Tesco Savings - what info do they need?

Sea_Shell

Sorry if this has been covered elsewhere....

Can someone tell me what Tesco mean when application for savings account states...

"You can pay money into your account once your application is complete, but you won't be able to take money out until you send us certain information by post. We'll tell you what this involves once your account is open."

Do they just mean a copy of a utility bill etc, or something more drastic like sending your original passport??? Why not state up front what it is they'll need.

Thanks for your help.

steensy

once you open the savings account they send you information pack out in the post, you need to sign this and send it back within 30 days. Or else they will close the account and return the balance, so i imagine u can save money with them but cant withdraw the money untill they have recieved your signature and confirmed it.

Sea_Shell

Thanks Steensy

Why don't they just say that....they make it seem very cloak and dagger.

Worried they wanted lots of notorised documentation or something like First Direct have been requesting.

steensy

I'm basing this on the fact I just opened one yesterday and that's what info the said they would want, if I get any strange requests I'll let you know. But u could just open it with a pound as I did and they then say that if within 30days they don't get signed papwrwork then they will close and refund so I can't foresee any problems

Archi_Bald

It's smart to never deposit much money into any account before it isn't fully operational.

Sea_Shell

Have duly opened and deposited said £1. Have also set up DD from Lloyds for £1 per month to help satisfy that accounts requirements. (mobile phone DD counts...but i use it so infrequently that some months i don't owe anything...so no DD)

My head hurts now!!! Going to sit in the sunshine :beer:

xylophone

they make it seem very cloak and dagger.

Just wait until you see the instructions in the opening pack, sent under plain cover of course........:D

Eco_Miser

Sea_Shell wrote: »

Can someone tell me what Tesco mean when application for savings account states...

"You can pay money into your account once your application is complete, but you won't be able to take money out until you send us certain information by post. We'll tell you what this involves once your account is open."

I imagine they're covering themselves, so if an applicant doesn't satisfy the electronic checks, they can ask for the notarised copies of their passport , driving licence, birth certificate and shotgun certificate.