Posted in Miscellaneous on Wednesday 10 November 2004
I have just successfully signed up and moved money around with Nat West's FastPay. It seems like a good service in that it appears to work OK. But the sign up procedure is almost too painful for words.
You have to give them your credit card number for charging against, which you would expect. However they then charge the card with a number of pennies from 1 to 99. You then have to login and type in that number which proves the card is yours (well, to be more precise it at least proves you have access to the statements).
This might sound very secure - but having to wait for your statement to pop through the post does not blend very cutely with the first part of their name (Fastpay?) And yes, I know some people have access to their statement quicker than that on line or on telephone banking - but not everyone does.
Maybe this approach could be limited to those Fastpayers who want to transfer vast wads of cash - say over £100. It certainly seemed overkill for what I wanted to transfer...a measly fiver.