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Banks at it again.

Community Veteran
Posts: 7,928
Thanks: 603
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Registered: 02-08-2007

Banks at it again.

Rather interesting program on TV the other night regarding New or replacement credit cards. Seems a letter is enclosed asking you to confirm that you have received the card using the free phone number provided. Until the call is made it will not be possible to use the card.
On calling the number you are given the impression you are in contact with the Bank but in fact you are speaking to an independent company who tell you it will take a few minutes to register your card but whilst waiting give you a load of speel about the importance of having card protection insurance and how much it may cost you if fraud ever takes place. For everyone signing up for this 'card protection' at £39 per annum the Bank get a big cut of this and the firm take the rest.
As an additional whammy the banks have altered the terms under which refunds will be made following card fraud which make it much harder to get your money back.
Seems no end to the tricks the banks and other financial instiutions get up to, to part us from our money
22 REPLIES
Community Veteran
Posts: 13,929
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Registered: 01-08-2007

Re: Banks at it again.

Yes I was horrified to see that too.
I don't use online banking anymore (closed my last account and went to another bank and never set that up). I don't have a smartphone so no app abuse there for me either. The only thing I have is my card and pin. Both of those are rarely used too and I have trouble even remembering the pin (as numerous new pin requests via my current bank will prove)  so I very much doubt I'd be able to leak that!.
I also feel around any cashpoint machine to see if there are any loose parts or panels that don't feel right. Always cover my hand when entering my pin and always watch out for anyone near me.
I was still shocked though that some banks now insist you shred all your documents. What happens if you don't have a shredder? What happens if you want to keep your documents but get burgled? I do actually have a shredder but the bank have no right to tell you what to spend you money on like that and it's wrong of them to try.
I suspect the way the current mob are going, it won't be long until we start to see some new banks in this country. Bitcoins are now a legally operating bank with their own banking system that is legally registered as a bank and I think paypal are too.
I need a new signature... i'm bored of the old one!
Community Veteran
Posts: 1,894
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Registered: 20-10-2012

Re: Banks at it again.

Still a bunch of 'Jodrell Bankers'!  Wink
Geoff,
York.
Community Veteran
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Registered: 12-08-2007

Re: Banks at it again.

@gleneagles, I didn't see the programme you mention but recently have received a new credit card and a new debit card.  They were supplied to me by 2 different major UK banks and neither involved me in having to make a phone call.
itsme
Grafter
Posts: 5,924
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Registered: 07-04-2007

Re: Banks at it again.

Because the whole setup has been investigated over the last few years and some of the banks are negotiating with the regulator how much compensation they will have to pay. 
Community Veteran
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Registered: 15-06-2007

Re: Banks at it again.

which program was it
Moderator
Moderator
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Registered: 06-04-2007

Re: Banks at it again.

I never hand any of my cards to anyone even in shops/restaurants. If they won't bring their reader to me I will go to their desk. Even then I still insert and remove the card myself.
Most places are OK with this but a few give a dirty look but do comply.

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Infinity
Pro
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Registered: 19-06-2011

Re: Banks at it again.

Quote from: Oldjim
which program was it

Dispatches, Channel 4.
Last night, Monday
Razer
Grafter
Posts: 1,375
Registered: 17-11-2012

Re: Banks at it again.

Quote from: Mav
Most places are OK with this but a few give a dirty look but do comply.

Oh, I seem to be in the personal hate book of one supermarket employee because I complained that the card reader at one counter till had been fixed to the holder, which means you can't pick it up to use it. She's not very friendly when I go to the counter any more. I hate it when such staff take complaints personally.
Community Veteran
Posts: 18,551
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Registered: 12-08-2007

Re: Banks at it again.

Why not simply shield the card reader with your hand.  Works for most people.
Community Veteran
Posts: 13,929
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Registered: 01-08-2007

Re: Banks at it again.

Not for a (I must be careful here) 'short' person who can't even reach the counter easily yet alone further forward to the chip and pin device.
I need a new signature... i'm bored of the old one!
Razer
Grafter
Posts: 1,375
Registered: 17-11-2012

Re: Banks at it again.

Quote from: artmo
Why not simply shield the card reader with your hand.  Works for most people.

Because what works for "most" people doesn't work for me (and some other people). Sprite has already mentioned shorter people. I will add those who have a walking stick or two and those who are in a wheelchair.
Midnight_Caller
Rising Star
Posts: 4,143
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Registered: 15-04-2007

Re: Banks at it again.

You want to make sure that your new Bank card is not a Near field communication (NFC)

If it is, put it in a faraday cage wallet or your pocket will be picked electronically with a NFC reader.
Community Veteran
Posts: 18,551
Thanks: 195
Registered: 12-08-2007

Re: Banks at it again.

There is no need to get paranoid about this technology.  I use it mainly on my Lloyds TSB account.  It is so simple.  You simply show your card to a reader and the amount is charged to your account instantly.  I find it much easier than cash.  It's great if I'm buying a coffee for example.  There is a limit of £15 on transactions.
I got a wallet from ebay for under £5 which protects the card from being read illegally.
Community Veteran
Posts: 13,929
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Registered: 01-08-2007

Re: Banks at it again.

I guess you missed a TV show a few months back that was able to abuse this tech then!
I personally wouldn't touch it with a bargepole and if a bank tried to force me to use it I'd switch to a different account that didn't have that card.
I need a new signature... i'm bored of the old one!