Please can someone confirm whether the follow statement is correct:" last week [**sensitive info removed**] I opened a new Tesco Internet saver and just got the paperwork through today. In it, was a booklet, 'Changes to our Tesco Bank Internet Saver & Instant Access T&Cs'
Summary of key changes - I quote: 'We are making changes to the way in which you can fund your Account. In particular, as of 22 April 2018 you will not be able to fund your Account by way of Direct Debits. On this date all Direct Debits set up on your Account will be cancelled. No further Direct Debits can be set up from this date.'" ???
Hi this information is correct. If you have an account with us then you can expect to receive the same information by email or post in the next two weeks.
You will also find that from the same date, you will no longer be able to access your money in the Internet Saver account by just making faster payments to any other bank, but rather will have to either a) make a transfer to another Tesco account in your name (eg Current Account or Instant Access account) or (b) make a transfer to a nominated linked bank account elsewhere.
Hi , thanks for contacting us. This is correct and will apply to all Tesco Bank Savings products. If you have any questions about this, please let me know.
Ross, The cancelation of direct debits on the Internet Saver Account is going to cause me a very significant amount of time and hassle to compensate for. I don't think Tesco Bank deliberately mess customers about, all my dealings with the firm have been fair and I'd certainly recommend it as a good firm to do business with.Is this change a commercial decision (in which case why not just impose a minimum transfer amount)?Alternatively is there some piece of legal compliance that says that from 28th April the current facility is illegal?Otherwise I'm perplexed as to why a lot of customers are going to be so significantly disrupted by a change that has not really been explained or justified by the bank.Best,JonM1
Hi , thanks for taking the time to contact us. This is entirely a commercial decision and is due to an internal process change. Unfortunately I'm not able to share any more information other than this. I appreciate that this change may inconvenience you and I've logged your comments as feedback.
The loss of the Direct debit change is also of great inconvenience to me and many others. There is a 30 page discussion on Money Saving Expert about it. The Internet Saver Account is now useless to me.What is the reason for the change please?
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We collect data when you browse our website (e.g. your IP address) and register for the Community. To find out more about how we use your data, our legal basis for processing your data and your rights under data protection laws please view our Privacy Policy.
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Tesco Bank Community Terms of Service v 1.0
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JohnW
RossM
