UCL Banking Survey

A study on the understanding and implication of banks' terms and condititions.

Thank you for agreeing to take part in our survey.

 

This study is completely anonymous, and the results will be used to improve customer experiences with banks. All data collection and processing by the researchers are in accordance with the Data Protection Act 1998.

 

You will be presented with a set of scenarios related to banking. Please answer from your own perspective. All answers will be kept confidential.

 

Please read all instructions carefully. We will be checking all of your answers for consistency, and may reject your payment if you provide inconsistent answers.

There are 44 questions in this survey

Introduction

[]Please enter your Prolific ID here.

Please write your answer here:

 

Demographic Information

[]Please enter your age. *

 Only numbers may be entered in this field.

Please write your answer here:

  •  

[]What is your current employment status? *

Please choose only one of the following:

  • Student Student
  • Employed Employed
  • Self-employed Self-employed
  • Unemployed Unemployed
  • Retired Retired
  • Prefer not to say Prefer not to say

[]Please indicate your highest level of education. *

Please choose only one of the following:

  • HIgh School up to age 16 or lower HIgh School up to age 16 or lower
  • High School Diploma with some AP High School Diploma with some AP
  • Some undergraduate education (e.g., No completed degree) Some undergraduate education (e.g., No completed degree)
  • Degree / Graduate education (e.g., BSc, BA) Degree / Graduate education (e.g., BSc, BA)
  • Postgraduate education (e.g., MSc, MA, MBA, PhD) Postgraduate education (e.g., MSc, MA, MBA, PhD)
  • Vocational education (e.g., CTE) Vocational education (e.g., CTE)
  • Prefer not to say Prefer not to say
  • Other Other
     

[]Please indicate your self-identified gender. *

Please choose only one of the following:

  • Female Female
  • Male Male
  • Other Other
  • Prefer not to say Prefer not to say

[]How proficient are you in English? *

Please choose only one of the following:

  • No proficiency No proficiency
  • Elementary proficiency Elementary proficiency
  • Intermediate ability Intermediate ability
  • Advanced level Advanced level
  • 'Near-native' level 'Near-native' level
  • Native or bilingual proficiency Native or bilingual proficiency

[]Do you consider yourself having a learning difficulty or disability? *

Please choose only one of the following:

  • Yes Yes
  • No No
  • Prefer not to say Prefer not to say

Payment demographics

[]How many different payment cards (e.g. credit/debit/ATM) do you have? *

 Only numbers may be entered in this field.

Please write your answer here:

  •  

[]In which countries are your payment cards issued? *

Please write your answer here:

 

[]How many different bank accounts do you have? *

 Only numbers may be entered in this field.

Please write your answer here:

  •  

[]In which countries do you have bank accounts? *

Please write your answer here:

 

[]How frequently do you use any of your payment cards? *

Please choose only one of the following:

  • Every day Every day
  • Several times a week Several times a week
  • Once per week Once per week
  • Once per month Once per month
  • Several times per year Several times per year
  • Once per year or less Once per year or less
  • Never Never

[]
How frequently do you use any of your payment cards to buy a unicorn shed?
Since this question doesn't make sense, please select 'once per week' to show that you have been reading carefully.
*

Please choose only one of the following:

  • Every day Every day
  • Several times a week Several times a week
  • Once per week Once per week
  • Once per month Once per month
  • Several times per year Several times per year
  • Once per year or less Once per year or less
  • Never Never

[]Have you ever experienced fraudulent transactions or incidents on any of your payment cards or bank accounts? *

Please choose only one of the following:

  • Yes Yes
  • No No

[]How many times did you experience fraudulant transactions? *

Only answer this question if the following conditions are met:
Answer was 'Yes' at question '14 [demoExperiencedFraud]' (Have you ever experienced fraudulent transactions or incidents on any of your payment cards or bank accounts?)

 Only numbers may be entered in this field.

Please write your answer here:

  •  

[]What happened? Please include details as to the type of fraud, how you found out about it, and how it was resolved. *

Only answer this question if the following conditions are met:
Answer was 'Yes' at question '14 [demoExperiencedFraud]' (Have you ever experienced fraudulent transactions or incidents on any of your payment cards or bank accounts?)

Please write your answer here:

 

Scenario Loss

Please read the following scenario carefully.

Miss K travels to work on the Metro. When leaving the Metro at the destination station, Miss K notices that her purse is missing. There is a police department In the Metro station, where she reports her purse as stolen. When she gets to work, she phones her bank to cancel her banking card. But by this time several large  large cash withdrawals have been made using her banking card.

Now please answer the following questions.

