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

WillPS

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.

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.

Debit card expiry date is not a commitment that the card will remain valid for that period. It forms part of the information used to authenticate a card (and make 'guessing' details via brute force that much harder). If M&S had issued all their debit cards with expiration dates of 08/21 that would be a significant shortcut for a hacker.

There are all sorts of reasons why a debit card might be deactivated ahead of expiry -
- lost/stolen/fraud (obviously)
- change of card scheme (RBS Group Maestro/Solos, HBOS Visa Electrons)
- closure of account/business.

OceanSound

WillPS said:

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.

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.

Debit card expiry date is not a commitment that the card will remain valid for that period. It forms part of the information used to authenticate a card (and make 'guessing' details via brute force that much harder). If M&S had issued all their debit cards with expiration dates of 08/21 that would be a significant shortcut for a hacker.

There are all sorts of reasons why a debit card might be deactivated ahead of expiry -
- lost/stolen/fraud (obviously)
- change of card scheme (RBS Group Maestro/Solos, HBOS Visa Electrons)
- closure of account/business.

Fair enough. Take your point.

Side note: in the scenario I described, m&s wouldn't have issues ALL THEIR DEBIT cards with expiry date of 08/21. I think you mean all the debit cards that were issued after M&S decided to close all current accounts. Even then it would be easier for a hacker if only those customers issued with replacement cards had the same expiry date (08/21) as opposed to having random expiry dates (well, kinda random - as we know they last 2 to 5 years)

Anyway, the card number, expiry and csv are no fort knox of card security. In this 2016 article it says it takes a hacker 6 seconds to work out the card number, expiry date and CSV number, using  a guessing attack:

https://www.eurekalert.org/news-releases/776630

Guess (no pun intended) that's how come we now have other layers of security - or at least due to be introduced.

OceanSound

curl_girl said:

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. 

Second tesco bank current account switched to Club Lloyds yesterday. Received SMS from LLoyds saying completed successfully. Logged in to Tesco Bank smartphone app and I can now only see the credit cards account and savings accounts - No current accounts within app.

I saved all the statements a few days ago. Does anyone know if the last statement (October 2021) is sent via post?

They sent me an sms saying last 5 years transaction will be sent via post unless I call and tell them not to send. Perhaps they don't send last statement because the last 5 years transactions will cover it?

daveboy

Having closed my account to go to Nationwide and as there has been no reply to you I will say what happened with me.

They will have sent you a number to call if you want the 5 years transactions. You need to phone them for this to be sent. It won’t be in the form of statements, it will literally be copy and pasted on to unmarked paper. I had no need for this as I have every statement from opening to closing the account.

They will send the last statement as usual. Mine usually arrived 5 days after my statement cycle ended which for me ran from the 29th to the 28th. So if you close the account mid cycle you may need to wait.

skitskut

My Tesco current account is the nominated account for my Marcus savings account. If I use the switching service to switch Tesco to another current account will I still be able to withdraw/deposit into Marcus from this new account?

soulsaver

skitskut said:

My Tesco current account is the nominated account for my Marcus savings account. If I use the switching service to switch Tesco to another current account will I still be able to withdraw/deposit into Marcus from this new account?

No, you'll need set up a new linked ac. with Marcus. 

molerat

MrsM had a unused account final warning mail - if she doesn't use her account in the next 30 days they will close it !! Would have thought someone might have the common sense to turn some things off at this stage.

Thrugelmir

molerat said:

MrsM had a unused account final warning mail - if she doesn't use her account in the next 30 days they will close it !! Would have thought someone might have the common sense to turn some things off at this stage.

Fewer and fewer staff left to turn the lights out. 

OceanSound

daveboy said:

Having closed my account to go to Nationwide and as there has been no reply to you I will say what happened with me.

They will have sent you a number to call if you want the 5 years transactions. You need to phone them for this to be sent. It won’t be in the form of statements, it will literally be copy and pasted on to unmarked paper. I had no need for this as I have every statement from opening to closing the account.

They will send the last statement as usual. Mine usually arrived 5 days after my statement cycle ended which for me ran from the 29th to the 28th. So if you close the account mid cycle you may need to wait.

I received last statement few days after my post on this forum. Usual statement cycle was 1st to 28th (in February), 1st to 30th or 1st to 31st (depending on how many days in each month). The last statement was from 01st October to 26 October (the date of the switch).

Last statement has transaction with description 'closing payment to myname [a reference number], amount (which was the balance), then balance as 0.00.

It has end balance 0.00

They will have sent you a number to call if you want the 5 years transactions. You need to phone them for this to be sent. 

The SMS I received (on 19 October) says: 

Hi, as part of your request to switch your current account, we are in the process of closing your account. You are automatically opted in to receive 5 years transactional history by post. If you don't want the transaction history then no action is required. If you change your mind in the future, it remains available to you for 5 years from the date of closure. Before issuing this information we need to confirm your address. If you do want to receive your transaction history please call us on 03453 666 470 to confirm your details.

How about just say:

if you want to receive transaction history please call 03453 666 470', if you don't, then no action is required. Transaction history will be available to you for 5 years from date of closure...

[Deleted User]

soulsaver said:

skitskut said:

My Tesco current account is the nominated account for my Marcus savings account. If I use the switching service to switch Tesco to another current account will I still be able to withdraw/deposit into Marcus from this new account?

No, you'll need set up a new linked ac. with Marcus. 

No, It will automatically update on the next transfer as Marcus will be notified via the CASS.
They may ask for additional proof but this would be an exception.