o2 Money.

[Anonymous]

Hi

I know the two o2 prepaid cards are pukka, and indeed have requested one.

I am curious to know however why they do not seem to carry the Visa hologram, just the Visa logo?

[Anonymous]

Hi,

I think it could well be a site glitch, as we all know O2 do not have a 100 / 100 record on website reliability.

Give it time and I’m sure the wrinkles will be ironed out. Frustrating I know, but hey – that’s life.

[Anonymous]

These cards are not covered by the fsa, so if you happen to have a lot of money on them and the company that owns them which is not o2 goes bust then you loose all the money you have on them

[Anonymous]

It's NatWest so the government will happily bail them out though good point on the FSA thing.

Incorrect, I'm afraid:

The Card is not covered by The Financial Services Compensation Scheme. If National Westminster Bank Plc were to become insolvent or go out of business, you would lose the money on the Card.

http://www.o2.co.uk/termsandconditions/o2money

To be fair, at least O2 are open (ish) about this...

[Anonymous]

The point is that the O2 money card is not a bank account and isn't eligible for the FSCS payouts that have been made for Icesave etc.

From a regulation perspective, it's almost in the same sphere as Farepak. And the Farepak victims got very little back.

But, as you say, it's a gamble. If the very worst were to happen, would O2 try to avoid bad publicity by bailing people out?

Funny thing is, 12 months ago, nobody would even consider what would happen if a bank went bust...

[Anonymous]

I think that your money is pretty much safe, it's held by Natwest, part of the RBS group, which is now partly state owned. I also think that if the RBS group started to go completely bust there'd be plenty of warning to get your money out.

I've noticed a couple of people want to know how others have got on topping up, well my personal experience was good, I topped up my cash manager card using my RBS maestro card and it worked perfectly. Balance updated instantly and I got a text alert within 30 seconds telling me I'd done it.

[perksie]

I think that your money is pretty much safe, it's held by Natwest, part of the RBS group, which is now partly state owned. I also think that if the RBS group started to go completely bust there'd be plenty of warning to get your money out.
I've noticed a couple of people want to know how others have got on topping up, well my personal experience was good, I topped up my cash manager card using my RBS maestro card and it worked perfectly. Balance updated instantly and I got a text alert within 30 seconds telling me I'd done it.

Thanks for that, if I may ask you:

Did you put in the issue number?

[Anonymous]

Hi Perksie,

RBS Maestro cards don't have an issue number so I always leave this box blank when spending online

[perksie]

OK thanks, my First Direct one does but won't work. I have tried it with and without, Ho Hum. 😐