.00, but surely this excludes interest?

grnglide

Don't Marcus store a cookie on your PC when you log in? If it finds the cookie it knows not to ask for a PIN via an SMS.


This satisfies the "something I know" (the password) and "something I have" (the PC, tablet or phone with the cookie on it).

colsten

kfsimpson wrote: »

I live in a very rural area where we often don’t have mobile signal in certain weather conditions or just due to the whims of the local transmitter.

Get WIFI calling on your mobile. Problem solved.

colsten

grnglide wrote: »

Don't Marcus store a cookie on your PC when you log in? If it finds the cookie it knows not to ask for a PIN via an SMS.


This satisfies the "something I know" (the password) and "something I have" (the PC, tablet or phone with the cookie on it).

That works until you next clean your cookies, or as long as you exclude Marcus from cookie cleaning

kfsimpson

colsten wrote: »

Get WIFI calling on your mobile. Problem solved.

Sadly, problem not solved with a mobile 'phone which makes and receives calls and text messages, not a pocket computer! As I wrote, I feel a real dinosaur.

kfsimpson

grnglide wrote: »

Don't Marcus store a cookie on your PC when you log in? If it finds the cookie it knows not to ask for a PIN via an SMS.


This satisfies the "something I know" (the password) and "something I have" (the PC, tablet or phone with the cookie on it).

Marcus account now opened with no issues and no attempt yet to send me a text message, just email with code to confirm, let's hope it continues. We do have mobile signal today, so would have worked had they done so!

kfsimpson

Aldermore also now opened without text messages! Not impressed that they asked me to choose three 'security questions' from a pre-defined list including inane questions about my favourite this or that, but otherwsie straightforward.