[]Do you think Miss K will receive her money back? *

Please choose only one of the following:

  • Yes Yes
  • No No

[]Why do you think so? *

Please write your answer here:

 

Scenario Phishing

Please read the following scenario carefully:

Mr L received a phone call from his bank. The person he spoke to said there had been some “suspicious activity” on his account – and asked him if he had made certain purchases. When Mr L said he hadn’t, the person on the phone said that he should call a different department at the bank straight away to sort the problem.

Mr L called the number on the back of his debit card. The person he spoke to asked him some security questions and then confirmed that suspicious activity had taken place. They said that Mr L should immediately transfer all the money from his account to a different account – and he gave him the details of that account over the phone. Mr L transferred the money straight away.

When Mr L told his partner what had happened, she was worried. She suggested he call his bank to check he'd done the right thing. It turned out that Mr L had been the victim of a scam. The fraudster had put a technical fix in place so that when Mr L ended the first call and rang the number for his bank, he’d actually just reconnected with the fraudster.

Please answer the following questions.

[]Do you think Mr. L will receive his money back? *

Please choose only one of the following:

  • Yes Yes
  • No No

[]Why do you think so? *

Please write your answer here:

 

Scenario Online Services

There are numerous websites and apps that assist with personal banking and accounting.

[]Have you ever used "Mint.com" or "youneedabudget.com"? *

Please choose only one of the following:

  • Yes Yes
  • No No

[]Which one do you use most frequently? *

Only answer this question if the following conditions are met:
Answer was 'Yes' at question '21 [toolHeard]' (Have you ever used "Mint.com" or "youneedabudget.com"? )

Please write your answer here:

 

[]How do you think this tool accesses your financial information? *

Only answer this question if the following conditions are met:
Answer was 'Yes' at question '21 [toolHeard]' (Have you ever used "Mint.com" or "youneedabudget.com"? )

Please write your answer here:

 

[]Which credentials did you have to provide the tool in order to retrieve your account information? *

Only answer this question if the following conditions are met:
Answer was 'Yes' at question '21 [toolHeard]' (Have you ever used "Mint.com" or "youneedabudget.com"? )

Please write your answer here:

 

[]Do you think your bank considers your use of this tool legal? *

Only answer this question if the following conditions are met:
Answer was 'Yes' at question '21 [toolHeard]' (Have you ever used "Mint.com" or "youneedabudget.com"? )

Please choose only one of the following:

  • Yes Yes
  • No No

[]Why do you think so? *

Only answer this question if the following conditions are met:
Answer was 'Yes' at question '21 [toolHeard]' (Have you ever used "Mint.com" or "youneedabudget.com"? )

Please write your answer here:

 

Terms and Conditions

Please read the following extract from one bank's Terms and Conditions. On the next page you will be asked some questions regarding these Terms and Conditions.

 

Lost or Stolen Banking Cards or Other Access Devices and Unauthorized Electronic Transactions
Consumer Liability for transactions covered by Regulation E
If any of your Access Devices are lost or stolen, it is your responsibility to notify us immediately. Please call your bank at the number on the back cover of this Manual.
Please remember that your Banking Card and all of your Access Devices are valuable, and it is important for you to exercise care with them. To protect your personal and account information, be sure to keep your PIN and other Access Devices secure. As a general practice, we recommend that you periodically change your PIN.
Tell us at once if you believe any of your Access Devices, including but not limited to your Banking Card, has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). Call your bank at 1-888-YOURBANK or use the number located on the back cover of this Agreement. Customer service representatives are available to assist you 24 hours a day, 7 days a week. If you tell us within two (2) Business Days after you learn of the loss or theft of your Access Device, you can lose no more than $50 if someone uses your Access Device without your permission.
If you do NOT tell us within two (2) Business Days after you learn of the loss or theft of your Access Device, and we can prove we could have stopped someone from using your Access Device without your permission if you had told us, you could lose as much as $500.
Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had informed us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

