TescoBanks and no BACS?

sorcerer

I am trying to transfer a lot of money out of my Tesco account, but their appears only to be two options to get money out, Faster Payments or CHAPS. But their faster payment is limited to 10,000. And if I try to transfer more they say I need to call them.

Have Tesco stopped using BACS?

Currently waiting for the other party to see if it OK for them to accept multiple faster payments, but I will need to wait till Monday for this.

I am really glad this will be my last dealings with TescoBank, since it's been a pain, since setting up my account a year ago.

Thanks

Milarky

I suspect they will 'BACS' a payment of larger size in the same way they would have in the past. What 'BACS' seems to refer to since 1st January is a 'next working day' faster payment instruction. It will go by 'faster payments' but notice has still to be provided to the bank of 'one working day'. Ask them for a transfer of the amount you require and see how you get on....

mulronie

Banks & Building Societies in the UK can no longer offer 'Bacs' payments to consumers, due to EU regulation in the form of the Payment Services Directive, transposed into UK law as the Payment Services Regulations (2009).

This essentially requires all electronic payments to reach the intended account by the end of the next working day - this came into effect in January this year. As Bacs is a 3 day system, it is not suitable for consumers initiating transactions online.

For your specific case, I would call Tesco Bank and see if they can take your verbal instruction to process a Faster Payment for more than their online limit, or ask them to waive the CHAPS fee given your circumstance.

YorkshireBoy

When 3-day BACS was still an option (and probably around 18 months ago), Tesco shifted £50K for me in one transaction over the phone. It was, however, to an account I'd used previously. Is yours the same?

If Tesco can't do a one-off >£10K payment over the phone, hopefully they'll split a larger amount into several £10K payments same day like YBS do. Ask them?...but don't forget to feed back the outcome.

sorcerer

I'm moving the money to United National Bank who aren't open till Monday, so I'll have to wait until then to see if they will accept money in seperate faster payments. Hopefully they will. I didn't realise BACS has been stopped.

It's going to make it a pain to move money around, since I normally transfer cash bigger then most banks FP's limits.