Cash Back in Supermarkets

patrogers

Did you know that Tesco is stopping their Cash Back at the tills after Christmas as they no longer have enough cash in their tills to pay out, as most people pay by card. According to my scource at Tesco today, the banks won't let them have any more money as Tesco is taking the Banks business away!! :rolleyes:

gazza975526570

i will believe this when i see it!!

jonesMUFCforever

In my local Tesco they have 2 cashpoint machines by front door. So if no cashback go to machine and draw it out.
Tesco will always have to keep ATM's filled with cash as part of their agreement with their ATM suppliers - as for banks they don't give two hoots because if Tesco are dishing out cashbacks then local banks need to keep less money in their branches.

ManAtHome

Cashback saves them a fortune on security although not unreasonable that they'd refuse cashback if there was less than a certain amount in the till at the time. Little chance of them running out entirely - they normally take notes round the back at regular intervals.

Astaroth

patrogers wrote:

According to my scource at Tesco today, the banks won't let them have any more money as Tesco is taking the Banks business away!! :rolleyes:

Think your source is very much mistaken.

Banks want people to spend by card rather than cash as they get their transaction fee.

Tesco's wants people to spend by card rather than cash as it reduces the opportunity for employee's/ thieves to steal and therefore reduces their insurance and security costs and the costly process of cashing up

Cashback is a simple way for tesco to shift cash out of the store and replace it with the preferred electronic payment.

RBS who run Tesco Personal Finance certainly arent having their money taken by Tesco (assuming that TPF are profitable)

Why on earth does your source think that tescos are taking the banks money? do they really think that a bank would turn down a new client with the assests that tesco's does even if it was on poor terms to supply "cash" and therefore close the door to future more lucrative deals?

Jake'sGran

patrogers wrote:

Did you know that Tesco is stopping their Cash Back at the tills after Christmas as they no longer have enough cash in their tills to pay out, as most people pay by card. According to my scource at Tesco today, the banks won't let them have any more money as Tesco is taking the Banks business away!! :rolleyes:

Well, I certainly hope this is wrong as I keep telling my friends - all in their 70/80s that there really is no need to stand in queues at the Post Office or Bank when you can collect money with your shopping at the supermarket. I never use the holes in the wall. One good thing about the Co-operative Bank (I use Smile) is that their cash dispensers are under cover and when closed can be accessed using the debit card. don't know of any other bank that does this.

Montymoo_2

Jake'sGran wrote:

Well, I certainly hope this is wrong as I keep telling my friends - all in their 70/80s that there really is no need to stand in queues at the Post Office or Bank when you can collect money with your shopping at the supermarket. I never use the holes in the wall. One good thing about the Co-operative Bank (I use Smile) is that their cash dispensers are under cover and when closed can be accessed using the debit card. don't know of any other bank that does this.

HSBC does this as well

Astaroth

Have seen a few RBS branded ones (admittedly when in scotland) which are like this too... dont bank with the RBS brand anymore so cant say if there are any down here in England

Chutzpah

Sounds great to me! One less queston at the till

(I've always fancied getting one of those shirts that say "no, I do not have a f******g loyalty card" )

littlemissfrugal

working for mr T i can tell you that this is probably profit related as Tesco get more commission from the ATM than they save by giving cashback and since the middle of last year cashiers (in my store) were instructed not to ask if cashback was required - Sainsbury's have also stopped asking it is by request only and probably for the same reasons

stressedaah30

my local stores have never asked if i want cashback so ive always used cashpoint outside i might justt ask next time to see what the reply is