Why Must I have a mobile to Open a Savings Account?

eskbanker

JuicyJesus wrote: »

There isn't really a distinction between "online" or "not online" accounts though. Any account can be made an "online" account these days.

I disagree - OP mentions Virgin Money and they definitely differentiate within their product range:

https://uk.virginmoney.com/savings/find/results/store-or-post
https://uk.virginmoney.com/savings/find/results/online

I haven't checked out any of the other providers OP lists but would be surprised if they actually insisted on mobile phones for those who don't wish to operate a savings account online....

swindiff

Seems to me you have 2 choices. Get a cheap mobile phone and open an online savings account, or don't. Not a major drama really.

Sea_Shell

swindiff wrote: »

Seems to me you have 2 choices. Get a cheap mobile phone and open an online savings account, or don't. Not a major drama really.

^^^^ this.

Plus, just think of the opportunities that will open up to you, if you do get a phone. Be careful not to cut off your nose to spite your face.

Uxb1

crick555 wrote: »

Has anybody else come across this disgusting situation?

Well fundamentally the requirement to have a second factor (2FA) stems from the EU's Payment Services Directive 2 (PSD2) which the UK is obliged to implement into UK law without any further discussion or consultation let alone a vote in what passes for Parliament these days.
So there is no point in moaning about it on here nor of writing to your MP
If you don't like it I suggest you complain to the EU......

This 2FA will also apply to all online credit/debit card transactions above a certain limit: so they will each need to be confirmed by another channel.

That said, I'd agree with other posters that methods other than mobile should be available to confirm transactions.

eskbanker

Uxb1 wrote: »

Well fundamentally the requirement to have a second factor (2FA) stems from the EU's Payment Services Directive 2 (PSD2) which the UK is obliged to implement into UK law without any further discussion or consultation let alone a vote in what passes for Parliament these days.
So there is no point in moaning about it on here nor of writing to your MP
If you don't like it I suggest you complain to the EU......

To repeat the same question asked previously when people attempt to weaponise this issue: while the measures referred to have unquestionably been introduced on an EU-wide basis, is there any evidence that the UK was reluctantly conscripted into them and would have done anything differently? Or that we'll repeal the relevant regulations once out?

fifeken

Get an account with a provider who'll do the extra security check via email instead of mobile phone. Some were discussed in the thread referenced above.

Davy_Jones_II

Some people really don’t seem to understand that banks are neither charities nor government agencies.

You have no right to have an account on your own terms and the bank’s terms here seem perfectly reasonable.

As it was succinctly put, get a phone, or don’t open the account, it’s a simple choice that you seem bizarrely worked up about.

AnotherJoe

crick555 wrote: »

When speaking to another building society, they mentioned a new law coming in next month regarding this situation and that banks and building society will be able to ask new account holders to have mobiles if they want to use their company. I was told it was a matter of extra security. So no mobile, no online account. The bank will not pay for increased online security and it is put on the customer to do this. In theory, the low interest on offer these days from banks and building societies may not even cover the cost of buying a mobile and its contract.
Well, dont buy an iPhone 11 on contract then, but a cheapo basic phone, off contract, or even i bet you can get a free s/h one on freecycle.

I wonder if that, total cost perhaps a fiver on a SIM, will cover the cost of having your bank account drained? Or would you expect them to give you a free phone?

Of course they are. Its not free for them to make changes to their systems to accommodate this

molerat

My SIL has a mobile phone, of no use to her though as she can't get a signal at home. So what are her options ? Move house ? Seems a bit drastic when there are alternatives the banks could implement.

AnotherJoe

molerat wrote: »

My SIL has a mobile phone, of no use to her though as she can't get a signal at home. So what are her options ? Move house ? Seems a bit drastic when there are alternatives the banks could implement.

Get a wifi gizmo that extends the signal.