P015 - Lessons learned from 30 years of banking

[rski]

@%CE%A3%CE%B1%CE%BC%CE%BF%CF%85%CE%AE%CE%BB I have used apple for a while , and I find it pretty secure . I do have a bright yellow Nokia banana that I am very fond of

 

[azula]

@yaboo When I use netbanking, it asks for the grid at the back of my card. Registering for UPI also requires debit card.

So, considering that it is the thing that banks use to authenticate you, how realistic is it to go debit card free?

 

[resjudicata]

@azula This is ICICI speciality.

Others use sms. SBI allows the OTP to be fetched thru their app, SBI SECURE OTP, which has a log in pin. Better security than SMS.

 

[yaboo]

@azula Again, going debit card free was only a suggestion for your main account where you get your salary or where your main corpus resides.

You can have debit card, UPI, NetBanking and whatever else on a separate expenditure account. Just keep funding this account from your main account each month for your expenses.

 

[rski]

@yaboo My salary account has no much appreciable balance . Also investment account requires access to both mobile and laptop

 

[rski]

@yaboo I use a seperate computer to access the investment account , it’s a Mac and it’s pretty much not used for anything else it just sits at home

 

[nol]

@yaboo Isn't a debit card standard nowadays? I guess if we do not use it, or disable it then it is fine?

 

[yaboo]

@nol It is standard, Yes. Just disable the debit card for the bank account where most of your money is. Put some money each month into another account for your expenses and use the debit card from this account.

 

[jacksonjack22]

@rski Haven't faced anything except point 6 and that too was taken care of by calling the bank with no liability to me. 3 accounts are not much to handle for any CA. There are people with 10 to 15 accounts and their CAs take care of it. Of course your CA is taking care of it too.

 

[resjudicata]

@jacksonjack22 Damn guys.. lock your cards for transaction types you are not likely to use... Debit and credit cards. That's what apps are for.

Categories may be international transactions/online/swipe/tap to pay/cash withdrawal etc.

Minimise per transaction limit. You can increase it on the fly.

And if you are utilising only 30-40% of your limits, reduce the total limit too.

 

[rski]

@resjudicata That much granular control is not feasible / possible as time is short . Always juggling things

 

[resjudicata]

@rski 20 secs for security to log in on the app and change. Don't have to juggle settings every day.

Debit cards - only cash withdrawal enabled. Limit xxxx per day. Not changed at all.

Credit card- may need to tweak if international travel/site.

Now need to fish out my nokia tubelight and a micro SIM if I can find one to fit into it.

 

[marjo]

@rski If you remember our conversation on PM of a few months ago.... I made it Sir, I finally made it.

 

[rski]

@marjo I am happy for you , you started batting

 

[parabarb]

@marjo Now I'm curious. If you don't mind me asking, what was this about?

 

[quittercheckusa]

@rski Investment account. You invest in FDs.

 

[resjudicata]

@quittercheckusa Investment account is a bank account used to route investments or receive investment income. This is the account you provide to your MF.

It is normally tagged to your demat account so all dividends are credited to that account. One important part is that the money "does not belong to you" so you automatically reinvest rather than mixing with normal income. Sorts of a MF dividend reinvestment plan.

 

[rski]

@quittercheckusa It would be eminently foolish for me to invest in FD, I have to make sure my surcharge bracket does not change

 

[ashishv]

@rski If you don't mind, Could you please tell which banks you are banking with. I want to open a second account.

 

[psychmajormom]

@rski Good for you. By any chance are all of you bank email accounts on Gmail? If so then better move it to your own domain address & a free Zoho account for upto 5 ids. You'll never get back your Google IDs for whatever reason.