These instant funds transfers are a bit worrying, aren’t they? One click and £100,000 can go straight into another account. You have to hope that you typed all of the account details exactly right.
There’s no need to worry, though. Your bank is overseeing all of your transactions. If you accidentally put on a few extra noughts, you’ll get a ‘phone call asking for confirmation. If you realise straight away that you’ve sent your money to the wrong account, you can tell your bank and they will pull it back. It’s very reassuring.
Not quite. 24 hour banking doesn’t apply out of office hours. If you make a mistake during a transfer on a Saturday morning, and tell your bank within minutes, they will wait until Monday morning before they attempt to get your money back. Perhaps it will not have been spent by then, who knows?
Not all banks will query a transaction with you, no matter how large it is. They will put the onus completely on you to make sure that there are no mistakes. After all, it’s not the bank’s responsibility to protect your money.
Banks who claim to have software that monitors your transactions for fraudulent activity are exaggerating a little. Some of the most grotesque funds transfers pass unnoticed. Whatever the software is doing, it’s not doing anything to prevent fraud.
How important is it to most of us that funds can be transferred in seconds rather than hours? Who benefits, you or the bank?
- Regulator warns of dangers of mobile banking (theguardian.com)
- Santander has ‘worst online banking security (telegraph.co.uk)