How safe are app-only banks?

soulsaver

What you need is a maintained paper statement copy or digital store with back up... that you've told your executors/next of kin where to find - same as you would for PC online paperless banking?

Get to Statement/ save as PDF/download PDF(email to yourself?)/print/file(and backup) to where you've told your executors to look for your financial records in the event of your death.

And that you can use for the administrators in the event of failed bank. 

I have complex multi banking - so I keep a constantly maintained spreadsheet, backed up monthly showing executors where to look plus paper filed statements or account opening acknowledgements where necessary (fixes).

PITA but necessary.

rockall82

its best to check who is their payment provider is, and whether they are FCSA protected. If not dont keep your money there is my advice. See my post with mettle natwest owned. I haven't seen my payment.

Ergates

soulsaver said:

What you need is a maintained paper statement copy or digital store with back up... that you've told your executors/next of kin where to find - same as you would for PC online paperless banking?

Get to Statement/ save as PDF/download PDF(email to yourself?)/print/file(and backup) to where you've told your executors to look for your financial records in the event of your death.

And that you can use for the administrators in the event of failed bank. 

I have complex multi banking - so I keep a constantly maintained spreadsheet, backed up monthly showing executors where to look plus paper filed statements or account opening acknowledgements where necessary (fixes).

PITA but necessary.

You don't need a paper statement - you just need details of the bank and account numbers.  A paper statement would hold those, but so could a spreadsheet or a post-it note.

If you go to a bank with proof you are the executor of an estate and you have the name, DoB, address and account details of the person in question then that's all you need.   You don't need proof of account opening - no bank is going to lie about someone being an account holder, if you give them enough information to find the account they'll find the account.

For the FSCS, banks are required to set an extract of all customers and their account balances (for accounts covered by FSCS) to the regulator, so again you just need name, dob, address, account details.

soulsaver

Ergates said:

soulsaver said:

What you need is a maintained paper statement copy or digital store with back up... that you've told your executors/next of kin where to find - same as you would for PC online paperless banking?

Get to Statement/ save as PDF/download PDF(email to yourself?)/print/file(and backup) to where you've told your executors to look for your financial records in the event of your death.

And that you can use for the administrators in the event of failed bank. 

I have complex multi banking - so I keep a constantly maintained spreadsheet, backed up monthly showing executors where to look plus paper filed statements or account opening acknowledgements where necessary (fixes).

PITA but necessary.

You don't need a paper statement - you just need details of the bank and account numbers.  A paper statement would hold those, but so could a spreadsheet or a post-it note.

If you go to a bank with proof you are the executor of an estate and you have the name, DoB, address and account details of the person in question then that's all you need.   You don't need proof of account opening - no bank is going to lie about someone being an account holder, if you give them enough information to find the account they'll find the account.

For the FSCS, banks are required to set an extract of all customers and their account balances (for accounts covered by FSCS) to the regulator, so again you just need name, dob, address, account details.

A format that can be easily located by your executors and ideally an indication that they're searching for 4p or £400k would help them.

The back of a fag packet in a drawer with just the bank name and account number might cover that for your circumstances ... it wouldn't for mine

Ergates

soulsaver said:

Ergates said:

soulsaver said:

What you need is a maintained paper statement copy or digital store with back up... that you've told your executors/next of kin where to find - same as you would for PC online paperless banking?

Get to Statement/ save as PDF/download PDF(email to yourself?)/print/file(and backup) to where you've told your executors to look for your financial records in the event of your death.

And that you can use for the administrators in the event of failed bank. 

I have complex multi banking - so I keep a constantly maintained spreadsheet, backed up monthly showing executors where to look plus paper filed statements or account opening acknowledgements where necessary (fixes).

PITA but necessary.

You don't need a paper statement - you just need details of the bank and account numbers.  A paper statement would hold those, but so could a spreadsheet or a post-it note.

If you go to a bank with proof you are the executor of an estate and you have the name, DoB, address and account details of the person in question then that's all you need.   You don't need proof of account opening - no bank is going to lie about someone being an account holder, if you give them enough information to find the account they'll find the account.

For the FSCS, banks are required to set an extract of all customers and their account balances (for accounts covered by FSCS) to the regulator, so again you just need name, dob, address, account details.

A format that can be easily located by your executors and ideally an indication that they're searching for 4p or £400k would help them.

The back of a fag packet in a drawer with just the bank name and account number might cover that for your circumstances ... it wouldn't for mine

The post-it note was an exaggeration, but the point remains - it doesn't have to be a bank statement.   If, like most people these days, don't get paper statements sent from the bank, you don't need to print off a statement from each different account, a simple list with the relevant details will do.

canaldumidi

kuepper said:

...... Also if I died how would anyone know I had money with them as my phone would be locked?

Surely you have a print-out of all your assets' key details stored alongside your will?

Make life easier for your Executers by telling them your mortgage provider/account ref, insurers, banks, credit cards, car loan etc. Does not have to show precise amounts (though rough guide may help) but at least they have a list in one place from which to work.........

masonic

rockall82 said:

its best to check who is their payment provider is, and whether they are FCSA protected. If not dont keep your money there is my advice. See my post with mettle natwest owned. I haven't seen my payment.

This FCSA? https://fcsa.co.uk/
I can see the attraction of having protection from "the only Home Office approved rifle club dedicated to the demanding sport of ultra long range (1000 to 1760 yard) competitive target shooting in the UK", but perhaps this is a job for the Financial Services Compensation Scheme (FSCS).

anotheruser

k_man said:

penners324 said:

I've just switched phones and use Starling, Chase & Marcus.

It was easy to set up the apps.

Your fears are pretty much moot

Was that a phone swap, or replacing lost/broken?
I think the process if most complex if the phone and mobile number change, without access to the old ones.

Surely you just download the app on the new phone and sign in?
It'll ask for your password?

Starling says:

If you lose your phone, get in touch with our customer service team by calling 0207 930 4450 (this number also works if you’re calling from abroad) and we'll disable the app from your device. Bear in mind that you can still use your app on an iPad, Android or Huawei tablet, as long as you've previously logged in to the app from the device.

Once you're set up with your new phone, as long as you're using the same number you can just download the app and login. If you have a new phone number, please call us first to have your account updated.
https://help.starlingbank.com/personal/topics/account-support/what-happens-if-i-lose-my-phone/

Although this doesn't state what happens if you change number.
But they do state you need to call them to reset your details if you change number: https://help.starlingbank.com/personal/topics/account-support/how-can-i-change-my-phone-device/

More to the question is who changes mobile number that frequently these days?

k_man

Thanks, that confirms what I thought previously, that a phone call should resolve any reinstall/migration issues.

Daliah

As always, don't rely on a single payment method only. It is prudent to have at least two, preferably from different payment networks (VISA / Mastercard / AMEX). Getting a lost / stolen phone replaced isn't an instant option.