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Mick Dundee

02money How Safe Is The New Card ?

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02money is a new payment card. Its not a credit card and actually not even a debit card but a preloadable card operating in conjuction with Natwest.

Natwest is owned by the Royal Bank of Scotland, who are also in conjuntion with the Paypal Topup card.

What people may not know is unlike a bank acount, your money on these cards is not protected by The Financial Services Compensation Scheme and you may (probably) will lose your money.

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02money is a new payment card. Its not a credit card and actually not even a debit card but a preloadable card operating in conjuction with Natwest.

Natwest is owned by the Royal Bank of Scotland, who are also in conjuntion with the Paypal Topup card.

What people may not know is unlike a bank acount, your money on these cards is not protected by The Financial Services Compensation Scheme and you may (probably) will lose your money.

Links

Links 2

Yep, I'm an O2 customer and had some propaganda through about it. Writ large in the T & Cs was the fact that if Natwest goes tits up, you get nowt. :o

Tragically it isnt being marketed at the likes of Fred Goodwin but at teenagers and students as a 'money management' learning tool.

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Yep, I'm an O2 customer and had some propaganda through about it. Writ large in the T & Cs was the fact that if Natwest goes tits up, you get nowt. :o

Tragically it isnt being marketed at the likes of Fred Goodwin but at teenagers and students as a 'money management' learning tool.

I know a money management tool. Talk about the tail wagging the dog. :lol:

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02money is a new payment card. Its not a credit card and actually not even a debit card but a preloadable card operating in conjuction with Natwest.

Natwest is owned by the Royal Bank of Scotland, who are also in conjuntion with the Paypal Topup card.

What people may not know is unlike a bank acount, your money on these cards is not protected by The Financial Services Compensation Scheme and you may (probably) will lose your money.

Links

Links 2

Why do you think you will probably lose your money, surely this would only happen if RBS failed. given that HMG owns most of the bank this implies that the goverment will default on its promise to support the bank. This doesn't seem to fit with your belief that they will honour the 1.3 Trillion public sector pension promise.

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Why do you think you will probably lose your money, surely this would only happen if RBS failed. given that HMG owns most of the bank this implies that the goverment will default on its promise to support the bank. This doesn't seem to fit with your belief that they will honour the 1.3 Trillion public sector pension promise.

RBS or Natwest dont have to "fail", they just need to be insolvent, which I may remind you they are already. The Government is not RBS, so lets not get ahead of ourselves here.

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Yes, this is also a bit of a worry with the Caxton fx card, which lets you preload USD or Euros. You use it like a mastercard to pay, or can draw out the cash abroad - but I only use it for relatively small amounts for this very reason: there is no backing if the parent bank goes bust.

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Although at the same time, how much good will the FSCS do me if (for example) Barclays goes bust?

Will all of us with money in Barclay's ISA's get up to £50k from it? I doubt it.

Edited by Jie Bie

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02money is a new payment card. Its not a credit card and actually not even a debit card but a preloadable card operating in conjuction with Natwest.

Natwest is owned by the Royal Bank of Scotland, who are also in conjuntion with the Paypal Topup card.

What people may not know is unlike a bank acount, your money on these cards is not protected by The Financial Services Compensation Scheme and you may (probably) will lose your money.

Links

Links 2

What's wrong with cash? Acceptable in many more places.

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