Internet Banking

[Ruby Slippers]

The posts below were taken from another thread that went off topic from Luxor4u ADS to Internet banking.

I have very little interest or knowledge of the workings of how the internet operates, thank God, but I do assure you, none of my financial details have ever been known to the Internet.

A4, you state that your financial details have never been known on the Internet, but I do hope you realise that although you personally might not use Internet banking etc, your bank most certainly do! Therefore, your financial dealings will be on the Internet, at the mercy of any clever hacker.

[A-Four]

A4, you state that your financial details have never been known on the Internet, but I do hope you realise that although you personally might not use Internet banking etc, your bank most certainly do! Therefore, your financial dealings will be on the Internet, at the mercy of any clever hacker.

Interesting post Ruby Slippers, I bank Bank with T.S.B., being that right from the very start, they were the first bank to totally computerise their system, that is why Lloyds Bank acquired them, bled it dry then closed most of its branches. Today it's owned by a Spanish bank, similar to the old National Westminster Bank, now called Santadair.

Today, the olnly branch here in the City of London is on a road called London Wall. Last week I could neither use my card to get cash or buy goods. Went to the main branch, lots of people in a big que wanting info on their internet accounts, and get money. I had my cheque book and bank card,.........'Yes, this way sir, straight to the front of door of the bank.

I got into the branch wrote out the cheque, which I image is a present day months salary amount, the bank teller, told me unfortunately there system was down. I then told her that this was not my problem. Off she went to seek advice, returned two minutes later, and I was payed out in full.

I would like to make it clear, I am no special customer with T.S.B., but I have been with that bank for many years, with an old fashion classic account, one of which I am sure they would love for me to give up. Like I am sure many have been offered hard cash to transfer to their 'new' accounts, I never have.

Bank holidays are a good time when people buy and sell properties, where money of £250,000 to £500,000 is common these days, these amounts are chappesed or, as called today electronically transferred through solicitors over a long week-end. This is when Internet banking is at its most vulnerable.

We are told that the European banks have all passed the so called 'Stress Test', this is rubbish we have seen the results of Cyprus, Greece, Iceland and Eire in the past, the next big problem will be Italy. The British tax payer bailed out the British banks, except for Barclay's, but then again we learnt about Bob Diamond at that bank,.....Oh boy what a crook. In the 2020's we should worry.

My advice is simply do not put money on Internet banking that you would mind losing,........simple .

[DJKeefy]

My advice is simply do not put money on Internet banking that you would mind losing,........simple .

Rubbish!!! You don't put money on internet banking, internet banking is your accounts online which you can check your accounts, move money about from 1 account to another, start/stop direct debits, standing orders, pay people etc.. etc..

Its very convenient and is more secure than carrying money around and possibly losing it or getting mugged, banks spend millions on protecting their online banking from hackers and fraudsters, WHY should people who use internet banking worry when the bank is responsible for the security of your money, so any money lost would be repaid to you. simple

In 20 years of Internet banking I have never lost 1 penny, you might not have internet banking A-Four but I can assure you all your accounts are still online, how do you think they can access your records etc from one branch to another

[Ruby Slippers]

My point exactly, Keefy!

[A-Four]

You, Keefy may be happy with your system, but when that system fails you, like we saw with the collapse of the Bradford and Bingley Building Soc, and all those people waiting all day waiting in a rain wind swept road throughout the U.K., then one will worry. Lucky then, the Government stepped in, things may not be so in the future.

My point with the cheque book is that because of the old banking rules, it is a guarantee to pay out, with the same effect as a 'I promise to pay the bearer on demand',........in other words as good as a common bank note.

I simply ask the question, who would put £250,000 in a Internet account ?

[DJKeefy]

You are getting internet banking all wrong, listen to someone who knows... please

1 - The collapse of the banks was not down to internet banking

2 - you don't put £250,000 (or another amount) in a Internet account, internet banking is just your accounts like a normal savings account or current account or ISA account online to make life easier for people as we move forward with technology and the way things are done.

No one can take your money, you are protected.

[A-Four]

On Icelandic banking they offered upto 7% interest on a Internet account, even British Local authorities invested, they collapsed, the nation of Iceland basically went bust, the then British prime minister Mr Brown had to step, while the then British finance minister Alistar Darling was still s*itting himself, attempting to sort out the collapse off the whole British banking system.

In recent years the only decent bond returns have been though Internet banking,.......it's all up in the sky one might say.

