You are here: Home - Saving & Banking - News -

Al Rayan forces savers to app banking as it shuts online service

0
Written by:
21/02/2020
Al Rayan is to switch off its online banking service next week, meaning customers will need to download its app to carry out their usual transactions.

The Sharia bank said it is making the switch from 26 February as many customers already use the app which is safer and easier.

All personal banking customers using online savings and current account products will need to download the app on to compatible devices – this means at least version 12 (iOS) and version 8 (Android).

Concerns were raised about how savers with older smartphones would access and manage their accounts.

But Al Rayan said existing banking customers will be eligible for a ‘hard-token device’ which will allow them to continue to access accounts via a computer.

Customers will need to call the bank to check if they’re eligible and if so, it will explain the process over the phone and in written communication.

It added only existing online customers will be eligible for a hard-token device.

All new customers who want to open online accounts from February 26 onwards will need to have a compatible smart phone.

However, it said it does have alternative channels for new and existing customers to manage their accounts including telephone banking, in branch and by post.

All other services, including telephone banking and in-branch services are unaffected by the change.

Customers were first notified about the move in July and August last year and Al Rayan this week confirmed detail of the date of the change and instructions about downloading the app.

Active online users were also contacted earlier letting them know they would need to download the banking app.

An Al Rayan Bank spokesperson, said: “We can confirm that from 26 February, our existing online banking service will no longer be available to our personal customers. The mobile banking app – which is already being used by many of Al Rayan Bank’s customers – is more secure, quicker and easier to use.

“The mobile banking app ensures all customers have a secure service 24/7 with second factor authentication to improve security. This has been designed and implemented based on demand for more convenient and mobile-led banking services from our customers.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Your back-to-basics ISA guide for 2020/21

You have until 5 April to use up the remainder of this year’s ISA allowance before it’s gone for good. Her...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
invest in the healthcare sector
Insurance tax hike sees health cover drop 10%

Personal health insurance cover has dropped 10% in just four years – around the same period in which a ‘stealth...

Close