MSE News: Tesco Bank to close ALL existing current accounts - what it means for customers

granta

Not sure if this is a sure sign the switching 'crisis' has been resolved, but I initiated a switch out of Tesco at the weekend and got a text this morning from Tesco and the new provider that the switch was in progress. Maybe it will hit a bump later on or perhaps it's all fine now...
Did those having problems receive a confirmation text from Tesco at the outset?

eastcorkram

granta said:

Not sure if this is a sure sign the switching 'crisis' has been resolved, but I initiated a switch out of Tesco at the weekend and got a text this morning from Tesco and the new provider that the switch was in progress. Maybe it will hit a bump later on or perhaps it's all fine now...
Did those having problems receive a confirmation text from Tesco at the outset?

I didn't get a confirmation text from Tesco. I didn't get one saying they couldn't do it either, as some people seem to have done. 
I was thinking it was a problem at Tesco end, and it turns out it was at Nationwide end . It's now not going to happen unless I request it again...which I won't be doing.

curl_girl

granta said:

Not sure if this is a sure sign the switching 'crisis' has been resolved, but I initiated a switch out of Tesco at the weekend and got a text this morning from Tesco and the new provider that the switch was in progress. Maybe it will hit a bump later on or perhaps it's all fine now...
Did those having problems receive a confirmation text from Tesco at the outset?

Thats interesting, thanks for mentioning.
I didn't think that new requests would be prioritised over earlier switch requests. Will have to try again. 

Sea_Shell

Sea_Shell said:

I have two old Tesco CCs that have been zero balance for months and have never got round to officially cancelling.

Do you think these might follow?

Do providers routinely cancel unused CCs?

For info ...

Just received a letter giving 3 months notice of closing one of my CC accounts due to inactivity.

On checking, it appears to trigger after 3 years, as I last made a payment, and cleared the balance in Aug 2018.

So I'm guessing it's purely coincidental and nothing to do with other closures.


I'll see, as my other card has only been dormant since Oct 2020, so by my theory, I shouldn't receive a closure letter until Oct 2023.

redux

Email from Tesco last night:

We recently got in touch to tell you about Strong Customer Authentication (SCA) regulations that were due to come into effect from 14 September. These changes affect the way you authenticate your payments when shopping online.

The Financial Conduct Authority (FCA) has now moved this date to March 2022, so you have a bit more time to make sure you’re ready for the changes when they happen.

We’ll be in touch nearer the time to let you know the options you have to authenticate payments when shopping online. In the meantime, you can find out more about the existing options available to you here.

Whoever wrote this seems to be quite unaware that Tesco will have closed the account(s) by this new date.

OceanSound

redux said:

Email from Tesco last night:

We recently got in touch to tell you about Strong Customer Authentication (SCA) regulations that were due to come into effect from 14 September. These changes affect the way you authenticate your payments when shopping online.

The Financial Conduct Authority (FCA) has now moved this date to March 2022, so you have a bit more time to make sure you’re ready for the changes when they happen.

We’ll be in touch nearer the time to let you know the options you have to authenticate payments when shopping online. In the meantime, you can find out more about the existing options available to you here.

Whoever wrote this seems to be quite unaware that Tesco will have closed the account(s) by this new date.

Did the email say it's about current accounts (debit card)? Tesco credit card accounts are not closing, so they could be talking about those.

By the way, wonder how come I didn't receive that email. Did receive the usual pointless "Your Tesco Bank Credit Card notification" email telling me I have a payment due in 7 days even though my balance on credit card is nil.

daveboy

Is there any update when it comes to switching from those who have previously posted? Did it go through despite the message on their website asking for us not to attempt to switch?

I’m hitting the refresh button on their page numerous times daily and am eager to sort my account out.

granta

daveboy said:

Is there any update when it comes to switching from those who have previously posted? Did it go through despite the message on their website asking for us not to attempt to switch?

I’m hitting the refresh button on their page numerous times daily and am eager to sort my account out.

My switch completed a couple of days ago in the required timeframe, no hitches at all. I switched into Lloyds

northwalesd

OceanSound said:

Did the email say it's about current accounts (debit card)? Tesco credit card accounts are not closing, so they could be talking about those.

I only have a Tesco current account, no other financial products with them, and I received the email.

OceanSound

northwalesd said:

OceanSound said:

Did the email say it's about current accounts (debit card)? Tesco credit card accounts are not closing, so they could be talking about those.

I only have a Tesco current account, no other financial products with them, and I received the email.

Funny that. I searched for and checked all email from Tesco bank since July this year and I've definitely not received the email you refer to.

Wonder if it's just me (who didn't receive it)?

The closest I've received to what you mention is an email sent on 25 August with subject:

[My first name], ready for safer shopping online?

Content:

Hello [My first name]

All banks will soon be adding an extra layer of security at checkout, changing the way you authenticate online payments.

Our Mobile App makes it easy and secure for you to approve your Tesco Bank

card payments. As you’re already using our App, there’s nothing you need to do when these changes come in – you’re all set to approve your payments when shopping online.