Direct Debits

drlabman

With LTSB Vantage requiring DDs to get 4% I've been wondering. I could easily set up a Tesco online saver(s) (because I already have a Tesco credit card and am registered online). However, our LTSB Vantage accounts are in my wife's name. If I set up the DDs for a Tesco account in my name, but give the LTSB account(s) in my wife's name as the source of the DDs, surely they need to check that my wife will authorize the DD. How is that done? Can my wife expect a letter from Tesco and/or LTSB asking for authorisation? If so, how long would the whole process take?

In case you're wondering, whenever I open an account online, electronic Id verification seems to always works for me, but seldom for my wife - which makes it a real pain, and an extra delay while we wait for a letter and send documents as proof.

innovate

You don't have much time now to get your 2 DDs in place by the 31st. It will always take a few working days for the DDs to appear on the account that pays the bill.

If I were you, I would not try to complicate matters by mixing up accounts with someone else, even if the other person is legally wed to you. Just set up your own Tesco saver(s), or check here for some more DD ideas.

Gromitt

I think you mean to say, his wife should setup the Tesco online savers, as the Vantage accounts are in his wife's name, but his wife has difficulty setting up online accounts, since she rarely passes electronic id.

So... to the OP: why not just setup 3 Vantage accounts in your own name, and apply the Tesco savers to those? If you open them tomorrow, you can get the DDs setup by the end of next week and everything will be rosy

innovate

Ah yes, sorry, got confused. Thanks grommit, your idea is a lot better than mine

drlabman

I should have mentioned this - we have our savings accounts in my wife's name because she's a non-taxpayer and I'm close to 40%. It wouldn't matter for the Tesco accounts because I wouldn't keep much in there anyway.

As you say, time is tight, so it's a long shot anyway.

I appreciate the replies ..... but do you know the answer to the underlying question?

Gromitt

They might not even ask - remember when that guy was on TV giving out his sort code and account number, saying you couldn't do anything with it anyway, and then loads of people setup direct debits from his account to charity accounts?

So if your wife knows whats going on, try it. The most that can happen is you being done for fraud depends on how much your wife likes you I suppose

drlabman

I seem to be thwarted whatever I try. I didn't mention that I'd already applied for a Tesco online saver in my wife's name. They couln't complete the application online so requested documentary evidence, which I duly sent. Finally got the sort code and account number today. Great. So I tried to register for online banking for her. No good - had to contact them by phone for a temporary security number. Could they send it by text? No. Has to come in the post. My plan was to apply for a second account for her via online banking. Thwarted at least until I (she) can get online. So I thought I'd just apply for a second account for her as before - surely they'd be able to verify her this time, since she already has an account. Nope - unable to complete, please contact us. !!!!!!. So last resort, I tried to open an account online in my name. Now, I'm a Tesco Credit Card holder (with my wife as a secondary holder), and registered for online banking (at least for the CC). Same result - unable to complete, please call us. So frustrating!

Gromitt

Which are you applying for? When I signed up for the Internet Saver, online access was setup and I was signed in within about 5 minutes of starting the application. No security code or telephone call required.

It does say that if you request a Instant Access account, then that account requires a signed form, and they send out a security number so you can setup online banking.

Why they are different, I've no idea.

Both setup the DDs before even getting your signature back however.

drlabman

I'm applying for the Tesco Internet Saver 2.4% (could have sworn it was 2.6% last week). No luck opening it online. In retrospect, I made a slight mistake in that I didn't give a mobile number. So when I called up today for a temporary security number they weren't able to send it to me by text message - it has to come by post. Life lesson.

Gromitt

drlabman wrote: »

I'm applying for the Tesco Internet Saver 2.4% (could have sworn it was 2.6% last week). No luck opening it online. In retrospect, I made a slight mistake in that I didn't give a mobile number. So when I called up today for a temporary security number they weren't able to send it to me by text message - it has to come by post. Life lesson.

It was definitely 2.6% on Monday, not that it matters as I don't intend to keep more than £20 in there over the course of the next 12 months. It was opened and I was sitting at my online account screen within about 5 minutes, showing me the £1 I had deposited. Never received a security number, temporary or otherwise. I was just asked for some security information for next time I login.

I mistake I did do however, was to also sign up for an instant access account (I thought one of each for my Vantage account). So far I've received 6 letters from Tesco: "Your account is open", "We have received your first payment", "Here is your savings card", "Here is your savings cards PIN", "We have added your nominated account to your savings account", "Please sign and return this identity form" and next week I'm expecting another, "Here is your security number". I did include my mobile number on the application, but they still have post it apparently. A sticker on the card says "Ring XXX for activation", so I did that and they asked for my security number, which I don't have yet, so they can't activate it. Lessen learned - only apply for the internet saver!

I'm going to assume that the profit Tesco will make from my £20 is going to be less than printing and sending out 7 different letters and an ATM card?

YorkshireBoy

Gromitt wrote: »

So far I've received 6 letters from Tesco: "Your account is open", "We have received your first payment", "Here is your savings card", "Here is your savings cards PIN", "We have added your nominated account to your savings account", "Please sign and return this identity form" and next week I'm expecting another, "Here is your security number".

Some more bad news (in terms of their 'profit' from your account)...each month (could be quarterly but seems like monthly!) they send me a statement saying I've (still) got £1.01 in the account!