MSE News: TSB cancels direct debits of customers who've switched away - and claims they've DIED

Mchambers

veryintrigued wrote: »

Put your money where your mouth is.

Let's have a bet - the stake of your choice.

I bet that TSB don't survive !:D

AstroTurtle

Mchambers wrote: »

I bet that TSB don't survive !:D

You really think this is enough to tank TSB down? Not everyone is as highly strung as you.

with more than 4.6 million customers and over £20 billion of loans and customer deposits 550 branches, 8,500 employee's and backed/owned by Banco Sabadell it isn't going anywhere.

Even if they lost 20% of their customer base they would still have a large foothold in the UK.

They will go quiet for 6-12 months after this. Then plough as much money into incentives and advertisement and re-gain most of what was lost. They nearly regained everyone and more after upping the rate to 5% imagine if they start offering £200 switchers. People will forget all about the IT balls up, Like when Natwest did the same and cash machines went down.

veryintrigued

Mchambers wrote: »

I bet that TSB don't survive !:D

You'd probably love that too.

Employees losing jobs, houses and pensions. Just so you can get £25 'wonga'.

It will survive by the way.

EachPenny

HornetSaver wrote: »

Do you have brightly coloured hair, black but shiny eyes and stumpy arms and legs, by any chance?

Was there a need to make personal comments?

The point I'm making is that in terms of business impact this particular issue is of only minor relevance to customers staying with TSB.

As far as I'm concerned I'm not going to pass up the opportunity to earn 5% interest on £3k just because a (small?) number of ex-customers have been affected by a most unfortunate mistake.

The predictions of TSB collapsing as a result of this specific 'outrage' are rather overblown.

It also appears the ex-customers who have been affected by this error will be receiving very generous amounts of 'wonga' for the inconvenience they have suffered.

EachPenny

Mchambers wrote: »

TSB are finished. There is no way that they will survive this debacle and damage to their reputation.

I have less than £85k in the bank so I am covered.

But if they do fail then you won't be getting your 'wonga' for all the inconvenience you have so patiently endured.

By now that must add up to far more than £85k, so I'd start getting concerned if I were you.

eskbanker

masonic wrote: »

Not just considering, they've already been fined over £50m and in all likelihood that isn't the end of it.

Do you have a link for the news story about them already being fined for this?

I'd have thought it would have been mentioned on MSE and elsewhere, but don't recall seeing anything about it and would have thought it would have been pushing it to have completed a regulatory investigation at this stage?

EachPenny

pmduk wrote: »

According to the IT press, Lloyds offered to step in and assist (with facilities and systems) shortly after the problems became known. TSB refused the offer, despite not knowing how to solve the issue themselves.

It seems very unlikely Lloyds would have been able to do much to help with the new system. And if TSB had made the strategic decision (or were forced into that position) of not going back to the Lloyds system then the offer of help would no doubt have been appreciated, but would not have been much use.

Mchambers

veryintrigued wrote: »

You'd probably love that too.

Employees losing jobs, houses and pensions. Just so you can get £25 'wonga'.

It will survive by the way.

It will be a lot more than £25.:D !

Mchambers

veryintrigued wrote: »

You'd probably love that too.

Employees losing jobs, houses and pensions. Just so you can get £25 'wonga'.

It will survive by the way.

It will be more than £25 !!

Survive...We will see over the next few months !!:D

masonic

eskbanker wrote: »

Do you have a link for the news story about them already being fined for this?

I'd have thought it would have been mentioned on MSE and elsewhere, but don't recall seeing anything about it and would have thought it would have been pushing it to have completed a regulatory investigation at this stage?

I got the information from a Guardian article written early this week that I cannot now find - perhaps it's been updated. However, doing a little digging, the figure of £56m that I remember seeing appears to relate to a different outage affecting Natwest customers in 2012 - so I think I misread the article I originally saw this in. I can't find any other mention of a specific fine issued to TSB.