Security Tips

  • We want you to be safe when you use any ATM card. You can help prevent unauthorized access to your accounts by following these simple steps:
  • Treat your Banking Card and other types of devices used to access your accounts like cash. Do not leave them where others can find them. Do not give them to anyone to hold as “security” for any reason and do not use them to show another customer how an ATM works.
  • Keep your Personal Identification Number (PIN), Telephone Personal Identification Code (TPIC) and other codes used to access your accounts secret. Do not tell them to anyone. Do not write them on your Banking Card or keep them in your wallet or purse.
  • Change your PIN periodically.
  • Review your account statements regularly and let us know right away of any discrepancies.
  • Always be alert and aware of your surroundings when using ATMs, particularly later than a half hour after sunset.
  • Consider having someone accompany you when using an ATM later than a half hour after sunset.
  • Immediately report crimes and suspicious activity at ATM locations to local law enforcement officials as well as to the owners/operators of the ATMs.
  • Be sure to completely close the door behind you when you enter or leave an ATM lobby.
  • Be careful about giving information about your Access Device over the telephone.
  • Never begin an ATM transaction if there is not enough light or you notice anything suspicious — go to a different location or come back at another time.
  • Do not permit any unknown person to enter after regular banking hours.
  • If you notice anything suspicious: Always cancel a transaction-in- progress, end your session, place your Banking Card in your pocket and leave the ATM location.
  • Never display cash at ATM locations. Place cash and your Banking Card in your pocket as soon as you complete your transaction. Count cash in a safe location, such as a locked car, home or office.
  • Always take your ATM receipt with you when you leave — do not leave it near the ATM.
  • Be aware that many ATM machines record activity by a surveillance camera or cameras.

[]How confident are you that you understand the terms and conditions correctly? *

Please choose only one of the following:

  • Understood nothing Understood nothing
  • Understood the minority Understood the minority
  • Understood half of it Understood half of it
  • Understood the majority Understood the majority
  • Understood everything Understood everything

[]Where there any parts to the terms and conditions that were unclear? *

Please write your answer here:

 

Comprehension

Please answer these comprehension questions with respect to the Terms and Conditions from the previous page.

[]Are you allowed to share your PIN with a family member? *

Please choose only one of the following:

  • Yes Yes
  • No No

[]Should you keep your Debit card and Cheque book together? *

Please choose only one of the following:

  • Yes Yes
  • No No

[]What can you do to remember your PIN? *

Please write your answer here:

 

[]What should you do before starting online banking? *

Please write your answer here:

 

[]When are you liable for a an unauthorized transaction? *

Please write your answer here:

 

[]What is gross negligence? *

Please write your answer here:

 

Scenario Loss revisited

Just for your reference, here are the terms and conditions again:

Lost or Stolen Banking Cards or Other Access Devices and Unauthorized Electronic Transactions
Consumer Liability for transactions covered by Regulation E
If any of your Access Devices are lost or stolen, it is your responsibility to notify us immediately. Please call your bank at the number on the back cover of this Manual.
Please remember that your Banking Card and all of your Access Devices are valuable, and it is important for you to exercise care with them. To protect your personal and account information, be sure to keep your PIN and other Access Devices secure. As a general practice, we recommend that you periodically change your PIN.
Tell us at once if you believe any of your Access Devices, including but not limited to your Banking Card, has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). Call your bank at 1-888-YOURBANK or use the number located on the back cover of this Agreement. Customer service representatives are available to assist you 24 hours a day, 7 days a week. If you tell us within two (2) Business Days after you learn of the loss or theft of your Access Device, you can lose no more than $50 if someone uses your Access Device without your permission.
If you do NOT tell us within two (2) Business Days after you learn of the loss or theft of your Access Device, and we can prove we could have stopped someone from using your Access Device without your permission if you had told us, you could lose as much as $500.
Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had informed us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

Security Tips

  • We want you to be safe when you use any ATM card. You can help prevent unauthorized access to your accounts by following these simple steps:
  • Treat your Banking Card and other types of devices used to access your accounts like cash. Do not leave them where others can find them. Do not give them to anyone to hold as “security” for any reason and do not use them to show another customer how an ATM works.
  • Keep your Personal Identification Number (PIN), Telephone Personal Identification Code (TPIC) and other codes used to access your accounts secret. Do not tell them to anyone. Do not write them on your Banking Card or keep them in your wallet or purse.
  • Change your PIN periodically.
  • Review your account statements regularly and let us know right away of any discrepancies.
  • Always be alert and aware of your surroundings when using ATMs, particularly later than a half hour after sunset.
  • Consider having someone accompany you when using an ATM later than a half hour after sunset.
  • Immediately report crimes and suspicious activity at ATM locations to local law enforcement officials as well as to the owners/operators of the ATMs.
  • Be sure to completely close the door behind you when you enter or leave an ATM lobby.
  • Be careful about giving information about your Access Device over the telephone.
  • Never begin an ATM transaction if there is not enough light or you notice anything suspicious — go to a different location or come back at another time.
  • Do not permit any unknown person to enter after regular banking hours.
  • If you notice anything suspicious: Always cancel a transaction-in- progress, end your session, place your Banking Card in your pocket and leave the ATM location.
  • Never display cash at ATM locations. Place cash and your Banking Card in your pocket as soon as you complete your transaction. Count cash in a safe location, such as a locked car, home or office.
  • Always take your ATM receipt with you when you leave — do not leave it near the ATM.
  • Be aware that many ATM machines record activity by a surveillance camera or cameras.

