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APPS for FI's and Credit Cards
May 29, 2020
9:08 am
GICinvestor
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Any thoughts of displaying a list of APPS with features for FI's and Credit Cards?

Along with good or some cautionary comments per APP.

EDIT: An additional thought......a field that would indicate if the transactions showing on the APP are for ALL transactions or for the specific spouse based on the card number.

May 29, 2020
10:53 am
Doug
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GICinvestor said
Any thoughts of displaying a list of APPS with features for FI's and Credit Cards?

Along with good or some cautionary comments per APP.

EDIT: An additional thought......a field that would indicate if the transactions showing on the APP are for ALL transactions or for the specific spouse based on the card number.  

I would personally oppose, possibly strongly, any references to mobile apps for two reasons:

(1) It adds to site clutter. Keep the comparison charts as minimal as possible, especially the main HISA and GIC charts.

(2) It may be a slippery slope to potentially including the likes of prepaid credit cards that operate via mobile app (i.e., Koho, Stack, Wealthsimple Cash, Mogo, Revolut, etc.) which pay you a notional, variable rate of return but which are not CDIC insured and which are either (a) not issued in your own name at all or (b) issued indirectly in your name. Lots of potential confusion there.

Cheers,
Doug

May 29, 2020
11:17 am
Peter
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Any examples of what would go on such a list?

Happy to try and host some centralized place if there is interest. At the moment it sounds more like an article to introduce the topic if somebody is already familiar with a bunch of the current options.

May 29, 2020
11:20 am
Doug
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Peter said
Any examples of what would go on such a list?

Happy to try and host some centralized place if there is interest. At the moment it sounds more like an article to introduce the topic if somebody is already familiar with a bunch of the current options.  

Yeah, I think an article that reviews various apps (i.e., Mint, FI-specific apps like Tangerine's or Coast's spending tools, etc.) is probably the route to go here. Happy if you, GICinvestor, or someone else want to write it. The article could include a section with a basic comparison table on the basic features of the various apps. sf-cool

Cheers,
Doug

May 29, 2020
12:44 pm
GICinvestor
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Doug said

I would personally oppose, possibly strongly, any references to mobile apps for two reasons:

(1) It adds to site clutter. Keep the comparison charts as minimal as possible, especially the main HISA and GIC charts.

(2) It may be a slippery slope to potentially including the likes of prepaid credit cards that operate via mobile app (i.e., Koho, Stack, Wealthsimple Cash, Mogo, Revolut, etc.) which pay you a notional, variable rate of return but which are not CDIC insured and which are either (a) not issued in your own name at all or (b) issued indirectly in your name. Lots of potential confusion there.

Cheers,
Doug  

Doug are you opposed to:
Me and anything I bring up?
OR
Anything that is mistakenly insinuated that YOU would have to do?
OR
Are not willing, for some odd reason, to open up a flow of information that would firstly be helpful to some of us older folks to see what this kind of product can do for us as well as the new investors and those that have taken over the household banking?

May 29, 2020
12:46 pm
GICinvestor
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Peter said
Any examples of what would go on such a list?

Happy to try and host some centralized place if there is interest. At the moment it sounds more like an article to introduce the topic if somebody is already familiar with a bunch of the current options.  

While I am not a user of bank APPS, due to Covid-19 I have succumbed to deposit cheques by APP and do have alerts turned on for BMO banking and MC. So sure I could start with the banking we currently use and be over joyed with suggested adds to the list. Would likely do on Excel. A list not a written article.

May 29, 2020
2:20 pm
Briguy
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I don't really see the value of these apps for regular banks besides using them to deposit cheques if that feature is available. It's just as easy to log in to the regular web page for that bank. Some of the newer cards like Revolut ONLY work their app, there is no web page to log in to.

But it would be nice to have a page showing all the app features for all the FIs, and maybe even fall down the slippery slope of including the hybrid cards.

@Doug The funds for the Mogo,Koho and Revolut cards are all CDIC insured by Peoples Trust besides Wealthsimple Cash card where the balance held in trust at their 2 chosen banks is not insured if the bank goes bankrupt.

May 29, 2020
3:35 pm
GICinvestor
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My point being that we all may have a use for one or more pieces of an APP or APP alert or Email alert.

I like knowing.
Every time I have a deposit or withdrawal to my bank account
Every time I have a charge to my credit card
I now like the ability to deposit a cheque and not have to touch a dirty ATM machine
And for some I can see the value of turning off your credit card while you may have lost site of it.

And others that fear alerts or use of an APP just might just see some value.

Why not make this site the leader of information??

May 29, 2020
4:00 pm
Save2Retire@55
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I am heavy online banking user. The only real bank I use (which I am getting rid of) is TD. I opened it as they had the best special rate for RESP account 2 years ago.

But I don't use any app. I really don't trust apps. I also don't want to be in trouble if I lose my phone. I know using apps will make my life much easier but I am happy to keep using the websites directly to do everything I need to do.
I have alerts set for CC with any usage anywhere at anytime.
I also have alerts for when it is due. For my banking account Tangerine I also have alert for both deposit and withdraw. Also alert for minimum balance.
My other account is Simplii and I hate they don't have alerting system so I have to sign in every now and then and review to make sure all is good (Now I only have $10 in all the 3 accounts I have there).

Point is I am not a fan of Online Banking Apps. But that's just me.

May 29, 2020
5:03 pm
Briguy
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GICinvestor said
My point being that we all may have a use for one or more pieces of an APP or APP alert or Email alert.

