Hi. I’m a new chip user. It’s a great app so far, but I feel you can make it even better. Hope you won’t mind that in my very first post, I will be recommending some ideas.
One of the features I’d love to have which no other bank has done yet, is that when I’m about to travel abroad, I want to be able to inform the bank/financial institution that I’m going abroad. This way Chip can then ask the departure/return dates I’m travelling on and then can give two options:-
- DO YOU WANT TO PLACE A TEMPORARY HOLD ON YOUR ACCOUNT UNTIL YOU RETURN HOME? - Imagine whilst you’re away on holiday and without your knowledge someone manages to hack into your account and take off with all your savings. This feature is for users who don’t want to use Chip abroad, but are anxious that their account may get hacked whilst they are away without their knowledge. The idea is that once Chip are put on notice, they can place extra security checks to ensure it’s the right owner. When the user returns back to UK, Chip can do a short ID verification to ensure it’s the right owner of the account before giving them access.
- DO YOU WANT TO USE YOUR CHIP CARD/ACCOUNT ABROAD? - Again similar to above, you are about to travel abroad, but this time it’s for users who are worried that your bank (Chip) may block your account whilst using your card abroad. Again Chip can clarify the departure/return dates and then go through some ID verifications to ensure it’s the rightful owner. Chip can then ask you whether you’d like to setup a maximum limit of expenditure or limit on how low your account balance can go.
So for example let’s say I have £5000 in my account and I’m travelling abroad to Greece on 15th May for 1 week. I know in total I won’t need to use more than £2000 maximum and I also won’t need to make a single purchase higher than £500, so I tell Chip the following:-
- I’m Travelling on 15th May, Returning on 21st May.
- Do not let my balance drop below £3000.
- My max single purchase will be £500.
If any of the above conditions are not met, Chip can block the card/account or run additional checks to ensure it’s the correct owner. This protects both the owner and Chip from risk of fraudulent activity.
Let me know what you think