Tesco Current Account Opening Delay?

[Deleted User]

Maybe I'm being impatient, but last week I applied online for a Tesco current account (thinking about the 3% interest). I already have another Tesco account and expected a decision immediately - was this unrealistic? It's now over 5 days later and when I log in online, the message still reads "application made on 9th March being processed" - Is this usual?

Kim_13

When I applied for my second one, it did have that message online. The account itself won't show until they have received the signed form back.

However, I did get something online immediately to suggest the application had been successful (I applied for the first one over the phone and what I was told suggested to me that I was in a maybe pile on that occasion, which caused the opening process to take a bit longer.) What were you told at the end of the application?

[Deleted User]

I wasn't told anything, only that it would be processed. I guess that I might be in the 'maybe' pile based on your experience.

TheGardener

Is there a reason Tesco want so much personal info about employer/salary/occupation etc? I don't normally have to provide all this info just to open a current account - I haven't asked for (and don't want) any credit ?

diamonds

TheGardener wrote: »

Is there a reason Tesco want so much personal info about employer/salary/occupation etc? I don't normally have to provide all this info just to open a current account - I haven't asked for (and don't want) any credit ?

LBG, HSBC ,Clydesdale Group and RBS Group all ask, its a internal risk assessment before the external one via a credit file search, people think only the external count and complain when rejection with a perfect credit file when its most likely been a internal decision on your risk, a mortgage, outgoings and kids can all be high risks financially on a internal credit check before even checking your perfect credit payment file history.

Other companies see all the above internally as low risk as you have stability and responsibility and dependants and are more settled than a single childless person who may be more irresponsible with financial products.


One thing for sure is internally dependants equal less disposable income even if it can show security in stability.

colsten

TheGardener wrote: »

Is there a reason Tesco want so much personal info about employer/salary/occupation etc?

It's mainly so they can target you with products that make them money.

TheGardener

Thanks - they can jog on then - I haven't needed to give this amount of personal information for my other accounts and I don't need Tesco so much that I want to give them all that data As I said, I neither want nor need credit. Call me old fashioned but...I just thought I would be a customer.

Rich2808

Tesco account opening can be very slow.

When I opened my second account the process took five weeks. They lost the signed form I returned.

You will get there in the end,

diamonds

colsten wrote: »

It's mainly so they can target you with products that make them money.

You just opt out of paper form, calls and external marketing, not all formats because emails & text offers from within the Tesco Group get blocked and you may miss out on a bargain/offer

Emails and texts are easily deleted

Doctor_Duke

I have had a few accounts with Tesco over the last few years. They are slow and sometimes do background checks that take longer before they send you the agreement form to sign. They are fine actually with a good app too and worth the wait IMO.

diamonds

I just opened a Internet Saver and made a deposit via debit card to open after it credit searched me, set up online banking, logged out and back in and tried a Current Account opening on online banking ten minutes later, said to call.


Called and 10 minutes later application done and approved.



Much quicker getting someone who can probably type faster than you to do the inputting, granted you have to listen to numerous the blah blah blah terms and product bumf so it probably equals out but I got a great chap on the phone.


Lets see how long the return of the form takes though...