Tesco current account - direct debits

ceredigion

As is often pointed out on here, it is as much about what the T&C's don't say as to what they do say. The co op uses a very similar wording and one mandate paying weekly does work. All the others put something in there to make it obvious that you need separate mandates. As far as Tesco is concerned , think id be tempted being an argumentative kind of fella to try the single mandate approach. If they don't pay the interest point out their flaw in their T&C's , take the compensation which will be more than the months interest anyway.

YorkshireBoy

flergalwit wrote: »

I was hoping to use my two Post Office savings accounts to handle them. (One per Tesco account, each drawing £1 once a week and thus 4 DD payments per month per Tesco account.) Looks like that's not going to work though...

I don't have a PO savings account, but I understand from posts on here that you can only have one DD per account. So there would need to be an option for a weekly DD. Is there such an option? If there isn't, then its a non-starter anyway isn't it?

I'm surprised you couldn't find an 0800 number. I'd checked before posting yesterday.

As to whether it would work though, the cost of trying is up to £7.54. Sometimes you have to speculate to accumulate!

flergalwit

YorkshireBoy wrote: »

I don't have a PO savings account, but I understand from posts on here that you can only have one DD per account. So there would need to be an option for a weekly DD. Is there such an option? If there isn't, then its a non-starter anyway isn't it?

Yes you can only have one DD per account[1], but yes you can pay weekly. Which is what I was planning. You can also DD manually whenever you like, so you could make more than 4 DD payments per month if you really had to.

[1] though you can change it whenever you like, with a delay of a few days to a week, so in theory you could continually switch it between different accounts, but that's too much hassle as it can't be automated. I only do that if I need a stop-gap measure for a particular month.

ceredigion - thanks I may do that, especially as I don't think I'm going to be able to get enough other DDs set up for the first month.

YorkshireBoy

flergalwit wrote: »

[1] though you can change it whenever you like, with a delay of a few days to a week, so in theory you could continually switch it between different accounts

I thought it was 10 working days, in compliance with the BACS DD guarantee? If so, you wouldn't get 3 per month every month.

ceredigion

flergalwit wrote: »

ceredigion - thanks I may do that, especially as I don't think I'm going to be able to get enough other DDs set up for the first month.

If you do, let me know the outcome by PM.
Of no practical benefit to me, as these T&C's don't apply but always curious.

flergalwit

YorkshireBoy wrote: »

I thought it was 10 working days, in compliance with the BACS DD guarantee? If so, you wouldn't get 3 per month every month.

It might be. I can't remember exactly. That was never part of the plan anyway.

clivep

YorkshireBoy wrote: »

I thought it was 10 working days, in compliance with the BACS DD guarantee? If so, you wouldn't get 3 per month every month.

I think the 10 working days relates to setting up a new DD.

e.g. With DDs to a Tesco savings account (which I know isn't relevant for the Tesco current account DDs) you can specify a first payment date of 2 weeks or so from the date the DD mandate is created. However, subsequent to this you can specify a date only a couple of days in the future so today I am able to amend a monthly DD to have a payment date of Wednesday 4th October.

ashnojutsu

I'm going to do something similar with my tesco current account - 3 x PO internet savers drawing 3 x DD's from the tesco account. There's nothing mentioned in the T&C's, and this will be 3 different DD mandates from the tesco account, so I don't see the issue?

YorkshireBoy

ashnojutsu wrote: »

I'm going to do something similar with my tesco current account - 3 x PO internet savers drawing 3 x DD's from the tesco account. There's nothing mentioned in the T&C's, and this will be 3 different DD mandates from the tesco account, so I don't see the issue?

Condition 12 of the PO Online Saver T&Cs would appear to put the mockers on that plan?

metrobus

Is this 3 DDs condition a new thing?

I’ve had £3000 in the tesco current account for the last
couple other years and get the £7 odd per month interest although I
have no DDs with them.