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

molerat

OceanSound said:

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:

Nope, you are not the only one.  I have current accounts and a CC and not received anything remotely close.

sheramber

Ditto. A current account and a credit card. No email.

OceanSound

molerat said:

OceanSound said:

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:

Nope, you are not the only one.  I have current accounts and a CC and not received anything remotely close.

sheramber said:

Ditto. A current account and a credit card. No email.

How come only a select customer (or select few - if there are others)  received it? any explanation?..seems they made a pigs ear of it anyway, because the two emails are somewhat contradictory (one is saying get ready and the other is saying still have until March 2022).

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.
 Actually, tesco current accounts don't close till 30 November 2021, and the previous FCA deadline was 14 September 2021. It's only if the previous FCA deadline was after 30 November 2021 that it would've been unnecessary to convey this (to customers that only hold debit cards).

sheramber

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.

But people would be expecting it to take effect in September. An account can be used until November  so they would be expecting it be in operation between September and November , when the account was closed.

curl_girl

It's taken a complete month for Tesco to switch son's current account. 
Got there in the end but it took far longer than necessary, numerous phone calls, emails and letters!

Thanks to everyone who shares info as it's a big help. 

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.

How about this....M&S Bank sends me a renewal debit card in May 2021 (this year), with the validity date on card: 07/26

All M&S Current accounts have already closed.

janeskips2

Will I be able to access Tesco online banking without an active bank account? After I switch my current account I won't have any accounts. If I want to open a savings account after this time will I need to sign up again? Those of you who have switched away already and don't have an account left with Tesco what happen when you try to login?

redux

OceanSound said:

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.

Apologies for late reply.

This email came to a family member, who only has current account, no credit card.

I didn't receive a copy myself, with both current account and credit card.

molerat

Just had an e-mail reminder of accounts being closed.  Accounts mentioned by last 3 digits and including the one that is already closed !

hoc

So what happens if nothing is done? Do they send you a cheque? The website and the email today again only say switch or close with zero balance are the options. Presuming Tesco can't simply keep the balance on Dec 1 what happens?