Are tesco bank breaking the law?

PeacefulWaters

isasmurf wrote: »

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;

You clearly haven't followed the thread. I'm not the one who introduced the subject of Faster Payments into the thread, but when it was mentioned I commented.

Is that not allowed?

isasmurf

PeacefulWaters wrote: »

You clearly haven't followed the thread. I'm not the one who introduced the subject of Faster Payments into the thread, but when it was mentioned I commented.

Is that not allowed?

Am I not allowed to point out the Payment Services Regulations 2009 is not relevant to the OP's question?

PeacefulWaters

Shakin_Steve wrote: »

Banking codes are not 'the law', they are codes of practice. I would have expected Tesco to work within these guidelines, but they are not compelled to.

First of all I'd like to apologise if you think I've been pedantic in this thread. It certainly wasn't my intention, but if that's how it came across fair play.

Tesco Bank cheque clearance is governed by their own terms and conditions (which in turn is a copy of an industry standard). A contract between customer and bank. I provided the OP with a link to those and highlighted which part of the legal system comes into play. Rather annoyingly the OP has failed to return and say "oh yeah, false alarm, it's cleared now".

The conversation then moved on to other forms of payment. Those are covered by specific and explicit Parliamentary legislation which financial institutions have no choice but to comply with.

Your comment about firms not being compelled to work within industry guidelines is a little misleading. If Tesco unilaterally decided to start clearing cheques in ten working days the FCA would fine them a hideously large amount of cash and has the power to deauthorise them. As the FCA is empowered by Parliament to regulate financial services in the UK it can impose all sorts of codes of conduct and punish anybody who refuses (or fails) to comply.

PeacefulWaters

isasmurf wrote: »

Am I not allowed to point out the Payment Services Act 2009 is not relevant to the OP's question?

Knock yourself out. Just don't say something is irrelevant to the thread when it was related to another point raised in the same thread.

Shakin_Steve

We do love our 'discussions' don't we?:D
Peaceful Waters, I am guilty of over-simplifying the situation in many of my posts. I try to get a flavour of the person asking the question and post a reply I think will suit. Sorry if I came across as a grumpy old git, but that's what I am.

badger09

PeacefulWaters wrote: »

First of all I'd like to apologise if you think I've been pedantic in this thread. It certainly wasn't my intention, but if that's how it came across fair play.

Shakin_Steve wrote: »

We do love our 'discussions' don't we?:D
Peaceful Waters, I am guilty of over-simplifying the situation in many of my posts. I try to get a flavour of the person asking the question and post a reply I think will suit. Sorry if I came across as a grumpy old git, but that's what I am.

:grouphug::grouphug:

Shakin_Steve

I know that's supposed to be a group hug, but it looks a bit rude to me

badger09

Shakin_Steve wrote: »

I know that's supposed to be a group hug, but it looks a bit rude to me

Your problem, not mine:p

Thrugelmir

Shakin_Steve wrote: »

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

I'm still intrigued how it was deposited into an online account.

YorkshireBoy

Thrugelmir wrote: »

I'm still intrigued how it was deposited into an online account.

Both their Internet Saver and Instant Access Savings Accounts accept cheque deposits...both by post, and the latter in selected Tesco stores.