January 22, 2018 at 12:23 pm #16016
I would be interested to hear how you feel open banking would be of benefit as the examples quoted to date appear unlikely to appeal to many. I have negative desire to have people rifle through my account to try to sell me things which has been the sales pitch to date. There is no apparent suggestion that anything else will emerge, but I am open to read anyone with a positive spin. As I said earlier I would prefer to collect interest rather than pay it out so do not borrow. The present interest rates reduce the value of rate chasing, in fact I have just closed a couple of NS&I accounts. The total interest after three years was derisory. That may or may not change with the pick up in international business activity, but at the expense of those who have borrowed. All this will be until at least until the next downturn.January 22, 2018 at 1:10 pm #16018
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- Offline @sgb101
I like the idea of 3rd parties having access to my bank and being able to recommend some of the lesser know business, banks, insurers, etc id of never known about.
At this point, i just don’t care. Having had a few fraud run-ins, im more than happy and confident that the banks will sort that out in the way they have done over the last decade. Quickly.
Granted the most I’ve had taken was 3 max withdrawals. Can’t remember now if it was 900 or 1500. But i had it back in my account with a single phone call, took about 10mins, and the money was back in account before I’d finished the call. Note this was a cloned card, nothing to do with online, and the money was taken in my area. Halifax just trusted i was telling the truth.
On 4 occasions I’ve had strange going on, one was the clone issue, two was online purchases another a phone purchase. All 3 concert tickets. All a single phone call to fix.
Halifax each time have said they would send me a testimonial to sign and return. I’ve never had one.
So the system is already broken.
On a side not, Halifax are quite good (or bad depends on your outlook) as putting temporary blocks on cards it thinks are being mistreated. I once bought 2 ferry tickets, then tried to order two more within moments, that blocked my card. Also trainers and fuel, I’ve only heard this, bit apparently buying fuel and trainers will block a card. I’m hoping concert tickets is now on that list.
Also if you use contactless, after a certain amount of time, or transactions, your card will get a ‘tap block’, until you put your pin into either a payment console or an atm. This has happened to me a few times to me.
I have faith that open banking will be fine, no doubt there will be teething issues and horror stories, but there always is.January 22, 2018 at 2:11 pm #16020
An interesting take, I had a card problem years ago in about about 2000. I suspect that the culprit was a shop that was going under. The expenditure was in a gym and various clubs in South London well away from where I live and travelled. Yes it was sorted out, in fact the issuer contacted me before the billing cycle ended, which was good. Apparently I was ‘buying’ in two places at once 80 miles apart – the software gibed at that activity.
My insurance needs are partially circumscribed by circumstances, I had to trawl the market a while back and found very few wrote business that matched my non-standard profile. Most main stream insurers said ‘not us’. Car insurance is more standardised, but our present set up is the best suited and less expensive than all offers I am annoyingly sent. However, insurance has no relationship to the bank account.
All a bank does for me is receive money, pay out on my instruction, keep it safe and send me an account without charging. I am unclear what more I should want to pay for. I admit I do not know the overdraft rate, though since I do not overdraw it doesn’t matter.
One point I will concede, for those who want it they should be able to go ahead; however for those with no interest I feel there should be an ability not only not to extend an invite to third parties, but to specifically lock out Open ‘Service’.
Analysing bills and creating budgets is definitely something I do not need, I have the records on my computer already.January 22, 2018 at 5:00 pm #16023
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- Offline @edps
I’ll admit, contactless cards worry me. A trawl around the ChaosComputing site (a legitimate bunch of EU white hats) reveals that all banks have less than stellar security on their contactless cards and they are vulnerable to electronic pick-pocketing. If such pick-pockets kept amounts small e.g. coffee cup size, then it would be very difficult to spot and very difficult for banks to prove or disprove if the perpetrator had the foresight to set themselves up as some form of street vendor. For that reason I keep my bonk&pay cards in a Faraday caged wallet as I’d anticipate some bank push-back if I disputed more than one or two such payments.January 22, 2018 at 5:05 pm #16024
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- Offline @sgb101
We all need to remember that we are all different and have different needs, some of us more niche needs, but just because we don’t see the benefits for us, doesn’t mean there isn’t a need for such things.
Sometimes I’ll see something and scratch my head why it exsists as a product of service. But it wouldn’t be a ‘thing’ if there wasn’t a market for it.
Us as geeks should understand this. We are usually at the front of the bandwagon, while everyone else points fingers, but eventually catch up.
