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

ukmike

It may be because i set up my account some months ago,,but i can still do transfers to my nominated account without using the card reader.Just transfered £500,went into my nominated account in seconds.

jem16

ukmike wrote: »

It may be because i set up my account some months ago,,but i can still do transfers to my nominated account without using the card reader.Just transfered £500,went into my nominated account in seconds.

My account was opened in July and I am able to still withdraw funds to the account I had set up then without the card reader. It's only if I wish to set up a new payee that I am asked for the card reader.

lancs9

YorkshireBoy wrote: »

To those saying they can't get their money out...

There are 3 ways to get your money out:

1. DIY via card reader - takes a couple of weeks to arrive. Is this really a problem? I mean, why would you put (significant) money in there for only two weeks?

2. Telephone request - yes, they give an 0845 number on the website, but there are plenty of alternatives on www.saynoto0870.com which I used myself until my card reader arrived (which, when I applied, took nearly a month!).

3. And this one I'm not too sure about, but if you choose to complete the DD mandate, and make a deposit by DD, does that automatically create a payee for the DD source account, ie the "nominated account" mentioned in the T&C's?

As such, are some people making the withdrawal problem out to be bigger than it actually is?

Looking on the bright side, the quadruple points will pay for my 2009/10 RAC cover. I'm prepared to put up with a bit of hassle for that.

No they are not making it bigger than it is..the system setup etc is totally crap. The absolute worst of the many I have experienced. Just wrote to them to tell them that and also totell them to send the funds back to the nominated account. I'm a shareholder in tescos as well..makes me wonder whether I should send them back as well ! LOL

ic451uk

YorkshireBoy wrote: »

Are you sure you haven't misunderstood?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.

The conditions may say that, but sadly the online application requires that you either (1) give it the account number and sort code of an acceptable account (i.e. one with Tesco Personal Finance), (2) promise to send your initial deposit by cheque, or (3) set up a regular payment from another account by direct debit.

I suppose you could set up an annual regular payment, and then cancel it once your account is (eventually) opened?

IC

Roman_Camel

Having read all the previous comments regarding the problems people are experiencing in opening these accounts I get the impression Tesco should have just stuck to selling us groceries and leave financial issues to the Financial industry,Banks,Building Societies etc. I think they are just getting a little bit too greedy and biting off more than they can chew.

zorber

Roman_Camel wrote: »

Having read all the previous comments regarding the problems people are experiencing in opening these accounts I get the impression Tesco should have just stuck to selling us groceries and leave financial issues to the Financial industry,Banks,Building Societies etc. I think they are just getting a little bit too greedy and biting off more than they can chew.

Yes and look at what a mess the banks have made with so many needing rescue

Its only fronted by tesco the banks actually run the systems and set up the accounts etc

isofa

isofa wrote: »

Just to keep others up to date. 7 days after I requested a card/reader, I've received the card, but no PIN or reader yet...

(28 days so far )

And a further update, card reader arrived this morning, so I expect the PIN will arrive in a few days.

(31 days so far) :beer:

PS There is no option for me to withdraw to a nominated account - nor has there been any option to setup a nominated account, I made the first payment via cheque, and the only way now to setup any payee to make withdrawals is via a card reader. Perhaps those who have setup DDs have different options?

isofa

zorber wrote: »

Yes and look at what a mess the banks have made with so many needing rescue

Its only fronted by tesco the banks actually run the systems and set up the accounts etc

It's currently a joint venture by Tesco and RBS, but Tesco are in the process of buying out the RBS share, so soon it will be entirely owned and operated by Tesco Personal Finance.

MimiJane

isofa wrote: »

And a further update, card reader arrived this morning, so I expect the PIN will arrive in a few days.

(31 days so far) :beer:

PS There is no option for me to withdraw to a nominated account - nor has there been any option to setup a nominated account, I made the first payment via cheque, and the only way now to setup any payee to make withdrawals is via a card reader. Perhaps those who have setup DDs have different options?

Same here ... I also made the first payment by cheque and was told to set up my nominated account on line (presumably when I get the card reader :rolleyes:).

By the way, if you don't get your pin in a few days, do ring them and ask them to send it to you urgently. I've read of one person who didn't receive their pin number after 35 days ...

Baldur

ginvzt wrote: »

Sorry, but I am having trouble navigating Tesco website - where do you register for internet banking???? I can find where to register to manage credit card onlne, but all I have is a savings account!!!!

Here, presumably - http://www.tescofinance.com/personal/finance/register_insecure/accounts_hub.jsp

Accounts & Policies Manage your savings and view your loans and insurance policies

• Transfer balances and make payments