My bank has just sent me an email with upcoming changes to my (and your account) which causes me great concern and wonder if other people have had the same.

Basically it says: there will be no payments in/out of my account over the weekend.

What really concerns me is they warn of a new financial system where TPP (third party providors) will offer to manage my bank account, they could ask for (that means WILL ask for) my banking login and password details. Of course the bank says, if I do this then it's nothing to do with them if my bank account goes to zero.

I would think that new service will trigger a zillion crooks into action - beware!

The email says this scheme is forced upon them by the EU (I thought we opted OUT!!)

From 13 January 2018 the way regular payments go into and come out of your account(s) over the weekend is going to change, and your available balance may be affected.

 

Here's what you need to know, and ways to help avoid any impact on your weekend finances:

 

Payments into your account at the weekend (like your salary, pension or other regular income)

 

 

Up until 13 January 2018: Any payments due into your account on a Monday are available to you from the Saturday.

 

From 13 January 2018: Any payments due into your account on a Monday will only be available to you from the Monday and not the Saturday as before.

 

Payments out of your account at the weekend (like direct debits and standing orders)

Up until 13 January 2018: Any payments due out of your account on a Monday are taken from your account on the Saturday morning, meaning you've less money to spend over the weekend.

 

From 13 January 2018: Any payments due out of your account on a Monday will leave your account on the Monday, meaning this money will be still available to you over the weekend.

Changes to Payment Regulations

New regulations will come into effect on 13 January 2018 – making sure all European banks process payments in the same way, in an increasingly digital world.

 

Here are the main changes:

 

1. With your permission, third party providers (TPPs) can access your information to provide their services

 

• New digital banking services are entering the market offered by us and TPPs. These will include new ways to pay for things online and tools that help you to view all your accounts with different financial providers in one place. Before giving a TPP permission to access your account information you may wish to check that they're authorised by the Financial Conduct Authority (FCA) to provide their service.

 

• Some TPPs might ask you for your online banking log in details and password to provide their service to you. If you decide to give them this information, this means that they'll be able to see and do anything you can do on your accounts.

 

• If you give TPPs permission to access your accounts and account information, we're not responsible for what they may do.

Thanks EU

“With your permission”.

Don’t give your permission!.

I share concerns about this though.

While it seems appealing to have “one banking app, showing your financial position for all your accounts even if they are with different banks / providers” (and this is one of the intended outcomes, which will need the customer’s permission) ; I won’t be signing up for it.

I have used certain apps to record my financial position and quite a lot of them have a subscription service so you can download all your statements etc automoatically but its a optional extra . I tghink this is what they are referring to . if you use this system they will accept no liability