In light of these Terms and Conditions, please reconsider the scenario:

Miss K travels to work on the Metro. When leaving the Metro at the destination station, Miss K notices that her purse is missing. In the Metro station is a police office, where she reports her purse as stolen. When she gets to work, she phones her bank to cancel her banking card. But by this time the thief has made several large cash withdrawals using her banking card.

 

[]Do you think Miss K will get her money back? *

Please choose only one of the following:

  • Yes Yes
  • No No

[]Why do you think so? *

Please write your answer here:

 

[]How likely do you think is it that the Card Issuer will enforce their Terms and Conditions? *

Please choose only one of the following:

  • very unlikely very unlikely
  • unlikely unlikely
  • don't know don't know
  • likely likely
  • very likely very likely

Scenario Phishing revisited

Just for your reference, here are the terms and conditions again:

Lost or Stolen Banking Cards or Other Access Devices and Unauthorized Electronic Transactions
Consumer Liability for transactions covered by Regulation E
If any of your Access Devices are lost or stolen, it is your responsibility to notify us immediately. Please call your bank at the number on the back cover of this Manual.
Please remember that your Banking Card and all of your Access Devices are valuable, and it is important for you to exercise care with them. To protect your personal and account information, be sure to keep your PIN and other Access Devices secure. As a general practice, we recommend that you periodically change your PIN.
Tell us at once if you believe any of your Access Devices, including but not limited to your Banking Card, has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). Call your bank at 1-888-YOURBANK or use the number located on the back cover of this Agreement. Customer service representatives are available to assist you 24 hours a day, 7 days a week. If you tell us within two (2) Business Days after you learn of the loss or theft of your Access Device, you can lose no more than $50 if someone uses your Access Device without your permission.
If you do NOT tell us within two (2) Business Days after you learn of the loss or theft of your Access Device, and we can prove we could have stopped someone from using your Access Device without your permission if you had told us, you could lose as much as $500.
Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had informed us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

Security Tips

  • We want you to be safe when you use any ATM card. You can help prevent unauthorized access to your accounts by following these simple steps:
  • Treat your Banking Card and other types of devices used to access your accounts like cash. Do not leave them where others can find them. Do not give them to anyone to hold as “security” for any reason and do not use them to show another customer how an ATM works.
  • Keep your Personal Identification Number (PIN), Telephone Personal Identification Code (TPIC) and other codes used to access your accounts secret. Do not tell them to anyone. Do not write them on your Banking Card or keep them in your wallet or purse.
  • Change your PIN periodically.
  • Review your account statements regularly and let us know right away of any discrepancies.
  • Always be alert and aware of your surroundings when using ATMs, particularly later than a half hour after sunset.
  • Consider having someone accompany you when using an ATM later than a half hour after sunset.
  • Immediately report crimes and suspicious activity at ATM locations to local law enforcement officials as well as to the owners/operators of the ATMs.
  • Be sure to completely close the door behind you when you enter or leave an ATM lobby.
  • Be careful about giving information about your Access Device over the telephone.
  • Never begin an ATM transaction if there is not enough light or you notice anything suspicious — go to a different location or come back at another time.
  • Do not permit any unknown person to enter after regular banking hours.
  • If you notice anything suspicious: Always cancel a transaction-in- progress, end your session, place your Banking Card in your pocket and leave the ATM location.
  • Never display cash at ATM locations. Place cash and your Banking Card in your pocket as soon as you complete your transaction. Count cash in a safe location, such as a locked car, home or office.
  • Always take your ATM receipt with you when you leave — do not leave it near the ATM.
  • Be aware that many ATM machines record activity by a surveillance camera or cameras.

In light of these Terms and Conditions, please reconsider the scenario:

Mr L received a phone call from his bank. The person he spoke to said there had been some “suspicious activity” on his account – and asked him if he had made certain purchases. When Mr L said he hadn’t, the person on the phone said that he should call a different department at the bank straight away to sort the problem.
Mr L called the number on the back of his banking card. The person he spoke to asked him some security questions and then confirmed that suspicious activity had taken place. They said that Mr L should immediately transfer all the money from his account to a different account – and he gave him the details of that account over the phone. Mr L transferred the money straight away.
When Mr L told his partner what had happened, she was worried. She suggested he call his bank to check he'd done the right thing. It turned out that Mr L had been the victim of a scam. The fraudster had put a technical fix in place so that when Mr L ended the first call and rang the number for his bank, he’d actually just reconnected with the fraudster.

