HSBC phasing out theirText Banking Service

Stuart_T

I use the HSBC Text Banking Service to receive text message alerts if my balance is below a preset value (at the end of the day).

Their email reads:
"We wanted to let you know you’ll no longer receive alerts for our Text Banking Service as you can get more detailed and up-to-date information, just by logging on to our App and Online Banking. So from 14 September 2024, it’s worth bearing in mind you’ll no longer receive messages for events you’ve registered for, e.g.: 

• Mini statement – showing your balance and up to 5 transactions, either weekly or monthly
• Balance above – when your balance reaches a set amount
• Balance below – when your balance is below a set amount
• Credit above – when a lump sum is paid into your account 
• Debit above – when a lump sum leaves your account."

There is a world of difference between receiving alerts and remembering to check regularly that your balance is not getting too low.

I suspect that this is simply a move to allow customers to accidentally get overdrawn.

Not impressed.

ST

penners324

Doesn't the app issue notifications to advise your balance is too low?

It's also a very good habit to check your bank account regularly 

GeoffTF

penners324 said:

Doesn't the app issue notifications to advise your balance is too low?

Some people are not going to want the security risk of having the app on their phone.

flaneurs_lobster

I check the balance / transactions on my 3 main accounts each day using their apps, takes about a minute for all three.

TimeLord1

Is it one of those options online is different to the app and you can override the decision online by a tick box. And nothing works in the app to change it. It's worth checking online settings to see if you can alter the decision. 

Nasqueron

GeoffTF said:

penners324 said:

Doesn't the app issue notifications to advise your balance is too low?

Some people are not going to want the security risk of having the app on their phone.

SMS is less secure. Some people refuse to use digital citing security then expect paper statements which are even worse. Banking apps are incredibly secure, especially coupled with phone security like biometrics. As a reason not to use an app, security is very much low on the list.

EarthBoy

TimeLord1 said:

 It's worth checking online settings to see if you can alter the decision. 

You can't over-ride their decision.  Text messages are going, and that's final.  They announced the same for First Direct a few weeks ago.

Section62

Nasqueron said:

GeoffTF said:

penners324 said:

Doesn't the app issue notifications to advise your balance is too low?

Some people are not going to want the security risk of having the app on their phone.

SMS is less secure. Some people refuse to use digital citing security then expect paper statements which are even worse. Banking apps are incredibly secure, especially coupled with phone security like biometrics. As a reason not to use an app, security is very much low on the list.

Depends what is meant by "security risk".

Being "incredibly secure" doesn't make a difference if someone is threatening violence if you don't give them access to your banking app(s) on the mobile device you carry around with you.

And yes, that does happen, as a thread on this forum a couple of months ago demonstrated.

The risk of that happening to any one individual is reasonably low, but a risk that some people might want to avoid by not having banking apps on their phone, or at least not the phone they take out and about with them.

Rich1976

Text message balances are very old fashioned these days. These days it only takes a minute or two to access the app or log into the online banking to check transactions . 

I use to have the text notifications on my First Direct account but stopped them ages ago as it’s no trouble to access the app.

Rob5342

Rich1976 said:

Text message balances are very old fashioned these days. These days it only takes a minute or two to access the app or log into the online banking to check transactions . 

I use to have the text notifications on my First Direct account but stopped them ages ago as it’s no trouble to access the app.

Not even that, it takes me about 10 seconds from going from a locked phone yo seeing my balance. I check it as often as i check the time as ita so easy. 

Nasqueron

Section62 said:

Nasqueron said:

GeoffTF said:

penners324 said:

Doesn't the app issue notifications to advise your balance is too low?

Some people are not going to want the security risk of having the app on their phone.

SMS is less secure. Some people refuse to use digital citing security then expect paper statements which are even worse. Banking apps are incredibly secure, especially coupled with phone security like biometrics. As a reason not to use an app, security is very much low on the list.

Depends what is meant by "security risk".

Being "incredibly secure" doesn't make a difference if someone is threatening violence if you don't give them access to your banking app(s) on the mobile device you carry around with you.

And yes, that does happen, as a thread on this forum a couple of months ago demonstrated.

The risk of that happening to any one individual is reasonably low, but a risk that some people might want to avoid by not having banking apps on their phone, or at least not the phone they take out and about with them.

Again though no different to the security risk of ID theft or home burglary. As I noted on that previous thread, aside from the risk being vanishingly low (far more likely to get robbed at a cashpoint or just the phone stolen), in that situation, just throw the phone and run. You can remotely wipe it or find it later