Bank accounts with no overdraft? 25 November 2022 at 7:34PM in Budgeting & bank accounts 29 replies 1.4K views

Rondo

Band7 said:

Rondo said:.

Band7 said:

This appears to be a somewhat irrational requirement, as app security is superior to online banking

People keep saying this, but I don't see any particular reason to believe it without an authoritative technical source. 

Plenty of authoritative technical discussions about this available on the internet

I've not yet found any that convinced me to give up my suspicion.  The main issues I see are that I'm far more likely to lose or misplace my phone than my PC, and two factor authentication seems a lot more secure when the auth code is sent to a separate device than the one I use to access the account (I'm happy to use my phone for 2FA for online banking, I am not happy to allow it to have access to my actual bank account).

Also, in general I am not inclined to trust technology that I don't have at least a basic understanding of on a technical level.  I build windows applications and secure web applications for a living, so I understand the security risks there well enough to be comfortable with them.  I don't particularly know anything about Android or phone hardware.

p00hsticks

ZeroSum said:

Just pick any high Street bank & just don't apply for overdraft. I've got loads of accounts & none of them have an overdraft

They may not have an agreed overdraft, but it doesn't necessarily mean that they would decline an online payment that took you into the red (or if they did, that they wouldn't charge you for bouncing the payment).

So not what the OP is asking for.

ZeroSum

p00hsticks said:

ZeroSum said:

Just pick any high Street bank & just don't apply for overdraft. I've got loads of accounts & none of them have an overdraft

They may not have an agreed overdraft, but it doesn't necessarily mean that they would decline an online payment that took you into the red (or if they did, that they wouldn't charge you for bouncing the payment).

So not what the OP is asking for.

OP is coming across as a bit of a conspiracy nut who's looking for a unicorn, so no one will be able to provide what OP is looking for.

km1500

The best way is

1.download temporarily the Starling app, apply for an account and debit card, set the overdraft slider to zero, uninstall app

2. from then on use the Starling web portal via eg Chrome on your desktop

wmb194

Use a tablet to run the mobile app. If it never leaves home you don't need to worry about losing it. Chase would tick the OP's boxes - it doesn't offer overdrafts to anyone and won't allow you to go overdrawn.

Another option would obtain a credit card and set it up with a direct debit that pays off the balance in full every month. You wouldn't be borrowing any money.

Rondo

ZeroSum said:

p00hsticks said:

ZeroSum said:

Just pick any high Street bank & just don't apply for overdraft. I've got loads of accounts & none of them have an overdraft

They may not have an agreed overdraft, but it doesn't necessarily mean that they would decline an online payment that took you into the red (or if they did, that they wouldn't charge you for bouncing the payment).

So not what the OP is asking for.

OP is coming across as a bit of a conspiracy nut who's looking for a unicorn, so no one will be able to provide what OP is looking for.

I don't recall proposing any conspiracies, and as it happens I already have a unicorn.  It just happens to cost me about £35 a year and I want to know if I can get one cheaper elsewhere.

ZeroSum

Rondo said:

ZeroSum said:

p00hsticks said:

ZeroSum said:

Just pick any high Street bank & just don't apply for overdraft. I've got loads of accounts & none of them have an overdraft

They may not have an agreed overdraft, but it doesn't necessarily mean that they would decline an online payment that took you into the red (or if they did, that they wouldn't charge you for bouncing the payment).

So not what the OP is asking for.

OP is coming across as a bit of a conspiracy nut who's looking for a unicorn, so no one will be able to provide what OP is looking for.

I don't recall proposing any conspiracies, and as it happens I already have a unicorn.  It just happens to cost me about £35 a year and I want to know if I can get one cheaper elsewhere.

I never said you did propse any. I said you're coming across as one. Ie all the paranoia around smart phone apps & credit cards. There's a ton of easy options, but your reasons for rejection are conspiracy-esque

Rondo

ZeroSum said:

Rondo said:

ZeroSum said:

p00hsticks said:

ZeroSum said:

Just pick any high Street bank & just don't apply for overdraft. I've got loads of accounts & none of them have an overdraft

They may not have an agreed overdraft, but it doesn't necessarily mean that they would decline an online payment that took you into the red (or if they did, that they wouldn't charge you for bouncing the payment).

So not what the OP is asking for.

OP is coming across as a bit of a conspiracy nut who's looking for a unicorn, so no one will be able to provide what OP is looking for.

I don't recall proposing any conspiracies, and as it happens I already have a unicorn.  It just happens to cost me about £35 a year and I want to know if I can get one cheaper elsewhere.

I never said you did propse any. I said you're coming across as one. Ie all the paranoia around smart phone apps & credit cards. There's a ton of easy options, but your reasons for rejection are conspiracy-esque

OK.  Well, bye then.

p00hsticks

ZeroSum said:

p00hsticks said:

ZeroSum said:

Just pick any high Street bank & just don't apply for overdraft. I've got loads of accounts & none of them have an overdraft

They may not have an agreed overdraft, but it doesn't necessarily mean that they would decline an online payment that took you into the red (or if they did, that they wouldn't charge you for bouncing the payment).

So not what the OP is asking for.

OP is coming across as a bit of a conspiracy nut who's looking for a unicorn, so no one will be able to provide what OP is looking for.

Fair enough - but my comment was also directed at those who think that just because they don't have an arranged overdraft it's not possible for them to go overdrawn.

Sensory

Wise is probably the best option.

https://wise.com/gb/card/
https://wise.com/help/topics/6Tme4V2z9ONNzQMeqJpcVi/wise-card

Rondo said:

Band7 said:

Rondo said:.

Band7 said:

This appears to be a somewhat irrational requirement, as app security is superior to online banking

People keep saying this, but I don't see any particular reason to believe it without an authoritative technical source. 

Plenty of authoritative technical discussions about this available on the internet

I've not yet found any that convinced me to give up my suspicion.  The main issues I see are that I'm far more likely to lose or misplace my phone than my PC, and two factor authentication seems a lot more secure when the auth code is sent to a separate device than the one I use to access the account (I'm happy to use my phone for 2FA for online banking, I am not happy to allow it to have access to my actual bank account).

Also, in general I am not inclined to trust technology that I don't have at least a basic understanding of on a technical level.  I build windows applications and secure web applications for a living, so I understand the security risks there well enough to be comfortable with them.  I don't particularly know anything about Android or phone hardware.

With your technical skillset, it wouldn't take long to write an app for a phone as a learning experience to grasp mobile security to a degree more than any average user. Perhaps a password manager would be an interesting project with practical benefits to you.