Tesco Current Account - Reviews?

TheBanker

ceredigion wrote: »

dare say their current problems could have happened with any if not all of the other banks. I know some people have been moaning about receiving text messages in the early hours and not being able to get through to customer services on the phone , but what do you expect them to do ?

As we don't know what happened, it's impossible to say whether it could have happened elsewhere. But I do agree all banks could suffer a major incident which is why they should have systems and processes in place to deal with it. It's called Crisis Management and seems to have been sadly missing at Tesco Bank.

The following is based on my knowledge of a high street bank's arrangements:
1) While the process of blocking accounts and sending texts is automated, there should be a process that immediately alerts management if the volume of suspect transactions is higher than normal. Management would be available on call to deal with the situation even at a weekend, and would have a plan in place.
2) For the bank I am aware of, they have a plan to put messages on the phone lines asking customers not to wait when queues are this long - leaving people waiting an hour or more just to be told there is nobody who can help, is poor service.
3) The bank's social media channels would be updated to inform customers there was a problem. The people who need to authorise these messages are available on call (with deputies)
4) The bank I am aware of would not let the CEO go on the news saying Chip & PIN transactions were working, when it is clear they are not for a sizeable number of customers.

Tesco will, I am sure, do a full review of what happened and how they responded and will become a stronger bank as a result. Personally I know my bank are looking at what happened, not just how the fraud occured to make sure we are not vulnerable, but also the reaction to ensure the plans to deal with the aftermath will stand up.

bonjan

Very good customer service and competitive interest.
Regarding the recent hack, I'd like to see how many other banks would have solved the problem and reinstated the money within 72 hours (RBS / Natwest come to my mind...)

bigadaj

bonjan wrote: »

Very good customer service and competitive interest.
Regarding the recent hack, I'd like to see how many other banks would have solved the problem and reinstated the money within 72 hours (RBS / Natwest come to my mind...)

Wasn't good customer service last weekend!