RE: Interactive Investor17 Jul 2021 04:22
Morning The.Italian.
I'm afraid the OTC verification (One Time Code) is becoming more common. In Singapore its rampant. Interestingly I have 2 HSBC accounts. A local one and an offshore one (Jersey). Both accounts are linked in that once I log in to one, I gain immediate access to the other (transferring funds between them is a doddle and immediate), however. although the local account uses the OTC method, the offshore account still uses the dated security device, although they are now offering the possibility to change to the SMS OTC system. I must admit that although I had my reservations with the OTC method, I much more prefer it now since I no longer have the need to keep the security device which often got mislaid. Another reason is that my Jersey security device failed some months back and I was automatically locked out of the account which then severed the account link (both accounts need to be logged in at least once to activate the link but if one is locked out, the link is severed). anyway, the problems I had obtaining a new security device was incredible, 2 lost in the post with a third being DHL'd (I really don't understand why normal post was used in the first and second place given their stand on security. It certainly was a conflict in their own system ???) . since I had no access to the account, I could only action things via telephone which just made matters worse as all UK connections were transferred to Manila....Yes, quite ******* incredible. Most of the girls I spoke too were near incomprehensible and in the end it took 3 months before I received a replacement device. If, however, I had had the OTC system operating on the Jersey account, non of the above would have happened which would have save d a huge amount of frustration. (quite amazing how one feels when one cannot get access to ones account). Now I have regained access to the account, I can also apply for the OTC system (everything these days is account access driven, meaning its the only way to apply for certain account related things). HSBC appear like many banks to be reducing operating costs by taking away the human contact. First they moved to cheaper, but remote call centers, now they are relying on the internet instead (AI if you like) and at the same time increasing costs. I blame the shareholders really since they, like us want huge growth with ever increasing divis, although, where or when does it end ?
Banks, like many institutions, used to be friendly and personal, now .... well, the internet has changed that forever.
Hope you don't mind the sharing of an experience which may provide some comfort to the frustration you feel. ;-)
ce la vie
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