As for telling people that they are protected, try telling that to the Russians who invested in the Cyprus Internet € accounts that attempted to pay 8%, that is of course until the Central European Bank twigged, and that was when the fan was full of it.

[newcastle]

There's no essential difference between an online bank and a high street bank with regard to the money in your account, It's insured . Online banks offer higher rates of interest, and lower charges, because they haven't branches to maintain.

What we're talking about is internet banking whereby you can authorise transactions via the internet....whether it's a high street bank or an online bank.

Fraudulently accessing your account is easier with internet banking....particularly if the account holder is elderly or unfamiliar with internet scamming techniques. Provided you keep your passwords/PIN codes secure there should be no problem but, if you are conned into divulging them, or your internet is hacked, you will get little sympathy from the bank.

Many internet banking systems have multiple layers of access security meaning you'd have to be pretty careless, or stupid, to be defrauded

Internet banking is in very common usage nowadays. I would find life impossible without it. Someone would need BOTH my debit card & PIN code to access my account online.

A-Four is probably right to avoid it.

[Horus]

And what's all this about having a cheque book? the majority of banks will issue you with one if you ask, so you can still roll up and cash a cheque. The only thing that banks tend to do nowadays is not to automatically send them out as they used to, basically to save themselves money.

[newcastle]

On Icelandic banking they offered upto 7% interest on a Internet account, even British Local authorities invested, they collapsed, the nation of Iceland basically went bust, the then British prime minister Mr Brown had to step, while the then British finance minister Alistar Darling was still s*itting himself, attempting to sort out the collapse off the whole British banking system.

In recent years the only decent bond returns have been though Internet banking,.......it's all up in the sky one might say.

As for telling people that they are protected, try telling that to the Russians who invested in the Cyprus Internet € accounts that attempted to pay 8%, that is of course until the Central European Bank twigged, and that was when the fan was full of it.

Oh dear.

Neither the Icelandic Banking Crisis nor the Cyprus Banking crisis had anything to do with online banking/internet banking per se..

The excessive rates the banks (many of which were traditional banks) offered were the result of risky investment operations.

The Icelandic financial crisis was a major economic and political event in Iceland that involved the default of all three of the country's major privately owned commercial banks in late 2008, following their difficulties in refinancing their short-term debt and a run on deposits in the Netherlands and the United Kingdom.

The 2012–2013 Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating agencies, the consequential inability to refund its state expenses from the international markets and the reluctance of the government to restructure the troubled Cypriot financial sector.

When a bank goes bust depositors lose their money, subject to any insurance which may cover deposits (up to a point). The Government may also step in...if it wishes....and is financially able to.

[Major Thom]

A lot of Cypriot Banking crashed due to their own fault, they offered many Swiss Franc Mortgages to people to buy homes, when the crash came the Swiss Franc stayed strong and everything else crashed, the people with SF Mortgages defaulted some are now nearly 10 years in default and the properties they bought are not carrying enough equity to cover the mortgage if they sell. What do the banks do? Nothing!!!! I now believe the EU is telling Cyprus to get the money they got for the mortgages paid back, so many will eventually loose their homes. This is not being advertised because the banks are hoping the property market will recover, but it is going to be slow and withdrawn. We still get stupid people here buying property with the SF Mortgage being hidden from them, so eventually they being the new owners will fall foul. Also there are a few properties here being sold without land registration, and the new owners will fall foul of that. So it seems everyone is starting to feel renting is best now for security, but we have properties here renting at up to 3000 euros a month, if people can rent at that price, they had may as well get a Euro Mortgage while they are on offer. These Euro Mortgages are there for people who want to change from SF mortgages but for some reason only a few are taking the offer up. Maybe because they owe too much in back payments

I still mainly bank in the UK, and three other Countries for savings. But all in all the UK banking system works for me, and by internet banking I can transfer from one place to another easily. Other things that people arriving here should know, if you want a car its cash, there is no finance for vehicles, in fact there is little finance for anything large. Good really, it makes people take control of their money. I posted this because Cyprus got a mention in a previous post.

[Dusak]

You are getting internet banking all wrong, listen to someone who knows... please

1 - The collapse of the banks was not down to internet banking

2 - you don't put £250,000 (or another amount) in a Internet account, internet banking is just your accounts like a normal savings account or current account or ISA account online to make life easier for people as we move forward with technology and the way things are done.

No one can take your money, you are protected.

I would of agreed with that statement keefy, one day before my ex stripped mine bare

[newcastle]

There's no doubt that internet banking is very convenient.

