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

molerat

In one of the communications they have stated they will send a cheque.

OceanSound

hoc said:

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?

The email I received y yesterday makes no mention about switch option. Can we still switch? Or is Tesco prohibiting (if they are allowed to is another question) switching or discouraging switching due to the issues experienced.
 This is the email I received yesterday:

[Quote]Subject: Getting ready to close your Current Account in November 2021

Hello [my name],

We recently let you know that all Tesco Bank Current Accounts are closing on 30 November 2021. So here's a quick reminder about your options and how to get ready.

You can continue to use your account as normal for now. But soon you'll need to choose a new way to manage your money.

What do I need to do?

All you need to do by 30 November 2021 is: 

Make sure your account has a balance of £0 by moving it to a new or existing account, or by repaying your overdraft if you have one.

Move any regular payments to a different account.

Then there's no need to get in touch - we'll automatically close your account on 30 November and send your closing statement in the post.

If your balance is already £0 and you want to close your account before 30 November 2021, just complete the online closure form on our website and we'll take care of the rest.

If you've done this already, thank you.

Please remember, we're only closing our Current Account - any other accounts you have with us will remain open.

If you're using an overdraft

If you're worried about how you'll pay back your overdraft, please get in touch and we'll be happy to discuss a repayment plan with you.

Cash deposits and withdrawals in Tesco Stores

Remember, from 15 October 2021 cash withdrawals and deposits will no longer be available at the Customer Service Desk in Tesco stores that currently offer this. But you'll still be able to withdraw cash at most UK cash machines - and make transfers online - until your account is closed.

Need anything else?

If you have any questions about closing your account, check out Current Account closure - helpful tips for more information. 

Thanks for choosing to bank with us and for being a loyal customer. We hope we can continue to support you with our other services in the future.

Yours sincerely,

Your Tesco Bank Current Account Team[/quote]

dc_scotland

I seem to have received a slightly different email to you.  It includes this info about switching:

Switch your Current Account to another bank
You can switch to an existing bank account if you already have one, or you can open a new account with another bank. To help you choose an account that meets your needs, you could try a comparison website. 
Once you've opened a new account, just start the switch with the bank you're moving to - you don't need to let us know.
You have until 15 November 2021 to start a new switch request - here's some useful information about switching. 

ColdIron

hoc said:

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?

From the article in the OP

• If you don't switch or close your account before 30 November, it will automatically close from this date and Tesco Bank will write to you to confirm this. If there's any money in the account at the time a cheque for the balance will be posted to your address.

jimjames

Several switch options available at moment, free money if you've not already done them before

OceanSound

Hands up anyone who in thier wildest dreams envisaged 25 years ago (I think it all started in 1997) that supermarkets will start offering banking services

Connie

I've emptied my Tescobank account ready for closure.

Today I've received a  letter :

"We've noticed that you haven't used your Current Account for some time.  Unfortunately this means that you're not taking full advantage ot the features and benefits of the account.

If you need a reminder of these features you can find these at tescobank.com.  There's lots of information there that can help you get the most out of your account . . . . . "

What a waste of money to send out such letters at this stage!

In any case, the website no longer mentions those features.

jimjames

Connie said:

What a waste of money to send out such letters at this stage!

In any case, the website no longer mentions those features.

That's absolutely ridiculous, someone clearly isn't talking between departments!

neurosurgeon

I will be switching my account to Nationwide to take advantage of the £125 offer

stclair

neurosurgeon said:

I will be switching my account to Nationwide to take advantage of the £125 offer

Tesco have blocked my OH switch