'Earn 6.5% plus £60 of Tesco Deals' article discussion area

jingle68

applied online for account : 17th Oct

received letter of confirmation & asked to return cheque deposit : 23rd Oct

received letter with account details telling me to 'register online'? : 2nd Nov
(thought i had registered when i made the application??)

received another letter asking for a copy of my signature : 8th Nov
(my signature was on my opening cheque deposit ??)

[Deleted User]

I am glad I read this. I am going to tear up my tesco application

renard_2

For days, I tried to apply online for this account in the late evening. Each time, after answering all the questions, at the last hurdle the screen told me "unable to continue transactions just now, try later". :mad:

I have never had similar aggro when opening internet accounts with other banks / building societies. I have opened them in the early hours of the morning etc. with no trouble.

However, finally I was able to apply today in the daytime. Once again, I ploughed through the questions entering all my details and at last things seemed to be going OK - until it asked me to specify bank account for initial deposit by direct debit. Only then did I discover that you can only open by DD from an existing Tesco account. Otherwise you have to send a cheque (remember those?). :mad:

Nowhere in the terms / conditions or anywhere else on their website does it warn you that you have to be an existing Tesco account holder if you wish to avoid the cheque deposit rigmarole.

I have wasted considerable time trying to open this account. After reading on this forum about all the hassle others are having, and the completely bizarre procedures that Tesco are putting people through, I cannot have any confidence in them. Heaven knows what lash-ups might happen if this is an example of their efficiency.

So, I will put my money elsewhere, with a properly run bank. For example, my wife and I recently opened accounts with Bradford & Bingley. All done online at the first attempt, 11.45pm at night, no problems whatsoever, including transferring the opening deposits from our current account with another bank. And she didn't have to receive, sign and return an R85 for tax-free, it was all done by B&B online.

What a difference from this Tesco shower! No thanks, Tesco, I'm going elsewhere to someone who is 'customer friendly' and who I can trust. :mad:

YorkshireBoy

renard wrote: »

...until it asked me to specify bank account for initial deposit by direct debit. Only then did I discover that you can only open by DD from an existing Tesco account. Otherwise you have to send a cheque (remember those?). :mad:

Are you sure you haven't misunderstood?

Section C

Deposits/paying in

18. The account opening deposit into an Internet Saver account can be made by cheque or by Direct Debit.

http://www.tescofinance.com/personal/finance/savings/savingsaccounts/terms-and-conditions.html

As I understand it (and I have the Internet Saver account) the DD is set up on your external nominated account. Tesco savings accounts do not support DDI's.

malik999

Well i perserved with all the paperwork and hassle and got the account setup.

I so wish i hadn't.

They wont let me have access to my money. You cannot transfer money out of the account again without a card reader.

I have now had to apply for a card reader (i dont even have a card) The card reader will take approx 15 days to receive.

Unbelieveable

domcastro

malik999 wrote: »

Well i perserved with all the paperwork and hassle and got the account setup.

I so wish i hadn't.

They wont let me have access to my money. You cannot transfer money out of the account again without a card reader.

I have now had to apply for a card reader (i dont even have a card) The card reader will take approx 15 days to receive.

Unbelieveable

No-one's told me abouth this - what do you have to do? I thought you just transferred money to a nominated account?

EDIT : palava!! Yes - just signed on to tesco to set up a "payee" and I was told I needed a card reader - I've ordered one. I can't believe it's not sent automatically - they must know people will be removing money at some point. They should get sent out at the beginning.
It has been a hassle setting up this account but at least I get my clubcard ponts

polyphonic99

I would like to thank all the posters above. This has been an invaluable thread.

I opened a Tesco account about 6 weeks ago. I haven't needed to transfer money out of it yet, but I just tried to after reading all the above, and of course I am now told I have to wait 15 days for a card reader - no mention of a card!!!!

I am speechless. I just cannot believe that an organisation would have such lack of transparency about such basic procedures. There was no prior warning when opening the account. On its website Tesco has:
Withdrawing Money

You can withdraw your money at any time. This will have to be transferred to a nominated account.
Withdrawals can only be requested by using the Online Service.

As mentioned above, the account opening is lengthy enough, it took me 24 days before I could logon and do a BACS transfer INTO the account. With the 15 day card reader procedure this means it would take ast least 39 days to get you money OUT after opening the account. If I hadn't read this thread then I would have left it to the standard 3 or 4 Days before I had to initiate a BACS payment out, only of course it wouldn't have happened and I would have been bu**ered.

Does anyone know who Tesco is regulated by, I am going to make an official complaint, they only mention the FSCS on their website, so I assume they are regulated by the FSA, and I should complain to them rather than the Ombudsman.

Sainsburys, all is forgiven (except your saving rate).

uzzah

I made the mistake of letting the customer care team change my mind when I made the decision to close the account that I have not even got open yet. Its been going on for over a month and I haven't been able to use it yet. They say I can put money in but can't take it out. Do they think I am an idiot. Instant access means instant access!

asd030

This is a hopeless account. I am going to close mine. Fortunately I only have an opening balance of £1 in mine.

I don't know if MSE's webmaster has updated the description of this account to reflect what we now know, but it might be as well to considering the likelihood of applicants being disappointed.

Squibbler

If it helps anyone - the card readers from other banks are all interchangeable. You can use one from Barclays, Natwest, Nationwide etc no probs. All you need then is a card and PIN which of course take time to arrive themselves!