The simplicity and convenience of online banking...

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JayG

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The simplicity and convenience of online banking...
« on: March 12, 2024, 11:20 »
Having opened a savings account online with Tesco Bank the previous week, and armed with a brand new set of User Id, password, PIN, security number, sort code, account number, and no less than 3 memorable 'things', I decided to transfer some cash into it from my HSBC current account (online again - there isn't a practical alternative these days.)

HSBC couldn't automatically verify the payee from the sort code and account number (apparently because Tesco bank don't subscribe to the facility) so the payment was blocked as being potentially unauthorised (i.e. a scam.)

Two half hour phone calls to the dreaded HSBC Indian call centre followed, during which they asked many intrusive questions about how I came to choose this payee, whether I was alone or under any duress from a 3rd party, and ultimately, that if I authorised the payment it could not be retrieved if it was indeed a scam.

By the end of it I was unsure about whether any website or phone number I had been using was legitimate, and was pretty anxious about telling them to make the payment anyway.

Then followed a nervous overnight wait as the cash had left my current account and was presumably floating about somewhere in cyberspace - I rang Tesco bank to ask whether this delay was normal, and they advised that it could take up to 24 hours to appear in my savings account (it actually took 23 hours!  :ohmy:)

I realise there is a lot of scamming going on and banks need to protect themselves and their customers, but I can't help suspecting that international drug smugglers probably find it easier to launder the huge proceeds of their criminal activities than I did transferring a modest amount of cash from one UK bank to another.  :wacko:

Anyone else not exactly a fan of online banking?
« Last Edit: March 12, 2024, 11:49 by JayG »
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Lardman

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Re: The simplicity and convenience of online banking...
« Reply #1 on: March 12, 2024, 11:51 »
What is this cash thing you talk of ?   :nowink:

I found it easier to move multiple smaller amounts than moving 1 larger amount. When moving funds between banks I often open current accounts to move the money into slowly with that destination bank and then transferred to the final product internally where they tend not to bothered asking questions.

I feel far more comfortable with online security than I  do some random person on the end of a telephone line.

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Goosegirl

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Re: The simplicity and convenience of online banking...
« Reply #2 on: March 13, 2024, 09:56 »
Never done on-line banking and never will. I prefer sanity to going mad.
I work very hard so don't expect me to think as well.

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mrs bouquet

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Re: The simplicity and convenience of online banking...
« Reply #3 on: March 13, 2024, 14:27 »
I also bank with HSBC and had several face to face appointments.  He gave me a machine, pin numbers, use this, then that, and all all blows up in 15 seconds if I go wrong, which I frequently did.    Eventually I rang HSBC and spoke to a lady I could barely understand and cancelled my on line banking.
Since then all has been fine until yesterday.  I wanted to buy some plants from Van Meuwan, at the pay bit, I was told to put my card into a machine (which I found in a drawer) followed the instructions and had forgotten the pin, if I ever even had one.  Eight numbers kept showing on the top of the machine.  By now the 15 seconds were up and I exploded.  I just rang VM and spoke to a really nice lady, ordered my plants and paid for them.   When I go to Tesco or the Post Office I always draw plenty of cash.  It is still king.  if everybody used cash instead of credit cards , when their cash ran out, they would have to stop.  Not so much debt would be incurred - maybe.     
On-line banking - forget it.      Mrs Bouquet
Birds in cages do not sing  -  They are crying.

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mumofstig

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Re: The simplicity and convenience of online banking...
« Reply #4 on: March 13, 2024, 16:43 »
I do use on-line banking - but it always amazes me just how many ways things can go wrong.
The Banks seem to have made it soo 'fool-proof', that it, sometimes, marks out the average person (like me) as a fool, for no reason that I can see.
I stop, start again and it is 2nd time lucky, mostly!!

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Subversive_plot

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Re: The simplicity and convenience of online banking...
« Reply #5 on: March 13, 2024, 18:46 »
I bank with:

  •     A University credit union where I have had an account for 48 years,
  •      A bank that was formerly a large well-known southeastern USA bank, which merged with another well-known large southeastern bank about 7 years ago, is now run by Millennials (or younger) and traded two well-known names for a bank name that means absolutely nothing, a mushy hybrid word name (hint: if a flutist plays the flute, this bank's name might suggest they play the truth(?))
  •      A Georgia credit union that got started in a town that serves a military base.  For me, they solely manage a loan I have on a car (one I let son #2 drive); this account is less than a year old.

I have online services/electronic banking with all of them.  Zero complaints with online/electronic banking at the oldest credit union account, it serves it's purpose, transfers and bill pay all work just fine.   The newest credit union account is a bit "clunkier", but I have no complaints.

The BANK however, is a problem. Glitches, payments lost somewhere in the ether/multiverse (eventually sorted out but late), bank attempting to use long-discontinued phone numbers for online access verification, bill payment which becomes more difficult with each new "improvement", the list goes on.  Did I mention Millennials? Thought so.  Gosh they are sincere, but under the surface, don't give a spit about customer service.

I think the problem is less about online banking, but more about who runs the bank.  Either they care... or they just don't.

« Last Edit: March 13, 2024, 18:51 by Subversive_plot »
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Goosegirl

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Re: The simplicity and convenience of online banking...
« Reply #6 on: March 14, 2024, 08:48 »
The only time I have anything to do with a bank on-line is if I'm using a credit card where, on the odd occasion, they want to verify it's me so they ring me up with a code I have to enter before I can pay. It's a pain but I can tolerate that.

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mrs bouquet

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Re: The simplicity and convenience of online banking...
« Reply #7 on: March 14, 2024, 15:30 »
I haven't got a credit card.  My daughter tells me I should get one to pay for larger items.  Something about insurance  ?    Mrs Bouquet

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Hampshire Hog

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Re: The simplicity and convenience of online banking...
« Reply #8 on: March 14, 2024, 16:47 »
I had online banking for several years but gave up when some bandits tried to scam my account.
Phoned bank who said thatís a scam and said if I had given all my security details to this website which was a clone of my bank  then it would be just too bad! This was a long time ago but it put me off for good. God knows what I will do if our local branch closes.
Keep digging

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Yorkie

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Re: The simplicity and convenience of online banking...
« Reply #9 on: March 14, 2024, 18:47 »
I haven't got a credit card.  My daughter tells me I should get one to pay for larger items.  Something about insurance  ?    Mrs Bouquet

If you buy something worth £100 - £30,000, and pay for any amount of that on a credit card, then if things go wrong you can get your money back from the CC instead of the company:
https://www.moneysavingexpert.com/reclaim/section75-protect-your-purchases/
I try to take one day at a time, but sometimes several days all attack me at once...

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Goosegirl

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Re: The simplicity and convenience of online banking...
« Reply #10 on: March 16, 2024, 10:14 »
It's a wise reply and worth getting one in cae something un-towards happens with one of your purchases so you're covered. All you need to do it pay it off in full at the end of the month and job's a good'un.


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