Too Many Payments

elliotboy

Hi. My wife opened a new Tesco Bank savings account. I paid 4 amounts in over 2 days from our Lloyds current account. Only one arrived and could be seen in the above new account. I had not read the terms and conditions which states that only one payment can be made(as it's a fixed rate account.) . Being this is the case will Tesco Bank automatically send the payments obviously declined/refused and if so how long will it take for the monies to come back to the transferring account, Lloyds?

18cc

Yes they should be automatically bounced back pretty much straight away. That said, I am not sure if Tesco are 'real' bank or if they use RBS systems and that might account for the delay in bouncing bank. Someone else might have more info.

alanq

18cc wrote: »

Yes they should be automatically bounced back pretty much straight away. That said, I am not sure if Tesco are 'real' bank or if they use RBS systems and that might account for the delay in bouncing bank. Someone else might have more info.

Tesco moved away from RBS systems long ago.

https://www.computerworlduk.com/it-business/tesco-completes-bank-migration-from-rbs-3363016/

Tesco Personal Finance is a real bank in that it has its own licence but it is not directly connected to Faster Payments so like other organisations in that situation it has to connect through an organisation that is a full member. I don't know which that is.

http://www.fasterpayments.org.uk/directly-connected-participants

18cc

ok thanks for the info i wasnt sure

18cc

I think I sort of realised Tesco bank was a bank that held a separate banking licence but what I meant about it not being a real Bank was that it had to go through someone else to make payments which might have accounted for the delay. Anyway I was probably wrong!

elliotboy

alanq wrote: »

Tesco Personal Finance is a real bank in that it has its own licence but it is not directly connected to Faster Payments so like other organisations in that situation it has to connect through an organisation that is a full member. I don't know which that is.

Thanks. Went onto that site but didn't think of that. So that accounts why paying into a Tesco current is not immediate such as I have found, for example, between Lloyds and Santander. So hopefully their, Tesco's, system would have 'bounced' the 3 rejected payments but not immediately being recieved in our Lloyds account and what with 2 bank holidays this week should appear soooon.....hopefully.
(Had to delete your links as am a new poster)

YorkshireBoy

Tesco savings (and current) account sort codes begin '40', signifying an HSBC clearing involvement?

glider3560

YorkshireBoy wrote: »

Tesco savings (and current) account sort codes begin '40', signifying an HSBC clearing involvement?

Unlikely. Virgin Money use 40-**-** and are directly connected to Faster Payments.