Unexpected letter from Tesco... closing my DD account

YorkshireBoy

Dizzee_Rebel wrote: »

I've had a look through the list, but none state if you can link multiple accounts like with Tesco.

Well they do...two of them...but you probably don't have accounts there.

Ideally I don't really want to open 2 savings accounts to provide seperate DD's for the two current accounts.

If you want to continue getting decent interest and/or switching incentives (eg TSB, Nationwide RAF, Co-op, but who else will follow suit?) then that's what you're going to have to do...unless you're willing to play with 'live' DDs such as utilities/credit cards/mortgage/etc (but I'm not!). Of course if that's a hoop too many for you, there are always 1.xx% savings accounts...for the time being anyway.

Sea_Shell

Interestingly, an co-incidentally, last night i had a call from Tesco Bank, doing a quick customer satisfaction survey. I gave them an 8/10 change of me recommending them to a friend.

Probably because i'm a new customer, and probably not linked to above conversations but.......??

MABLE

From Martin Lewis's blog.

Can I jemmy the pay-in? Yes. The rules say you need to pay in a set amount from external sources. So let's say you want a £1,000 pay-in but only have £500 coming in. Get the £500 paid in, withdraw it either as cash or to another bank, then pay it back in, and BINGO, you've qualified.

unquote.

However I think some of the banks are now on to us.

joe134

MABLE wrote: »

From Martin Lewis's blog.

Can I jemmy the pay-in? Yes. The rules say you need to pay in a set amount from external sources. So let's say you want a £1,000 pay-in but only have £500 coming in. Get the £500 paid in, withdraw it either as cash or to another bank, then pay it back in, and BINGO, you've qualified.

unquote.

However I think some of the banks are now on to us.

Well I never. One does love to quote.
Anagram of MABLE=BLAME.
Always someones elses fault.
Seems the banks are all getting strict.or, just cottening on, to our wily schemes.
LBG, Halifax,BOS, who next?
Gonna need Cajones soon.:rotfl:

MABLE

joe134 wrote: »

Well I never. One does love to quote.
Anagram of MABLE=BLAME.
Always someones elses fault.
Seems the banks are all getting strict.or, just cottening on, to our wily schemes.
LBG, Halifax,BOS, who next?
Gonna need Cajones soon.:rotfl:

Oh deary me I have certainly touched a raw nerve. :rotfl:

joe134

MABLE wrote: »

Oh deary me I have certainly touched a raw nerve. :rotfl:

all my 3 a/cs are used as they should, this time,well stocked.,as they are only savings a./cs, and at 1.5% interest,is, or 0.75% ias, with the bonus of dd's.
after lbg, it was said, "who next".
cannot blame them,if it's not withing the spirit of the t/cs.;)
Use it, don't Abuse it.

joe134

SevenOfNine wrote: »

I considered it too cheeky to set up £1 D/Ds so I use both my Tesco current accounts & the internet saver to cream off roughly all the monthly interest from my other current accounts elsewhere, no D/D is less than £7

When I feel like it every 2 or 3 months I move it from the Tesco accounts because the internet saver is rubbish interest & the 2 current a/cs are maxed out so no additional interest on the incoming D/Ds.

Taking advantage of the DD facility with Tesco is one thing, but taking the p! ss is another, can't say I blame them for starting to take a harder line & let's hope it doesn't get even stricter.

Some charities accept £1 D/D if you don't mind being inundated by junk mail & nuisance phone calls, & are feeling generous.

I think setting a £1 dd with a charity is the cheek, not very ethical, it costs more to administer it..

Yorkshire_Pud

I don't think it would be worth Tesco staff time to close down customer accounts just because they 'only' make £1 DD to a savings account(s).

"It costs them money to administer the DD" Often stated on here. How much does it cost and how much more does it cost to process a £1 DD than a £1,000 DD?

All banks work on checks and balances, one profitable customer against one costing the bank. Its not like its a loan default, its credit in a savings account. The 'unprofitable' customer today could be the lottery winner tomorrow.

I'm safe because whenever I press the send button I have my right foot in a bowl of cold rice pudding.;)

Archi_Bald

MABLE wrote: »

From Martin Lewis's blog.

Worth remembering that whilst Martin Lewis knows a lot, he doesn't own the banks' T&Cs and processes. Same applies to the rest of us.

Quoting something from an MSE article or from the MSE forum means nothing if it isn't substantiated by bank T&Cs and processes.

joe134

Yorkshire_Pud wrote: »

I don't think it would be worth Tesco staff time to close down customer accounts just because they 'only' make £1 DD to a savings account(s).

"It costs them money to administer the DD" Often stated on here. How much does it cost and how much more does it cost to process a £1 DD than a £1,000 DD?

All banks work on checks and balances, one profitable customer against one costing the bank. Its not like its a loan default, its credit in a savings account. The 'unprofitable' customer today could be the lottery winner tomorrow.

I'm safe because whenever I press the send button I have my right foot in a bowl of cold rice pudding.;)

You could be right, but, the Tesco A/cs here are the Lynchpin of a lot of other high paying A/cs, and if the are closed, then, the others have to be catered for from elsewhere(.DD's)
The .Dominoe effect.There does seem to be others,to fill the gap, but, it's inconvenient,
They seem to be getting wise, even though there's a war on for customers..
We just have to keep one step ahead .This helps.