During a Brexit impact Review, EU regulators found that their laws did not allow UK-based financial service firms to “passively service” customer accounts where the customer was resident in their jurisdiction. We only allow UK residents to open accounts. However, on review, we identified that some customers have moved overseas since opening their account. As our products are specifically designed for customers living in the UK and to ensure we comply with regulations of countries outside the UK, we decided to contact customers living overseas to advise them we will be closing their account.
I have been living overseas in a non-EU country for a period of time, why are you closing my account now?
Although the recent Brexit changes highlighted difficulties with servicing customers living in the EU, there are similar challenges with overseas customers living outside the EU. We therefore took the decision to close all overseas accounts.
I live in the Isle of Man/ Channel Islands so why are you closing my account?
Tesco Bank are closing savings and credit card accounts of customers who have moved outside of the UK, as we only offer these products to people living in the UK. If you have received such notice of closure, it is because the most up-to-date address we have on file for you shows that you now live in the Isle of Man or Channel Islands which are self-governing British crown dependencies outside of the UK. Accordingly, your account falls within our criteria for closure and is being closed as a result.
I've got a balance on my credit card - do I have to pay this off before you close my account?
Yes – We won’t be able to fully close your account until you have paid the outstanding balance in full, but we will block your account so you will no longer be able to use your credit card. You will need to continue to pay at least your minimum contractual payment until your balance is paid in full. You will continue to receive a monthly statement until your balance is repaid in full. If you receive paperless statements, we will continue to send your statement in this way. Please remember, if you receive paper statements, it may take longer to reach you as we’re posting it to your international address. You may prefer to register for paperless statements to save you time.
I've got a balance on my credit card - do I have to pay my balance off in one go?
No, you will need to continue to pay at least your minimum contractual payment until your balance is paid in full. You will continue to receive a monthly statement until your balance is repaid in full. Interest and fees will still be charged.
Can I continue to use my existing payment method when making a payment to my credit card?
You can continue to pay by the following methods: Direct Debit, Faster Payment, UK Debit Card, Cheque.
Will you continue to charge me interest & fees?
Interest and fees will still be charged until your account balance is nil.
Savings Customers - how will I get my money?
We will send funds to your linked account. If you do not have a linked account or you would like to change this, you can do this online or by contacting us.
I am moving back to the UK after the date stated in my letter. Can I keep my account open until I return?
Please get in touch to discuss your options.
I have a credit balance on my credit card account. How do I get this money back?
You can reclaim your credit balance by: Transferring the money into your UK current account by completing a money transfer. You can do this via our Mobile Banking App or Online Banking. If your credit card account is closed, you can call us on 0345 300 4278.
I have moved back to the UK but haven't updated my address. How do I keep my account open?
You will need to update your address to your UK residency address. You can do this via Online Banking or by calling us on 0345 300 4278.
Will I be able to retain online access whilst I am paying down my credit card balance?
If you have an outstanding balance on your credit card, you will still be able to access Online Banking and the Mobile App until your balance is repaid in full.
I'm moving out with the UK, how do I update my address?
If you are moving outside of the UK, you will need to get in touch via calling us or our social media channels.
Last edited by Christelle; 22-02-22 at 10:30.