Insurance is one of the biggest cons going. I find changing every year is a must. Cars for instance sell at a loss, or close to, for year one, with the hope your to lazy to switch or notice they pumped you the price by a third for the second year. Only once since I’ve been driving have i not have to change. It went up by about £20, but was still around about the cheapest. I could of save about a tenner, but for the sake of a tenner i cba.
My dog insurance went up by almost 100% this year! I won’t be staying with john lewis next.January 22, 2018 at 6:49 pm #16071
Be careful if you change pet insurance if you have ever made a claim in the past. Any future claim can get classed as a pre-existing condition and get declined I have known of such things happen. Pet insurance is expensive, especially for the drugs, no prize for guessing some of the drivers and rises sharply as dogs age. We found that with our Labrador though to be fair he did generate a few chunky claims before the cancer got him. He used what might be termed my private stash of Tramadol for a while, then ate like only a Labrador can in the evening; during the night things went off and by six he was to all intents gone, no sense of smell sight or responses. All of his useful brain activity was done, just heart and lungs kept on.
You are completely correct that we all have very different needs, risk profiles and the markets are still quite poor in recognising these differences. I am consistent, I have no problem with legal things being available for those who want them, but I do not want to be forced to take, or shoulder unwanted risks and possibly pay for those I do not need or want. I very rarely have a bill small enough for wave pay because of lifestyle issues, its bigger shopping trips or nothing. I only use the non wave and pay credit card when grocery shopping, internet purchases use a different card, but wave a pay does not apply in that case.January 22, 2018 at 7:01 pm #16072
I’ll admit, contactless cards worry me. A trawl around the ChaosComputing site (a legitimate bunch of EU white hats) reveals that all banks have less than stellar security on their contactless cards and they are vulnerable to electronic pick-pocketing. If such pick-pockets kept amounts small e.g. coffee cup size, then it would be very difficult to spot and very difficult for banks to prove or disprove if the perpetrator had the foresight to set themselves up as some form of street vendor. For that reason I keep my bonk&pay cards in a Faraday caged wallet as I’d anticipate some bank push-back if I disputed more than one or two such payments.
I have also read such comments with even chip and pin not being totally secure in all situations.
Some UK banks have been saying one thing about their contactless while not doing anything at all to control the risks. Lose a card, report the loss and it might still have been buying coffee for months. That is supposed to have been closed off on several different dates. Hopefully it is now stopped. So it was with the wave x times before needing a PIN, that did not always apply, use it x-1 times rest it for a few days, the x counter reset and it could go off on the merry go round once more. It was all done in the interests of helping the customer experience.
The Faraday cage idea has merit but I am rarely out and about so the effort may not be justified, – I hope.January 23, 2018 at 4:22 pm #16088
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- Offline @bullstuff2
My shopping town is Louth, just 2½ miles down the road from my village, which has a twice-weekly mobile Post Office and a small shop run by volunteers. Louth has a plethora of charity shops and a lot of small shops. The only “chain” type shops are a small Morrisons, a Peacock’s, a small Argos and a Heron. We love our small shops in Louth, but they are having problems with the new law regarding bank cards. It is now illegal to make a charge upon card purchases and the 5p. plastic bag charge is set to be added to all shops soon. For a large shop or a shop which is part of a larger company, these laws will possibly mean a very small rise in product prices, if any. For a small shopkeeper, it could mean the difference between profit and loss, especially when High Street rents and rates are rising. I have therefore decided to make some shopping changes in town.
*I will carry a bit more cash for small shop purchases, but only as necessary: there are several ATM’s in the town, convenient to main shopping areas.
*I will carry at least one folded, collapsible shopping bag and avoid the plastic bag surcharge.
I know that paying cash will affect the cashback on my contactless card, but that is a small price to pay for keeping local small shopkeepers in business. Some of them I have known for many years as friends, and have regular conversations with. There is a Market 3 times a week* and the Traders, all regulars of many years, obviously do not work with anything but cash. If everyone who shopped at small shops, followed the above previous two paragraphs, small shops stand a better chance of survival. When they’re gone, they’re gone and your High Street is full of the clones that every town and city has. This is a very true statement that describes the situation:
(Quoting Steve) ” We all need to remember that we are all different and have different needs, some of us more niche needs, but just because we don’t see the benefits for us, doesn’t mean there isn’t a need for such things. ”
That’s from a guy who grew up in a big city area and now lives in rural Wales. We don’t all live in big cities and towns and we all have different shopping needs, from different outlets.
*Anyone considering a visit to Louth market, should make it a Wednesday. That’s the biggest and best market. Park in Eastgate Long Stay (On the right, left side is Shortstay)
“If you think this Universe is bad, you should see some of the others.”
― Philip K. Dick, legendary SF writer.January 23, 2018 at 4:50 pm #16091
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