Are tesco bank breaking the law?

Shakin_Steve

Surely this requirement is to do with faster payments, not cheque deposits?

PeacefulWaters

Shakin_Steve wrote: »

Does that mean it's 'the law'? If so, can you please show us this legislation. And..are we talking civil law or what? Does that mean, if a bank does not stick to it's T&C's, it's breaking anything other than the code of conduct or could someone actually sue?
Phew.....
Addendum: I'm not being argumentative or doubting you here, I'm just keen to see what laws actually apply.

I'll let you search for it in the link below.

http://www.legislation.gov.uk/uksi/2009/209/contents/made

Shakin_Steve

PeacefulWaters wrote: »

I'll let you search for it in the link below.

http://www.legislation.gov.uk/uksi/2009/209/contents/made

I see. So your assertion is based on the fact that you're pretty sure that there's legislation in there somewhere but you're not sure where. :rotfl:

PeacefulWaters

Shakin_Steve wrote: »

I see. So your assertion is based on the fact that you're pretty sure that there's legislation in there somewhere but you're not sure where. :rotfl:

No. I had an early night as I'm catching a plane today.

And I know it's in there but you're the one who's being a bit of a t!t about it all so I'm quite happy to let you do the digging if you're interested enough.

societys_child wrote: »

Which as I understand it, Tesco are not signed up to.

There is a difference between Faster Payments and the legislative requirements. Tesco don't have a choice with the latter.

Shakin_Steve

I don't think I'm the one who being at t!t. The OP was quite happy with my reply as it answered his question perfectly. Then, as usual, the pedant jumped in. I hope you are refreshed after your early night.:)

Shakin_Steve

I wouldn't mind betting this cheque cleared this morning:D

noh

Shakin_Steve wrote: »

Does that mean it's 'the law'? If so, can you please show us this legislation. And..are we talking civil law or what? Does that mean, if a bank does not stick to it's T&C's, it's breaking anything other than the code of conduct or could someone actually sue?
Phew.....
Addendum: I'm not being argumentative or doubting you here, I'm just keen to see what laws actually apply.

http://bfy.tw/AwIk

Section 6 paragraph 70 of the PSR 2009

Shakin_Steve

Thank you for that, I'd have never had the patience to trawl through it all.
Now..just to clarify, would this legislation also apply to savings accounts? I see no reason why they shouldn't, but I have a vague recollection of paying a cheque into YBS for my sons savings account and the timescale being longer. Thanks again for the link.

jimjames

Why not pay it into a Tesco current account? Will clear much faster, my FIT payments go in there and clear in a few days

isasmurf

PeacefulWaters wrote: »

I'll let you search for it in the link below.

http://www.legislation.gov.uk/uksi/2009/209/contents/made

That is irrelevant to this thread. It applies to payment services. Cheques are not a payment service. Schedule 1, Part 2, Paragraph 2(g)(i) of the above Act.

2. The following activities do not constitute payment services—

.....

(g)payment transactions based on any of the following documents drawn on the payment service provider with a view to placing funds at the disposal of the payee—

(i)paper cheques of any kind, including traveller’s cheques;