I like knowing.
Every time I have a deposit or withdrawal to my bank account
Every time I have a charge to my credit card
I now like the ability to deposit a cheque and not have to touch a dirty ATM machine
And for some I can see the value of turning off your credit card while you may have lost site of it.

And others that fear alerts or use of an APP just might just see some value.

Why not make this site the leader of information??  

You don't need an app to get those alerts- you can set up your bank account or credit card to alert you through email whenever you pay a bill or use your credit card, like Save2Retire said. The more apps you have on your phone the slower your phone gets. Especially someone like me, since I have many banks and many credit cards. I'm not worried about losing my phone as I have a screen lock on it with either pass code or fingerprint unlock. I think a bigger issue could be sim card hijack where someone phones your mobile phone provider and gets them to put your phone number onto their sim card. That's why you should ask your mobile provider to do a port lock on your number, or only use email addresses for 2 factor authorization.

I'm not worried about touching ATM and door handles as I disinfect my hands after, so I'm still depositing cheques at the ATM, not on my phone.

May 30, 2020
11:03 am
GICinvestor
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Briguy and Save2Retire@55

In regards to alerts, yes I am aware of email alerts and text alerts. Because we have BMO accounts and MasterCard they are set up to email. They have a good variety of options to turn on. BMO alerts are instantaneous. Not so great if you are out and you don’t have a lot of data to receive emails on mobile phone. I guess I would use the BMO email alert system as my yard stick. As you mentioned for MC they email for retrieving statement, amount due reminder and payment received.

I have a friend that had some issues with fraudulent purchases on his credit cards and PayPal. After listening to his ordeal it is a worthwhile step to turn on alerts.

Home Trust Visa email alerts have a very short list of options and the alerts are far far from instantaneous. And is not as good as BMO.

Amex email alerts also have a very short list of options and the only alert that appealed to me was a weekly summary in total with my choice of what day. I pay bills every Thursday and that is what day I picked. It works perfectly. They do email you to retrieve your statement. But is not as good as BMO.

BNS Mastercard wants you to go paperless and uses the same platform as iTrade but MC cannot email you to retrieve your statement but iTrade can. And for that reason and because their cash back is inconsistent with %’s they will lose my business soon after my cash back is credited to me.

Texts and mobile phone.
I never give my mobile phone number out to a bank or credit card company to call me or text me. Why would apps make your phone or tablet slower....do you leave them signed on all the time? I believe in two factor for mobile phone but haven’t done it....must kick my self. Passcode is 6 digit and has fingerprint access too. If you have what you consider sensitive APPS on your mobile phone then make sure you have a passcode and a secondary factor if possible......and leave those APPS signed off. And delete APPS you don’t use.....and you do have some, don’t you?

Comments.
Based on your needs and services offered in regards to alerts, paperless billing and etc. a list may allow you to choose wisely in these changing times.

And while I am not a spring chicken, I don’t and won’t become an old codger and not keep with what technological services that are being offered. Being stubborn to not make changes vs being open and select what you can use...get on with it and make things easier BUT in a safe and cautious way.

I think you are misunderstanding SIM hijack. A SIM hijack is usually when some one ports your phone number from carrier A to carrier B’s SIM. That means some one knows a variety of your correct name, number, address, PIN number, account number etc or spends time fraudulently extracting that information from your carrier....and that does happen. A SIM hijack will steal your phone number and then would begin to take your calls and texts. And just say you have an iPhone and the hijacked SIM is also in an iPhone and the hijacker knew your iCloud account ID and password they could use your iMessage and FaceTime.....but the latter is unlikely and quickly detectable. We have Public Mobile as a carrier and the “Community” there recommends to go back into your account and change your name or spell it incorrectly to help avoid a SIM hijack.

We have found in the past few months 2 handy and free things to use that eliminates cheque’s and a trip to bank. E-Transfers and mobile cheque deposit.

I know APPS have had a bad wrap by allegedly passing sensitive information to the source or? But has any told you about a bad banking or credit card APP? And look and the younger folks and those with a phone only and no computer .... they live and bank using those more readable APPS vs using a browser. And if I had one with a feature I would like to use I would keep the APP BUT would never leave it signed on nor would I use the “remember” option. So not an issue if you lost phone or more so if stolen.

Good practices.
Two factor as much as you can.
Use email for alerts. Think twice about having them texted.
I am, now, a bit more cautious on what I touch, Tim Hortons counters, ATM machines, credit card machines, escalator handles, gas pump key pads. Think about nose pickers, washroom goers that don’t wash hands, and workers with dirty hands that have poor hygiene. We now take sanitation supplies every time we go out and use it before we get back into car.

So thanks for reading my epistle. I am not trying to promote for any one to use an APP or Alert. But if you do find something listed, be open to at least try or rather than just saying this is not for me. I don’t see any issues if you see a benefit for you and you do things wisely.

I was just suggesting and now offering to do a list.

May 30, 2020
12:23 pm
Briguy
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Thanks for the thoughtful insights ! I think if you're carrying around hand sanitizer you should be safe to most pathogens with the exception of clostridia difficile spores. Hand sanitizer does not kill spores, you have to wash them off with soap and water. I wouldn't worry though, if you've ever walked into a hospital it is just layered with c diff spores, and most people don't catch anything unless they are a sick patient on concurrent antibiotics that wipe out their normal flora.

May 30, 2020
9:04 pm
GICinvestor
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I just noticed the “Comparison of Services Offered by High Interest Savings Banks / Credit Unions : Services offered by high interest accounts” is missing some FIs that actually have a Mobile App but the chart does not show.

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