UK Banking

[ainwood]

I see that the UK banking system is being dragged kicking and screaming into the 20th ( ) century.

Come 2004, they will have a system where you can take your bankcard into a shop, hand it to the cashier. They will swipe it, and you then tap your PIN into a keypad to allow the money to be debited. This replaces the current system where you simply sign your names (or anyone elses if you're fradulently-minded).

It appears that a lot of european countries already have this system. However, the ironic thing is that NZ and Oz have both had it for at least 5 to 10 years. Why is this ironic? Because the frequent comment I get to hear (from English people) is that "New Zealand and Australia are now, where England was 30 years ago".

Just think - give them a few more decades, and your balance at an ATM might be up-to-date with today's purchases.

 

[Simon Darkshade]

You are telling me they will not have EFTPOS until 2004???
They is really behind the times, pilgrim

 

[Lefty Scaevola]

Such "Debit" or "Check" cards have been commonly available in the USA for since the 1980s. They even have combination debit/credit cards now, where if you checking balance is too low it flips it to a credit card charge instead of rejecting it.
FREE LEGAL ADVICE: The banks are really pusing these debit cards, but, in most circumstances in the USA you have more rights and proctections with a credit card than a debit card.

 

[Knight-Dragon]

Even we in Singapore have had such a system called NETS (where we can use our ATM cards to make cash pymts and the amts would be deducted directly fr our bank acct) in place for at least the last 10 yrs.

The British are so deprived.

 

[polymath]

We Hobbits, er, I mean we English don't hold with such fancy notions as change and modernity. You can keep your easy methods, a solid English pound will always do the job.

 

[Vrylakas]

Polymath wrote:

We Hobbits, er, I mean we English don't hold with such fancy notions as change and modernity. You can keep your easy methods, a solid English pound will always do the job.

I understand BTW they may be spelling Pound "E-u-r-o" soon...

Debit cards were instituted in Hungary back in 1991 or so. The country underwent a massive wave of modernization then, installing wonderfully modern public card-phones and all sorts of gadgets.

When I was in Poland last September I didn't try to use my debit card, though I know I could have. A major problem is that debit card fraud is too easy, and unlike a credit card you are screwed when someone rifles your account.

 

[Richard III]

We've had the newfangled cardswipes in Canada for nearly a good decade now. About 60% of the cash transactions have been replaced by them.

R.III

 

[andycapp]

Originally posted by ainwood
It appears that a lot of european countries already have this system. However, the ironic thing is that NZ and Oz have both had it for at least 5 to 10 years. Why is this ironic? Because the frequent comment I get to hear (from English people) is that "New Zealand and Australia are now, where England was 30 years ago".

Scary thought!

Btw, this convict offers nice English peoples a consultancy service for conversion to electronic funds transfer.

 

[Knight-Dragon]

Originally posted by polymath
We Hobbits, er, I mean we English don't hold with such fancy notions as change and modernity. You can keep your easy methods, a solid English pound will always do the job.

Yeah but London is the world's largest financial center. Anybody who's anybody in the financial world will have a massive presence there, if nowhere else.

One would expect that domestic British banking to be somewhat advanced as well.....

 

[ainwood]

To clarify -

The UK does have debit cards, but you have to sign your name when using them in a shop, rather than enter your PIN number.

 

[Crazy Eddie]

Is it any more secure? Or just another opportunity for the "shoulder surfers"?

Security could be much tighter if the cashiers in shops paid attention to what they were doing. I write "LEFT HANDED" on my cards - which in theory makes it impossible for 90% of the human race to forge my signature - but no-one seems to be able to work out why I do this without it being explained to them.

 

[amadeus]

Originally posted by Knight-Dragon
Yeah but London is the world's largest financial center. Anybody who's anybody in the financial world will have a massive presence there, if nowhere else.

Sounds like someone's been watching too many James Bond movies :\

 

[sgrig]

Originally posted by Knight-Dragon
Yeah but London is the world's largest financial center. Anybody who's anybody in the financial world will have a massive presence there, if nowhere else.

One would expect that domestic British banking to be somewhat advanced as well.....

I think it would be fair to say that London is Europe's largest financial centre (although Frankfurt is catching up, being the financial centre of continental Europe), but I think New York is surely the world's largest financial centre!

 

[Knight-Dragon]

I work for a German bank; used to work for a US one but got merged into my present bank.

The US may have the world's largest securities mkt and asset mgmt but for international finance, London is the world's biggest. As in FX (foreign currency for you) transactions, derivatives and so on. IIRC anyway.

My German bank's biggest branch worldwide is in London, NOT in Germany or headquarters. Gives you an idea, not?

 

[Knight-Dragon]

Originally posted by rmsharpe
Sounds like someone's been watching too many James Bond movies :\

Haven't watched any for a long long time. What's the point of your remark anyway?

 

[ainwood]

Originally posted by Crazy Eddie
Is it any more secure? Or just another opportunity for the "shoulder surfers"?

Security could be much tighter if the cashiers in shops paid attention to what they were doing. I write "LEFT HANDED" on my cards - which in theory makes it impossible for 90% of the human race to forge my signature - but no-one seems to be able to work out why I do this without it being explained to them.

But how often do they even check your signature?

True story: My sister had a flat account which required two signatures (and the cheque book hade space for them both). She was going shopping, so got her flatmate to sign it in advance. She did her shopping, and handed over the cheque to pay. She was asked for ID, so she also handed over her bankcard. Shop assistant says "thats fine".

My sister (never backward in letting people know her opinions) "explained" to the assistant that:

1.) She had missed the fact that two signatures are required on the cheque;
2.) Had missed the fact that the signatures on the card and the cheque were completely different and;
3.) Had not even noticed that the NAMES were completely different.

 

[sgrig]

Originally posted by Knight-Dragon
I work for a German bank; used to work for a US one but got merged into my present bank.

The US may have the world's largest securities mkt and asset mgmt but for international finance, London is the world's biggest. As in FX (foreign currency for you) transactions, derivatives and so on. IIRC anyway.

My German bank's biggest branch worldwide is in London, NOT in Germany or headquarters. Gives you an idea, not?

Well, maybe... I was just thinking about the stock exchanges in New York and London, and as far as I know, the volume of trading on NYSE is greater than on LSE, but correct me if I'm wrong...

 

[knowltok2]

Originally posted by sgrig


Well, maybe... I was just thinking about the stock exchanges in New York and London, and as far as I know, the volume of trading on NYSE is greater than on LSE, but correct me if I'm wrong...

You are correct about the stock exhanges, but there is more to banking than just that. London is still the biggest in overall terms. Other centers are gaining, but they haven't overtaken London yet.

 

[Knight-Dragon]

Originally posted by sgrig
Well, maybe... I was just thinking about the stock exchanges in New York and London, and as far as I know, the volume of trading on NYSE is greater than on LSE, but correct me if I'm wrong...

Yes, those are the securities and capital mkts. I'm referring to the FX, derivatives, futures, the works.... mkts. Things that make international trade and capital movements work. Among other things.

Finance is more than just stocks you know.

 

[sgrig]

Originally posted by Knight-Dragon
Yes, those are the securities and capital mkts. I'm referring to the FX, derivatives, futures, the works.... mkts. Things that make international trade and capital movements work. Among other things.

Finance is more than just stocks you know.

Gosh! Is there so much to finance?! I thought stocks drive the world... I must've been quite wrong... Thanks for enlightening me! :enlighten