Tesco Banking changes to online banking & T&Cs

Milarky

So, not willing to wait until the terms and conditions changes (see top post for details) announced in April come in next Monday, Tesco is cracking on and making further material changes - this time on 15 August. The reason for the 'heads up' is the requirement [courtesy of the interferring EEC] for 60 days notice.

Two things to note:

1) Bonus Rate will now get paid on the anniversary of that rate rather than the fixed anniversary for standard interest [31st March] So if you are on a bonus which started in May 2011, for instance, they'll pay one lump in March 2012 [standard] but not bonus - then the full year's bonus in May 2012. Personally I think that's backward [the technical term is '!!!!!!'] but I assume the option will still exist to close an account and get both lots of interest paid up to the same date?


2) The change from RBS to HSBC for sort codes also means their dates 'roll over' at a different time - midnight every day instead of 6.30pm working days only. This benefits credits to the account - because they earn interest immediately [I am assuming] in the same way payments out - especially after 6.31pm M-F - cease earning interest immediately rather than continuing to earn interest until the next working day [wink,wink].

Milarky

Just seen this after logging in:

Important information
We're making some important changes to Online Banking

Tesco Bank Online Banking will be temporarily unavailable from 17th June 2011 to 20 June 2011 whilst we make important improvements to the service.

We're sorry for any inconvenience this may cause.

Please note: The first time you log into the service following the updates, you will be asked to upgrade your security details.

For Tesco Credit Card customers

If you manage your Tesco Credit Card online, and normally login using your customer number, you'll need to change the way you login to gain access:

1. Visit tescobank.com
2. Select Credit Card from the dropdown menu at the top of the screen
3. Click Login
4. Login using your Tesco Credit Card Online username, PIN and password

If you don't already have a username, PIN and password, you should:

1. Visit tescobank.com
2. Select Credit Card from the dropdown menu at the top of the screen
3. Click Register to create an account

Security Number and Password

Please enter selected digits from your Security Number and selected characters from your Password.

All fields marked with an asterisk (*) must be completed.

Presumably there is a telephone back up? - but you'll have to be registered already no doubt....

SnowMan

New system was up around 7am this morning.

Have managed to register and log into the new system but there is quite a lot of security stuff you have to set up.

You can set up linked accounts (which are accounts in your name with other banks) or third party linked accounts (which are supposedly accounts of third parties).

However in practice it won't let you set up new linked accounts, it tells you that it can't verify the linked account and asks you to post them a bank statement to verify it. So you have to set up your own personal new accounts with other banks as third party linked accounts.

As far as I can see you can transfer out to third party linked accounts but you can't transfer into them via Tesco on-line banking (you can only do this with linked accounts). I suspect however (but haven't tested) that you can transfer in from third party linked accounts in the normal way by logging into that other bank's website and transferring in the normal way. All it is stopping you doing is transferring in via the Tesco website (which you probably don't want to do in any case and is a further security risk it seems).

Have tried to make 2 faster payments to different destinations, but 10 minutes later neither have got though so expect problems here :eek:(edit: both went through after about 2 hours, made a subsequent payment to one of these accounts that went through not straightaway but within 5 minutes)

What is also rubbish is that it doesn't seem to tell you which account a withdrawal has gone to :rotfl:

I expect that the change to how faster payments are treated as far as interest goes is immediate rather than from August i.e. a payment at 7pm out of the account will now be treated as a withdrawal on the same day (previously it would be treated as the next working day as after 6:30pm). The reason they say it will apply in August is because they have to give 2 months notice of changes in conditions; they are hoping nobody will notice that reality and terms are different until August is my guess. Can't be sure of that.

Their help pages are distinctly amateurish with words such as 'add hyperlink to terms here' shown where they haven't got round to putting in the hyperlink itself.

Overall view is that the new system is much worse that the old one. It also feels much less secure (the card reader system was excellent and did provide a lot of protection against fraud in my view, and not knowing where a withdrawal is gone is quite worrying)

CLAPTON

SnowMan
congratualting on trying the new system

I only have a saving a/c with them and withdrew all my money last week just in case there were problems
Faster payments were my main reason for using the tescos system

although trivial, the fact the the log in screen has 'see' miss-spelt as 'sell' was sufficient for me to abandon the log in and so will wait a few days until others have debugged the system

molerat

Glad I emptied the old accounts as I have now lost access to them, it is asking to phone for a PIN to get access. Can still access the new account, opened a couple of weeks ago, on the new system. The 2 systems are still not joined up. It seems to have screwed up if you already have a unique ID. Now 4 banks on my incompetent list, Tesco, Santander, Halifax & Birmingham Midshires :mad: suprisingly Santander being the least so.

dzug1

northerner77 wrote: »

What would happen if the customer doesn't own a mobile? He/she would only be able to access account(s) via the one IP address he/she upgraded security details on?

Better than Santander - whilst you don't need a mobile to be able to logon, you do to make any transactions - even at your home computer.

hgt

Tesco internet banking has been down for the past few hours, so I guess they are having some teething problems with the new systems.

molerat

From my personal and working experiences I now work on the basis that all commercial organisations and all computer programmers are totally incompetent and anything that actually works is a bonus, one of the reasons I have ready access money in different banks with access to both visa and mastercards !! Maybe I need an Amex as well.

SnowMan

hgt wrote: »

Tesco internet banking has been down for the past few hours, so I guess they are having some teething problems with the new systems.

Back up again now.

molerat

Comes up with a server error on logging in, I refer you to my post above