Tesco Savings DDs

Yorkshire_Pud

I phoned Tesco Bank. It is true about the DD facility being withdrawn.

Letters detailing the changes will be sent out between 23 October and 3 November to existing account holders.

I was told it's to do with changes in banking regulations coming in for ALL banks on 13th January, not just Tesco deciding to bin the DD facility therefore IF this is correct expect the same for others who offer a similar facility? Seems DDs to Savings accounts conflict with some banking rules/regs?

chockydavid1983

Nooooo

clivep

tg99 wrote: »

And think for this purpose an active direct debit remains active even if no payments made for around 12 months before it then becomes dormant.

... but the new Tesco Ts & Cs say they will cancel the DDs on 22/4/2018 so they will no longer be active.

polymaff

clivep wrote: »

... but the new Tesco Ts & Cs say they will cancel the DDs on 22/4/2018 so they will no longer be active.

But will the pulled organisation know this? I've plenty of bank accounts still listing DDs that were cancelled long ago. That might be enough, for a while, for some accounts.

eskbanker

Yorkshire_Pud wrote: »

Its to do with changes in banking regulations coming in for ALL banks on 13th January, not just Tesco deciding to bin the DD facility therefore expect the same for others like Scottish Widows who offer a similar facility? Seems DDs to Savings accounts conflict with some banking rules/regs.

My understanding is that the regulatory changes applying from January 2018 relate to the Open Banking initiative, under which banks need to open up access to authorised third parties to allow aggregation apps, etc, to work in a standardised and secure way.

Does anyone know if Tesco is trying to tie the DD removal to this regulatory change, as it would appear to the layman to be unrelated, or if there is a separate genuine regulatory requirement to shift from DD funding?

Mchambers

polymaff wrote: »

But will the pulled organisation know this? I've plenty of bank accounts still listing DDs that were cancelled long ago. That might be enough, for a while, for some accounts.

Good point. I will probably do nothing until H/fax, M&S, etc. say the d/debits aren't active and stop my bonus and interest.

polymaff

Yorkshire_Pud wrote: »

I phoned Tesco Bank. It is true about the DD facility being withdrawn.

Letters detailing the changes will be sent out between 23 October and 3 November to existing account holders.

Its to do with changes in banking regulations coming in for ALL banks on 13th January, not just Tesco deciding to bin the DD facility therefore expect the same for others like Scottish Widows who offer a similar facility? Seems DDs to Savings accounts conflict with some banking rules/regs.

Let's just wait and see. This speculation is all getting out of hand.

Least that's what a bloke down the pub told me :rotfl:

glider3560

Mchambers wrote: »

Good point. I will probably do nothing until H/fax, M&S, etc. say the d/debits aren't active and stop my bonus and interest.

Halifax required two direct debits to be paid every month. If it is active, but no payments are taken, then no bonus.

eskbanker

polymaff wrote: »

Hmm. Courtesy ChrisV

https://www.flickr.com/photos/156166744@N05/

....and posts #65 and #68 above (which, to be fair, he credited)!

Yorkshire_Pud

polymaff wrote: »

Let's just wait and see. This speculation is all getting out of hand.

Least that's what a bloke down the pub told me :rotfl:

It wasn't the bloke down the pub that told me,it was Tesco Bank CS. Now I'm or saying they were absolutely correct but that's what I was told. So not speculation.