Banking, part II

I went to the bank to ask for a brochure about account fees and such. The lady gave me a card with my 8-digit registration number that I’ve been waiting for in the mail. She said this is really the important thing to carry, more so than the debit card (though it’s not clear to me why…) She told me to call to register my card and to ask for a “code card” which will come in 4 days. The code card lists 100 code numbers which label larger numbers. This is for security: at various interactions in the future, the banker may ask me what is 055, for example. So then I give the longer number next to it. Somehow this is to give added protection…why another person can’t use their code card, since it’s generic and not unique to my account, I’m not sure. I asked about the various numbers on my debit card, and she said the number I give when a service requests it is the small 7-digit number at the bottom. I asked what the 19-digit larger number is for, and she said it is just for the machines to track the bank and account. Okay, well, it still seems to me that the card number the human eye needs to read should be a bit larger and more central.

I then called to register my debit card. The recording asked for my 8-digit registration number. Then for my PIN number. Then it asked for the 4^th digit of my 5-digit Personal Access Code (PAC), then for the 2^nd digit of my PAC, then for the 3^rd digit. Does this not seem a bit odd?? Once this was done, the recording said that since this was my first time to use the phone banking, I would need to speak to a customer service representative. So the guy got on the line and asked for my 8-digit registration number. Then for my PIN. Then for my name, address, and the last 4 digits of my phone number. Then he asked for the 2^nd digit of my PAC, then for the 5^th digit, then for the 4^th digit. (What is up with this?) He said everything is checking clear, so now he can tell me more information.

He said I should never be asked for the full 5 digits of my PAC at one time, only for 3 digits, in a non-sequential order. (I’m wondering if this really helps with security…?) Then he said he’d mail me a code card, so I should wait for its arrival in around 4 days. In the meantime he said I should change my PAC number to a different 5-digit number that I can remember and tell no one. He would call the phone service and stay on the line with me and walk me through the procedure. So the recording comes on the line asking for the service code, to which the guy says I should turn over my registration card, where the service codes are and choose 07, as this is the option for changing my PAC number. Before I could do this, I had to enter the 3^rd digit, 1^st digit, and 4^th digit of my current PAC. I’ll spare the rest of the details, but hopefully you get the idea that this is a rather roundabout system, consisting of much waiting for the next bit of info to arrive in the mail and an attempted rigorousness at protecting the security of the account and privacy of the holder.

I also learned that if I “lodge” at least 1500 euro per month into my account, then I will receive interest on up to 1500 euro in my account. At present, the interest is at 11%, though it may fluctuate in the future. If I use my debit card to pay a bill once a quarter and also use it for a transaction once a quarter (and I'm not sure what the difference is...), then my account maintenance fees will be waived. All of this is sounding a bit complicated…
So I made my first “lodgment”—simply give them my debit card and the money, and it’s done (no need for a deposit slip). On the one hand, there are so many security measure and complicated protocols, then on the other hand, it seems quite simple.