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Good news if you do online banking with several different banks.
You only need one card-reader.
The card-readers are all the same bar the branding.
So if you bank with Barclays, NatWest, Nationwide, RBS and no doubt others too, you can get away with only carrying one card-reader around with you.
I’ve tried it with a couple of the major banks and building societies and I can confirm that all cards and card readers are compatible.
They’re using the APAC – UK payments association – standard. There’s some background on this slightly out of date page on the APACs website
It’s still a pain to have to carry one around though. Puts a terrible bulge in the pocket!
What are the card readers for Nic?
Hi Euan – the card-readers have been introduced by some of the banks and building societies as an extra layer of security between us and our money!
To access your online bank account, you have to put the card in the reader and enter your PIN to generate a code which you then enter in to the bank’s website.
Some banks only make you use the reader if you’re transferring money to other people’s accounts.
ooh err. Not come across that yet
Bit of a pain really.
Given they’re all the same bar the branding it’s a shame the banks didn’t all get together and agree on one company making generically branded readers for all of them, and working with customers to explain we only need one each.
Now that would be corporate social responsibility!
Does anyone know if American issued card readers will work for UK online banking?
thanks
Well, the burden of carrying a card reader is a necessity that ensures more security for your hard earned money. Thank heavens that the manufacturers follow the APAC – UK payments association – standard, if not the problem of carrying several readers would have been taken care of by guys making do with just one online account.
Identity and card theft is what the card reading requirement is all about; never mind that the banks are too independent to even think of cooperating in the card reader issue as it concerns the convenience of their consumers.
It quite good of you to post on this card reader issue, a lot of folks are not aware and so carry more than one reader some times.
How long does it take to transffer money with a card reader??
Rhian hi – to the best of my knowledge the card reader doesn’t affect the time it takes, it’s simply an extra layer of security.
The answer will depend on however long your bank takes to transfer to other banks.
Am I the only one who thinks this totally undermines the point of online banking? And how can it be extra secruity if I have to keep the card and the reader with me at all times? Seems more like a recipe for extra fraud, extra inconvenience.
I’m looking for a bank that does not insist on using them – any suggestions?
Steven, it looks like there’s no escape from these things.
I’m still disappointed they all had to have their own branding and manufacturing, when one central company could have done it, which would have been a lot more ecofriendly.
How it creates the secure code? how it communicate with bank website..?