MSE News: Applications for Tesco Bank account suspended after MoneySavers' stampede

Nick_C

redux wrote: »

I didn't realise it was a new feature.

Happy to enlighten you.

Currently, if you use your debit card in Tesco, you get one extra Clubcard point for every £4 you spend.

From April, you will get four extra Clubcard points for every £4 you spend.

That's a new feature of the account.

colsten

Nick_C wrote: »

I'm sure it does. But as I already have a Tesco Bank Credit Card, as well as a savings account, I would expect my application to be easier to process than someone who is not already a customer.

Current account applications don't give you brownie points for being an existing customer. The only thing they do is pre-fill some fields on the application form for you. You are still subject to a full credit check like everyone else.

Nick_C wrote: »

It has also been subject to the most terrible data security breaches.

And you still wanted to have a current account with Tesco Bank? And kept your existing accounts, despite that most terrible risk?

What words will you use to describe an actually terrible data security breach? None of our data were compromised, nobody -except Tesco Bank perhaps - suffered a financial loss, quite the contrary. People's money was never at risk, all had their money back in their accounts in no time, compensation was paid where appropriate.

hildass1

I got 2 accounts last week. Good decision as they have now suspended it and I strongly doubt that they will be offering at least 3% fixed for £6k until April 2019 when it is reopened.

gt94sss2

Nick_C wrote: »

I'm sure it does. But as I already have a Tesco Bank Credit Card, as well as a savings account, I would expect my application to be easier to process than someone who is not already a customer.

Why? If anything you could be a higher risk for them than a brand new customer.

Telco would still need to carry out their full suite of checks on your application even as an existing customer.

As well as the logistical issues, I have already mentioned, it's also 'simpler' for Teco to stop all new applications than to allow some to go through than to cope with bad PR re: claims of favoring some potential customers over others

mgdavid

Nick_C wrote: »

I'm sure it does. But as I already have a Tesco Bank Credit Card, as well as a savings account, I would expect my application to be easier to process than someone who is not already a customer.

then you expect wrong!

same processs, same steps, same checks.