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New Current Account

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Lootman
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Re: New Current Account

#623763

Postby Lootman » October 28th, 2023, 7:57 pm

newlyretired wrote:
bruncher wrote:My understanding is that Nationwide has now ceased paper statements - it certainly has for FlexAccount current accounts. I was given no choice.

That's strange - I have a little used FlexAccount, and AFIK I'm still receiving paper statements!

newlyretired

(I received my most recent FlexAccount statement in September 2023)

As discussed on another similar topic, banks and card issuers can only impose/enforce online statements upon you if you have already set up an online account with them. So if you choose to decline an online account, then they are obligated to continue to send you paper statements.

Lanark
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Re: New Current Account

#623784

Postby Lanark » October 28th, 2023, 9:47 pm

john10001 wrote:Meanwhile, you've got banks like Monzo and Starling, which are pretty user-friendly. They only require iOS 11 (or used to be iOS 10 until 3 days ago), and their customers seem to be happier than a clam at high water.

iOS11 hasnt had a security update in 5 years, so I'd say thats a very good reason to steer clear of Monzo and Starling. If they are getting security basics wrong for customers, then how secure are their servers?

Security is a bit like wearing a seat-belt in the car, you can ignore it and probably be OK, but if anything goes wrong it can go very wrong very quickly, and when some dude in Bolivia is draining all your accounts it is a bit too late to suddenly go "Oh wait I've changed my mind I do care about security now".

For many people on this forum with 6 or 7 figure portfolios, spending £500 every 5 years to have an up-to-date computing device should be considered as a minor but necessary expense of investing. In fact for people with very large investments I would say its worth having a dedicated device for doing banking/trading and nothing else.

newlyretired
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Re: New Current Account

#623788

Postby newlyretired » October 28th, 2023, 11:04 pm

Lootman wrote:
newlyretired wrote:That's strange - I have a little used FlexAccount, and AFIK I'm still receiving paper statements!

newlyretired

(I received my most recent FlexAccount statement in September 2023)

As discussed on another similar topic, banks and card issuers can only impose/enforce online statements upon you if you have already set up an online account with them. So if you choose to decline an online account, then they are obligated to continue to send you paper statements.


...but I have got an online Nationwide account!

newlyretired

Kantwebefriends
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Re: New Current Account

#623798

Postby Kantwebefriends » October 29th, 2023, 1:08 am

We get paper statements for our Flexaccount. It's Flexdirect accounts that don't send them. You can get pdfs instead.



P.S. In terms of poor service ns&i have taken the biscuit for us recently. Even when they finally got something to work for us it took fifty minutes on the phone. The local Building Society would have knocked it off in five minutes or less.

In the immortal words of Fred Truman "I don't know what's going off out there."

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Re: New Current Account

#623799

Postby Kantwebefriends » October 29th, 2023, 1:14 am

"In fact for people with very large investments I would say its worth having a dedicated device for doing banking/trading and nothing else."

We don't have very large investments but we do have an old laptop we don't use much. I suppose I could delete all the cookies, delete the email accounts and all the blog links, delete everything, in fact, bar the single browser, the virus protection software, and links for banks and so on. Might that be a wise move?

Lanark
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Re: New Current Account

#623916

Postby Lanark » October 29th, 2023, 3:26 pm

Kantwebefriends wrote:"In fact for people with very large investments I would say its worth having a dedicated device for doing banking/trading and nothing else."

We don't have very large investments but we do have an old laptop we don't use much. I suppose I could delete all the cookies, delete the email accounts and all the blog links, delete everything, in fact, bar the single browser, the virus protection software, and links for banks and so on. Might that be a wise move?


The safest option is to have a supported machine with all security patches applied. Old machines like Windows XP can be compromised by just connecting them to the internet, you dont even have to open a web browser.

The biggest source of infections are drive-by downloads delivered by the ad networks, blocking ads improves your online safety as much if not more than installing a virus scanner. The second biggest source is probably email.

So yes if you have an old unsupported machine, will be safer if you stop using it for other things but not completely safe, unfortunately theres no substitute for being fully patched.

Some people will say that a machine which is old enough will have such ancient security holes that nobody will be looking for them, unfortunately the figures don't back that idea up, that majority of computers being compromised are due to vulnerabilities for which patches had been made available (but not installed) months or years earlier.

The big IT companies employ hundreds of highly paid security engineers to write and distribute all these security patches, which adds up to a significant drain on their profits, they don't do it for the fun of it!

the0ni0nking
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Re: New Current Account

#623976

Postby the0ni0nking » October 29th, 2023, 8:58 pm

I appreciate you have ruled out HSBC but they do allow a whole raft of standing order frequencies including 4 weeks.

I have a degree of OCD regards bank accounts so I have a current account for each property to facilitate easy record keeping. So, I have Nationwide, Starling, Lloyds, Barclays, Santander and then N26 for the overseas property.

However, I personally bank with HSBC and have no problems with them (I also am a Premier customer and have not seen a meaningful degredation in service post pandemic. Mind you, I'm not sure anyone uses most of the Premier benefits - I'm just bothered about the travel insurance and airport lounge access (which I pay £200/year for) as part of the World Elite CC.

bruncher
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Re: New Current Account

#624453

Postby bruncher » October 31st, 2023, 5:16 pm

newlyretired wrote:
bruncher wrote:My understanding is that Nationwide has now ceased paper statements - it certainly has for FlexAccount current accounts. I was given no choice.


That's strange - I have a little used FlexAccount, and AFIK I'm still receiving paper statements!

newlyretired

(I received my most recent FlexAccount statement in September 2023)


Thanks, it looks like I might be able to switch paper back on! I must have agreed to go paperless without seeing any option to decline.

Lootman
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Re: New Current Account

#624457

Postby Lootman » October 31st, 2023, 5:26 pm

the0ni0nking wrote:However, I personally bank with HSBC and have no problems with them (I also am a Premier customer and have not seen a meaningful degredation in service post pandemic. Mind you, I'm not sure anyone uses most of the Premier benefits - I'm just bothered about the travel insurance and airport lounge access (which I pay £200/year for) as part of the World Elite CC.

At the two HSBC branches I regularly use, there has definitely been a degradation in Premier service starting with Covid. Basically they de-staffed the separate "Premier" section/lounge, so now I have to wait to talk to the same staff as everyone else in the main banking hall, which does not make me feel very special.

I have travel insurance and lounge access through my Amex card and airline status, so there is little that differentiates Premier any more for me. Then again there is no fee and supposedly you get priority when you ring the 0800 number.

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Re: New Current Account

#624463

Postby scrumpyjack » October 31st, 2023, 5:41 pm

I have accounts with both NatWest (58 years) and Barclays (about 20 years). Both are 'Premier' accounts but not paid for (criteria being total amounts paid in each year exceeding a given level). NatWest notify me of a nominated individual who is my 'premier banking manager' (and seems to change quite often!) and contact details. I have only ever needed to contact him once about a problem and I must say he was very helpful and resolved it. I've never tried to speak to anyone at Barclays. I only opened an account with them as they had a nearby branch but that has closed as has the next nearest! I can't remember when I last had to go to a branch - certainly more than 15 years ago! No wonder they're closing them.


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