Tesco Bank

Kavanne

I wonder if they would operate throughout shop hours? A 24 hr bank!?

Extant

They have an existing branch network, and their stores will likely already be heavily insured for cash handling - in this sense, it wouldn't be expensive to stick up a couple of kiosks with plated doors and Abloy locks. Easy.

I doubt they would be willing to invest heavily in the infrastructure to operate a full service network though. Probably work more as an agency bank.

PROLIANT

What a great idea from a great business like Tesco, I love shopping there and the quality of product and service is always good.
How long before they will be accepting applications for current accounts?

PROLIANT

BarclaysManager wrote: »

I doubt they would be willing to invest heavily in the infrastructure to operate a full service network though. Probably work more as an agency bank.

As per the article....

Daily_Mail_Article wrote: »

But the group is hoping to expand the range to include current accounts within 18 months to two years, once it has the IT platforms it needs in place.

Extant

PROLIANT wrote: »

As per the article....

Do you understand the difference between a clearing and agency bank?

PROLIANT

BarclaysManager wrote: »

Do you understand the difference between a clearing and agency bank?

I think, for example before Halifax merged with BOS, Halifax was not a clearing bank, however they will still underwrite their own products and not just brand a main stream MBNA or Barclays product.
I know the cost of setting up a clearing bank would be huge.

Nine_Bob_Note

Tesco will have their fingers in every pie soon. Blimey!

jsmith9156

CG19a wrote: »

....What I meant with this is that at the moment with a Tesco Savings account you are given an ATM card that is not a visa or mastercard, only a link card, however you can use this card in Tesco to pay for shopping, and when it requires authorisation we don't phone our usual merchant numbers, we call directly through to personal finance...

I didn't realise you could use your Savings card to pay with Shopping! I tried once many moons ago and got told i couldn't.

The other James

Hazzanet

Nine_Bob_Note wrote: »

Tesco will have their fingers in every pie soon. Blimey!

If I find someone's had their fingers in my pie, I'll take it back to customer Services for a refund. :P

ShelfStacker_3

CG19a wrote: »

You can already do that with a Tesco savings account. You can pay in cheques and cash at any checkout, and withdraw £100 at the till, or up to £500 at the customer service desk.

Can you imagine what the queues at the both of them would be like if there wasn't only the usual people doing their weekly shop there, but also people paying in odd amounts of money, people changing coin up, the little old ladies paying in/taking out their pensions...? It's bad enough being in an actual bank, let alone with a supermarket. And what if someone wants to deposit a large amount of cash (£2k+) or worse still withdraw that amount? What happens then? Do you trust the average part time Tesco cashier (and no offence to any Tesco cashiers) to make decent decisions regarding ID and verification with little opportunity for training? Given that thefts from supermarket tills are relatively commonplace, how will Tesco work out how to avoid that given that the transient, usually quite young, nature of the workforce combined with the large amounts of cash might cause pound signs to flash up in a few eyes?

Presumably Tesco will think these things through. But there are massive problems involved with taking a relatively unskilled workforce, and a branch network which is already somewhat at capacity as it is, and putting them to work as a retail bank. At least they have the advantage, unlike the previously discussed Virgin Bank, that they HAVE a branch network, and they could well do a First Direct and have transactions done through an extant bank. But if they don't, it could be a bit of a fun ride.