Bank Logic

[Pixian]

So I recently opened a new bank account and I was told that I wouldnt be able to access my account until I get my card sent in the mail, but on the online banking app I can access the number and pin and make transactions, but I was told I wouldnt be able to.

 

The logic of banks confuses me a lot.

[Murasaki]

They probably just forgot about the app or are used to saying stuff like that so people don't panic if they try to use their account right away and it doesn't work for whatever reason.

[Pixian]

1 minute ago, Murasaki said:

They probably just forgot about the app or are used to saying stuff like that so people don't panic if they try to use their account right away and it doesn't work for whatever reason.

The person who set up the account showed me how to use thier app, and yeah they probably say it a lot.

[Lurick]

When you say "make transactions" are you talking about using the card number to make a purchase online? Because the card isn't supposed to be usable until you call in to activate it.

[Pixian]

7 minutes ago, Lurick said:

When you say "make transactions" are you talking about using the card number to make a purchase online? Because the card isn't supposed to be usable until you call in to activate it.

I managed to buy a 99p burger from maccies using the banking app.

[Lurick]

Just now, Pixian said:

I managed to buy a 99p burger from maccies using the banking app.

Interesting, might be using your checking information instead of the card number then. I'm pretty sure if you tried to use the actual card number to make a transaction it would fail.

[Pixian]

4 minutes ago, Lurick said:

Interesting, might be using your checking information instead of the card number then. I'm pretty sure if you tried to use the actual card number to make a transaction it would fail.

So if I tried to do a chargeback it would bounce?

[Sprawlie]

This is normal behaviour and often bank card numbers don't get tied directly to the Apps ability to perform transactions.

 

Apple Pay and Android Pay don't directly link to your card. You use the card itself to establish the link when doing it manually. But most of the Apps once setup will have direct ability into your account even if the actual debit card isn't setup yet. The relationship actually exists directly from the App to the banks (or it's processors) data network.

 

Could be worse though. you could bank with the bank I run and don't have access to Android pay or Apple Pay at all, then you'd still be waiting until you get your card

 

 

[Lurick]

Just now, Pixian said:

So if I tried to do a chargeback it would bounce?

If you tried to use the card number at say Amazon to order something or something it wouldn't work.

[Sprawlie]

Just now, Lurick said:

If you tried to use the card number at say Amazon to order something or something it wouldn't work.

 

Correct! the actual debit card itself isn't active and wouldn't be usable on any transaciton until you receive it, and turn it on (usually requires a 1-800 number to call for some IVR system).

 

the Apps on the other hand aren't debit cards and can be onboarded to your bank account without them. 

[Pixian]

1 minute ago, Sprawlie said:

This is normal behaviour and often bank card numbers don't get tied directly to the Apps ability to perform transactions.

 

Apple Pay and Android Pay don't directly link to your card. You use the card itself to establish the link when doing it manually. But most of the Apps once setup will have direct ability into your account even if the actual debit card isn't setup yet. The relationship actually exists directly from the App to the banks (or it's processors) data network.

 

Could be worse though. you could bank with the bank I run and don't have access to Android pay or Apple Pay at all, then you'd still be waiting until you get your card

 

 

Oh so it isnt that I shouldn't be able to do transactions it's just that I'm able to do them without the card.

[Sprawlie]

Just now, Pixian said:

Oh so it isnt that I shouldn't be able to do transactions it's just that I'm able to do them without the card.

Correct.

 

once your account is live and up, and has money in it, banks typically cannot prevent you from accessing that money, even if you d'nt have the card.

 

whoever told you otherwise is probably reading off old script. bank MSR's don't tend to be the most well versed in the business, and tend to be the last to really understand what they're selling/pushing.

[Pixian]

1 minute ago, Sprawlie said:

 

Correct! the actual debit card itself isn't active and wouldn't be usable on any transaciton until you receive it, and turn it on (usually requires a 1-800 number to call for some IVR system).

 

the Apps on the other hand aren't debit cards and can be onboarded to your bank account without them. 

Ah I'm from the UK so we dont have 1-800 numbers

[Sprawlie]

Just now, Pixian said:

Ah I'm from the UK so we dont have 1-800 numbers

Sorry for the confusion.

 

Cards if mailed will typically be de-activated until you either go online or call a number on the back to activate them via an IVR system.

[Pixian]

Just now, Sprawlie said:

Sorry for the confusion.

 

Cards if mailed will typically be de-activated until you either go online or call a number on the back to activate them via an IVR system.

Ah so it's not that the card is active, it's just that im able to use my phone to make transactions instead?

[Sprawlie]

Yup!

 

your banking app and its ability to do transactions via apple pay or google pay are not tied to your debit card at all. I know that the apps show you a "card" and that often makes people think that all the apps do is create a digital copy of that cards.

 

What they really do is create a new "virtual" card instead that ties directly into the App. Next time you do a transaction using your App, and you have received your card, look at the transaction receipt. the numbers won't match. The "card" that is doing the transaction is not tied to your physical card itself.

 

BTW: Debit / bank only. Credit Card is different and does tie directly to your card usually.