Non-motoring > How reliable is online banking? Miscellaneous
Thread Author: tyro Replies: 18
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New Mon 26 Apr 10 22:41 
 How reliable is online banking? - tyro
I use online banking. I made a payment to the account of an organisation a couple of weeks back. (It's an organisation I've made payments to before, without any trouble.) My statement tells me that the payment has gone through. Can I be certain that it has got to the intended recipient?

(Yes, I know that I can contact the recipient and check - my question is about how reliable the system is, and whether unexpected bank computer errors ever take place in this form of transaction.)
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New Mon 26 Apr 10 22:43 
 How reliable is online banking? - R.P.
Been with Smile for ten years (just after they started) never gone wrong - been with LloydsTSB as well for nearly as long - grief free. If you've inputted the account numbers correctly you should be ok - many people apparently make typos and money gets sent to the wrong account though.
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New Mon 26 Apr 10 22:56 
 How reliable is online banking? - Iffy
...many people apparently make typos and money gets sent to the wrong account though...

Yes, so-called fat finger foul-ups.

I've no idea if there's any input from a bank employee in an internet payment.

Probably better if there isn't, because you've less chance of things messing up due to their incompetence or dishonesty.

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New Mon 26 Apr 10 22:57 
 How reliable is online banking? - Zero
>> (Yes I know that I can contact the recipient and check - my question is
>> about how reliable the system is and whether unexpected bank computer errors ever take place
>> in this form of transaction.)

The answer is thats its 99.9999% reliable. Its all aboout numbers and thats what computers are good at. The failures come at manual inputting time. So assuming you put the numbers in right, they will arrive at the place you told them to.

If the place doesent exist it will bounce back.
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New Mon 26 Apr 10 23:06 
 How reliable is online banking? - Runfer D'Hills
Concur with Zero. Bit of inside knowledge here. My wife works for a major bank and at one time was responsible for tracking down and rectifying "wrong" or "lost" transactions in her case those relating to large businesses. Since the growth in popularity of online banking there are apparently far fewer errors or worse. She tells me that the least secure method of moving funds is cheques. Still a very high opportunity for error or abuse with those it seems.
Last edited by: Humph D'bout on Mon 26 Apr 10 at 23:09
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New Mon 26 Apr 10 23:16 
 How reliable is online banking? - tyro
Thanks, all.
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New Mon 26 Apr 10 23:24 
 How reliable is online banking? - Bromptonaut
The banking system delivers it OK but you've still go to rely on the receiving organisation to apply the payment correctly. Trying to find a round sum in a suspense account is hell's delight!!
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New Mon 26 Apr 10 23:23 
 How reliable is online banking? - lancara
Things I miss with my UK bank as opposed to my Spanish one when making interbank transfers.

1. An email can automatically be sent by the bank to the recipient confirming the transfer.
2. On entering the recipient's bank code it's name and branch location are given to you before it's sent
3. Transfers are done in real-time - none of this waiting till the next day

Still the UK bank has introduced the One Time Passcode (forwarded to you by text message) before you can send payment to a new payee, which increases the security aspect
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New Mon 26 Apr 10 23:25 
 How reliable is online banking? - Bromptonaut
>> Still the UK bank has introduced the One Time Passcode (forwarded to you by text
>> message) before you can send payment to a new payee which increases the security aspect

Brilliant, until I'm on holiday in Scotland and out of mobile signal for 15 hours a day.
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New Mon 26 Apr 10 23:26 
 How reliable is online banking? - R.P.
Smile do this one time password thing - they give you a calculator type device, slide in the Bank card and it generates a 8 digit random number you type into the website - damn nuisance when you can't remember where you left it and realise it's 200 miles away in the other place.
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New Mon 26 Apr 10 23:37 
 How reliable is online banking? - Ted

I think it's a great bonus....I pay virtually everything on-line now, even my newspaper bill.
As soon as a bill drops through the door I set up a payment for a suitable date.

I haven't been let down yet, no red reminders through the door at Teddy Towers since setting it all up.

Easy to add and delete accounts to which you make payments.

If I'm going to be away for a couple of weeks without tinterweb I can see what I've spent on a particular card and pay it up front before I go.
Seemples !
Ted
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New Tue 27 Apr 10 19:34 
 How reliable is online banking? - Tooslow
"Transfers are done in real-time " HSBC do that. Money vanishes instantly BUT appears in the target account instantly too. Same applies to withdrawals from cash machines. Direct debits go the long way round though and take the old fashioned 3 days.

I've never had any problems but I type the number very carefully and check it at least twice. Once you've used a number it's remembered, with a description, so next time is easier and safer.

Oh, and I ignore EVERY email that purports to come from "my" bank and all of those banks with which I do not have an account "because my password has been entered incorrectly 3 times" or whatever this weeks story is.

JH
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New Tue 27 Apr 10 20:54 
 How reliable is online banking? - rtj70
Transfers for me are real time. Then you find you didn't realise the limit is £10000 per day.
Last edited by: rtj70 on Tue 27 Apr 10 at 20:55
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New Mon 26 Apr 10 23:28 
 How reliable is online banking? - CGNorwich
"If the place doesent exist it will bounce back."

An interesting case in the Telegraph on Saturday. Woman had closed her bank account 18 months back. Her mother unaware of this fact had transferred £500 to her old account number.

Apparently it is normal procedure for banks to recycle old account numbers after 12 months and the money was paid to the new holder of her former account number.

Only solution offered by bank was for woman to sue the new account holder for return of funds
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New Mon 26 Apr 10 23:34 
 How reliable is online banking? - Iffy
...they give you a calculator type device...

Barclays tried to push one of these onto me when I had some bother with unauthorised payments from my traditional current account.

I was sat in a branch at the time and thought it odd that a branch employee would be trying to shunt a customer into internet banking, given the implications that could have for branch closures.

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New Mon 26 Apr 10 23:36 
 How reliable is online banking? - rtj70
I've used online banking with Barclays since it came available (a long time ago) and telephone banking before that. I am impressed with security too - I have a device to put my card into and have to use my PIN to login if I actually want to do anything. Also need to use it to sign transactions to send money to new people.

Downside to both telephone and online banking for me today. You can only pay someone upto £10k per day otherwise it's a trip to a branch. It's all to do with fraud preventation but it was/is my money.
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New Mon 26 Apr 10 23:41 
 How reliable is online banking? - Zero
have you tried paying for anything with a shed load of cash? bring out £5k in folding really sets people running for the authorities.
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New Tue 27 Apr 10 00:03 
 How reliable is online banking? - rtj70
I'd love to pay the remainder owed on the new house in cash. 20 pence pieces ;-)
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New Tue 27 Apr 10 07:36 
 How reliable is online banking? - Iffy
...I'd love to pay the remainder owed on the new house in cash. 20 pence pieces ;-)...

I'm afraid 20p coins are only legal tender up to £10, so unless it's a doll's house....

www.royalmint.com/home/frequentlyaskedquestions.aspx

If he wanted to, the vendor could accept the amount in 20p coins - or pennies - and he's more or less obliged to accept it in £1 coins or higher denominations.

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