 

[]Do you think Mr. L will get your money back? *

Please choose only one of the following:

  • Yes Yes
  • No No

[]Why do you think so? *

Please write your answer here:

 

[]How likely do you think is it that the Card Issuer will enforce their Terms and Conditions? *

Please choose only one of the following:

  • very unlikely very unlikely
  • unlikely unlikely
  • don't know don't know
  • likely likely
  • very likely very likely

Scenario Online Services revisited

Just for your reference, here are the terms and conditions again:

Lost or Stolen Banking Cards or Other Access Devices and Unauthorized Electronic Transactions
Consumer Liability for transactions covered by Regulation E
If any of your Access Devices are lost or stolen, it is your responsibility to notify us immediately. Please call your bank at the number on the back cover of this Manual.
Please remember that your Banking Card and all of your Access Devices are valuable, and it is important for you to exercise care with them. To protect your personal and account information, be sure to keep your PIN and other Access Devices secure. As a general practice, we recommend that you periodically change your PIN.
Tell us at once if you believe any of your Access Devices, including but not limited to your Banking Card, has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). Call your bank at 1-888-YOURBANK or use the number located on the back cover of this Agreement. Customer service representatives are available to assist you 24 hours a day, 7 days a week. If you tell us within two (2) Business Days after you learn of the loss or theft of your Access Device, you can lose no more than $50 if someone uses your Access Device without your permission.
If you do NOT tell us within two (2) Business Days after you learn of the loss or theft of your Access Device, and we can prove we could have stopped someone from using your Access Device without your permission if you had told us, you could lose as much as $500.
Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had informed us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

Security Tips

  • We want you to be safe when you use any ATM card. You can help prevent unauthorized access to your accounts by following these simple steps:
  • Treat your Banking Card and other types of devices used to access your accounts like cash. Do not leave them where others can find them. Do not give them to anyone to hold as “security” for any reason and do not use them to show another customer how an ATM works.
  • Keep your Personal Identification Number (PIN), Telephone Personal Identification Code (TPIC) and other codes used to access your accounts secret. Do not tell them to anyone. Do not write them on your Banking Card or keep them in your wallet or purse.
  • Change your PIN periodically.
  • Review your account statements regularly and let us know right away of any discrepancies.
  • Always be alert and aware of your surroundings when using ATMs, particularly later than a half hour after sunset.
  • Consider having someone accompany you when using an ATM later than a half hour after sunset.
  • Immediately report crimes and suspicious activity at ATM locations to local law enforcement officials as well as to the owners/operators of the ATMs.
  • Be sure to completely close the door behind you when you enter or leave an ATM lobby.
  • Be careful about giving information about your Access Device over the telephone.
  • Never begin an ATM transaction if there is not enough light or you notice anything suspicious — go to a different location or come back at another time.
  • Do not permit any unknown person to enter after regular banking hours.
  • If you notice anything suspicious: Always cancel a transaction-in- progress, end your session, place your Banking Card in your pocket and leave the ATM location.
  • Never display cash at ATM locations. Place cash and your Banking Card in your pocket as soon as you complete your transaction. Count cash in a safe location, such as a locked car, home or office.
  • Always take your ATM receipt with you when you leave — do not leave it near the ATM.
  • Be aware that many ATM machines record activity by a surveillance camera or cameras.

 

You previously said that you had used one of "Mint.com" or "youneedabudget.com" before. In the light of the Terms and Conditions that were presented to you above, please reconsider the following questions (your previously answers have been pre-selected).

[]Do you think the bank considers this tool legal? *

Please choose only one of the following:

  • Yes Yes
  • No No

[]Why do you think so? *

Please write your answer here:

 

[]How likely do you think is it that the Card Issuer will enforce their Terms and Conditions? *

Please choose only one of the following:

  • very unlikely very unlikely
  • unlikely unlikely
  • don't know don't know
  • likely likely
  • very likely very likely

Thank you

Thank you for taking part in our survey on Banks' Terms & Conditions.

[]If you wish to give us any other remarks or provide feedback, please fill in the form below.

Please write your answer here:

 

The survey is now complete. Thank you for your participation.

 

Please click the prolific academic link below to ensure that your submission is tracked.

 

https://prolificacademic.co.uk/submissions/56d73e1904c67d000a7b2bd0/complete?cc=7UI8K6Z5


03-06-2016 – 00:00

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