4 DDs consolidated into 2 in switch from TSB to COOP

clivep

So I decided to get the switching incentive from COOP by sacrificing my TSB account. I discovered on here that I could set up additional DD mandates on my 2 Tesco savings accounts by using a different reference. In preparation for the switch I set up the additional 2 mandates, got the confirmation forms from Tesco and drew money from TSB using these mandates before switching.

The switching confirmation from COOP listed the 4 Tesco DD mandates with their different reference numbers. The 4 Tesco DDs drawn on 30th October show up on my TSB statement with these 4 reference numbers. As they were just a few days after the switch I believe they may still have gone through the switch processing system.

The 4 Tesco DDs drawn on 10th November have new references assigned to them and there are only 2 references shown with 2 payments to each. In my Tesco account each of the 2 savings accounts now only show one COOP mandate instead of the 2 x TSB ones for each. It seems pretty clear that somehow the switching process has consolidated each pair of mandates to the same beneficiary.

Whilst I will still get the £4 Everyday Reward for the 4 DD payments, I'm not so sure about the switching reward...

The condition states: "3.3 switch in a minimum of four active Direct Debits to your new current account, which must remain active until the incentive payment is made".

There were four active Direct Debits switched but now there's only two mandates drawing payments.

I've just set up another Tesco DD for each of my 2 savings accounts (with different references) to be drawn from COOP on 29th October so there will now be 4 DD payments made this month with different mandates. As these were not transfered as part of the switch I don't know whether they count or not but at least I'll have the same number of different Tesco DD mandates on the account drawing money as at the start of the month.

I think I may be worrying needlessly as I now realise that for the switching bonus (as opposed to the Everyday Rewards) the DDs only have to be still active rather than paying out. Although now redundant, the 4 DDs that paid out on 30th October do not appear to have been cancelled and are still listed on the COOP DD page of my account so should be OK for the incentive.

derrick

clivep wrote: »

So I decided to get the switching incentive from COOP by sacrificing my TSB account. I discovered on here that I could set up additional DD mandates on my 2 Tesco savings accounts by using a different reference. In preparation for the switch I set up the additional 2 mandates, got the confirmation forms from Tesco and drew money from TSB using these mandates before switching.

The switching confirmation from COOP listed the 4 Tesco DD mandates with their different reference numbers. The 4 Tesco DDs drawn on 30th October show up on my TSB statement with these 4 reference numbers. As they were just a few days after the switch I believe they may still have gone through the switch processing system.

The 4 Tesco DDs drawn on 10th November have new references assigned to them and there are only 2 references shown with 2 payments to each. In my Tesco account each of the 2 savings accounts now only show one COOP mandate instead of the 2 x TSB ones for each. It seems pretty clear that somehow the switching process has consolidated each pair of mandates to the same beneficiary.

Whilst I will still get the £4 Everyday Reward for the 4 DD payments, I'm not so sure about the switching reward...

The condition states: "3.3 switch in a minimum of four active Direct Debits to your new current account, which must remain active until the incentive payment is made".

There were four active Direct Debits switched but now there's only two mandates drawing payments.

I've just set up another Tesco DD for each of my 2 savings accounts (with different references) to be drawn from COOP on 29th October so there will now be 4 DD payments made this month with different mandates. As these were not transfered as part of the switch I don't know whether they count or not but at least I'll have the same number of different Tesco DD mandates on the account drawing money as at the start of the month.

I think I may be worrying needlessly as I now realise that for the switching bonus (as opposed to the Everyday Rewards) the DDs only have to be still active rather than paying out. Although now redundant, the 4 DDs that paid out on 30th October do not appear to have been cancelled and are still listed on the COOP DD page of my account so should be OK for the incentive.

It will all be academic from mid April when Tesco withdraw the facility to fund accounts via DD's.


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binaryuniverse

derrick wrote: »

It will all be academic from mid April when Tesco withdraw the facility to fund accounts via DD's.

And for the actual question of if anyone knows whether the switch bonus will be affected?

Difficult to answer, actually. You DO have 4 direct debits. And if the T&Cs DON'T say they need to go to separate companies/accounts then I'd say you can argue your case IF you don't get the bonus.

Best to just wait and see.

clivep

binaryuniverse wrote: »

And for the actual question of if anyone knows whether the switch bonus will be affected?

Difficult to answer, actually. You DO have 4 direct debits. And if the T&Cs DON'T say they need to go to separate companies/accounts then I'd say you can argue your case IF you don't get the bonus.

Best to just wait and see.

I'll certainly argue my case if I don't get the incentive.:)

The other switches I've done (BOS to M&S, Santander to Nationwide, BOS to Nationwide) all show the same Tesco DD reference numbers that were inherited from the closed accounts.

It's only the TSB to COOP switch that has created new DD references. Then again, it was only the TSB a/c that had two DD mandates for each of the 2 Tesco savings accounts.

Although the redundant 4 Tesco DDs show in my COOP a/c with a last claimed date of 30/10/2017 this doesn't necessarily mean they are still active. I've just looked into my Tesco savings a/c and it looks as if the TSB DDs have been cancelled. The COOP site says "If you cancel a Direct Debit, it will remain on your statement until it's been processed and cancelled" so it may just be a question of time before these disappear.

clivep

£125 credited to my wife's & my account on 23rd. Pleasantly surprised as this was just within 30 days of the switches completing rather than nearer the 45 days expected.

All Tesco DDs on the COOP a/cs now cancelled as PO saver DDs have been taken weekly since the beginning of this month to qualify for the £4.

binaryuniverse

Jolly good. Sometimes a little patience is all that is needed.:)

UncleTed

Just following up on the reply stating that Tesco DDs will be discontinued... Does anyone have a replacement solution?

Eco_Miser

Yes :beer: