Tesco Bank deposits shake up

aj23_2

Just got an email from Tesco Bank.

They are adopting the next business day cheque clearing from 24 September 2018.

As a result, you won't be able to make cheque deposits from 24 September 2018. You will only be able to post to their Freepost address. You will have to write your sort code and account number on the back of the cheque. If paying multiple cheques in by post, you can ask them to send you a Paying-in slip book (similar to your chequebook but mint colour, not blue) so you can keep track of the cheques you've deposited on the stub.

As someone who uses the customer service desk to make a cheque deposit I thought I'd share the info so others know too.

Annoying because their postal deposit team are so incredibly slow at processing cheques.

18cc

What's a cheque???

aj23_2

18cc wrote: »

What's a cheque???

***Sighs***

AndyPK

aj23 wrote: »

Annoying because their postal deposit team are so incredibly slow at processing cheques.

I thought I read:
They claim they are going to do it in about 1 working day of receiving it.

wiseonesomeofthetime

Full email:

We want to keep you up to date on any changes to the products or the services we offer.

Industry wide changes are being made to the way that cheques are processed and, as a result, we are changing the cheque deposit service that we currently offer. This means that when you pay a cheque into your Tesco Bank Savings or Current Account the money will be available to spend faster than before. From 24 September 2018, if we receive your cheque on a Business Day, your money will be available to spend before midnight on the next Business Day.

From 24 September 2018, you will no longer be able to deposit cheques in Tesco Stores. You can pay a cheque into your Account by posting it to us using our first class freepost address: Freepost TESCO BANK, 4943. All you need to do is write your Tesco Bank Account Number and Sort Code clearly on the back of the cheque and post this to us.
More information will be provided to users of these services before changes are being made. If you have any questions on these changes, or how they might impact you, please contact us.

aj23_2

AndyPK wrote: »

I thought I read:
They claim they are going to do it in about 1 working day of receiving it.

Well that's good then. But obviously postal is when they receive and then when they process it. Hopefully the new system will mean they get their act together instead of it taking a week to reach them and then process it.

SevenOfNine

18cc wrote: »

What's a cheque???

It's the paper things we used to distribute large sums of inheritance to 5 beneficiaries.

When technology lets you down it can also be a great 'fall back'.

System

For a branchless bank, I'd imagine that electronic app deposit will be the way forward - with snail mail / post as a backup only.

arthur2

I am surprised their mobile app does not apparently yet handle cheque image deposits. I had intended making Tesco my main account, until I found this was not yet available. I now use Bank of Scotland and have paid in a cheque only yesterday via my phone - very easy and faster to clear funds.

I do not encourage being paid by cheque, but I get my expenses for some travel by cheque.