Equally, there's no doubt that it increases exponentially the opportunities for fraudsters to access your bank account.

Generally speaking, the fraudster will have to persuade you to hand over your passwords and codes, or access them via your mobile or computer, but they are becoming increasingly sophisticated in doing so. The attitude of the banks generally is that, if your account is fraudulently accessed through use of your passwords and codes, then you are the negligent party and they are under no obligation to reimburse you.

With the increasing use of the internet for one's financial transactions, the possibility of your passwords & codes being intercepted is a very real one.

I'm sure everyone has received phishing emails, offers to credit tax refunds to your account etc. etc but the modern fraudster has much more subtle methods, some linked to the growing use of smartphones.

As Who2 would say......keep 'em peeled!

Britain’s leading expert on cyber security refuses to bank online....be warned!

https://www.theguardian.com/money/2015/ ... ity-online

[Who2]

Iv'e had more bank accounts as hot dinners, even a Swiss one.
My favourite Her Maj's, Coutts & Co they wear tails, know your name and give you loads of things.
I once had a great mate Fanny Money-Coutts.
I love banks, except mine which I will not reveal as they have closed their City Branch.

I mean theses days one can rob banks sitting in an armchair, what's that all about ? where's the fear, bravado, relief.
Ps: looks like that prat Bransons' going to the Moon 'Virgin-upon crowdfunding ? Hope it's one way!
Pss: Didn't he once have a bank ?

[A-Four]

Iv'e had more bank accounts as hot dinners, even a Swiss one.
My favourite Her Maj's, Coutts & Co they wear tails, know your name and give you loads of things. ?

Yes, I can understand H.M. The Queen having a current account (ONLY) with Coutt's & Co, especially when you have an estate to run like her's, you must certainly need to have £1 mil permanently on credit. I never knew you had such a similar estate.

[A-Four]

Almost for got to mention you can get an account with Child & Co, across the road from the Law Courts in the Strand. In them there old days the bank issued guns to its staff, against one of them there old mini revolutions that effected the city in them there days. Well believe it or not, those old rifles are now on display as you enter the front door of the bank.

As with Coutt's, they are both owned by RBS, but don't worry neither have to put up with the Mickey Mouse rules of British banking.

P.S. - got to go, handing out food parcels to those with TSB internet accounts in the City who have no money. I've always done charity work. .

[Major Thom]

Account at Coutt's and run about on a scooter Dr, really, you cannot take it with you.....I have been with the RBS over 30 years now, I have no problems and now the bank is ring fencing and the Government is selling around another 10%, am i bothered? No! I have had enough out of them for the time I have been with them, and the manager at my branch is on speed dial..

[Mad Dilys]

Account at Coutt's and run about on a scooter Dr, really, you cannot take it with you.....I have been with the RBS over 30 years now, I have no problems and now the bank is ring fencing and the Government is selling around another 10%, am i bothered? No! I have had enough out of them for the time I have been with them, and the manager at my branch is on speed dial..

That's a bit of Pot calling the Kettle black MT. You said elsewhere "I still mainly bank in the UK, and three other Countries for savings"


Yet you used a motorbike in Luxor. So glad that you have two cars now, must make travelling easier for Mrs MT.

[Major Thom]

The reason being MD is the fact I felt safer, on a motorbike they would just zoom past me, I once had a car for the day and all the Egyptian drivers would tailgate me to try and push me to a speed I did not want to do. I always remember watching the whites of their eye's in my rear view mirror. The other factors why we did not have cars is the way others treated them, leaning motorbikes against them, scratching with bike handlebars when they got too close, I even saw one idiot stub his ciggie on a car bonnet outside 40's supermarket. Of course the lack of insurance by others is another major factor. I do not consider anything in having 2 family cars, we have always had 2 or sometimes more cars, I mean to say they are not the being and end all of life, and at the end of the day are only personal possessions, above the cars we used daily we loved our classic's and during the Summer months in the UK loved going to shows and rallies. The cars we have got here are nothing posh but do serve us both a purpose.

Our banking in the UK is used for everyday spending and because of the account we do not get penalised using our cards overseas. Our other accounts are for savings and we transfer money to them every month. These are for our demise and our children and grandchildren after us, neither myself or wife see nothing wrong with that. But they do offer higher interest rates compared to UK Banks.
I have to say though that during our working years we were tight fisted!

[Who2]

Iv'e done the RBS, in more way's than one....