Switching Tesco current account

binaryuniverse

A new bank account has popped up in my HSBC app. Would be just my luck that HSBC have finally accepted me, only for me to not be able to switch a redundant account.

Ballard

WillPS said:

Ballard said:

Unless you’re up against a time limit for a switching bonus or your new bank has benefits that you’re missing out on I don’t see that this is a big problem.

You don't think not having certainty that your incoming and outgoing payments will shift as the guarantee promises is a problem?

From what I’ve read, Tesco aren’t saying that no one can switch but that they’re overwhelmed at the moment. Wait a few weeks and then start the switching process. 

WillPS

Ballard said:

WillPS said:

Ballard said:

Unless you’re up against a time limit for a switching bonus or your new bank has benefits that you’re missing out on I don’t see that this is a big problem.

You don't think not having certainty that your incoming and outgoing payments will shift as the guarantee promises is a problem?

From what I’ve read, Tesco aren’t saying that no one can switch but that they’re overwhelmed at the moment. Wait a few weeks and then start the switching process. 

That's not the point though. The CASS journey starts with the user requesting a date with the receiving bank. The customer then should have certainty around when the switch will take place.

This move, which is unprecedented as far as I am aware, completely breaks that confidence the switch guarantee is supposed to offer. The fact that Tesco Bank have written to customers giving them a limited window and asking that they use this service is not a mitigating factor for Tesco Bank, on the contrary they should have anticipated this.

That is an inconvenience far more worthy of compensation than many of the frivolous complaints I see discussed on here.

Ballard

I disagree that it’s a complaint worthy of compensation. There may be circumstances where a loss is incurred by the customer but I can’t think of one off the top of my head. It is indeed a limited timeframe but it’s around three months before the accounts will be closed. Tesco may reopen the CASS service for their customers next week, next month or October and there would still be ample time for everyone to switch. 

Don’t get me wrong, this is poor service from Tesco but I don’t see it as a disaster for the customer. 

jimjames

Ballard said:

Don’t get me wrong, this is poor service from Tesco but I don’t see it as a disaster for the customer. 

Another entirely avoidable, self inflicted PR disaster for Tesco though

Ballard

jimjames said:

Ballard said:

Don’t get me wrong, this is poor service from Tesco but I don’t see it as a disaster for the customer. 

Another entirely avoidable, self inflicted PR disaster for Tesco though

Completely agree. They should have foreseen this.

I have a couple of accounts but without any direct debits or anything else attached so I’ve just transferred what little was in there to another account. They’ll be closed in November. I did consider switching them but there would be nothing to gain for me. 

colsten

Ballard said:

I disagree that it’s a complaint worthy of compensation. There may be circumstances where a loss is incurred by the customer but I can’t think of one off the top of my head. 

Not being able to avail yourself of a switch offer is an obvious loss.

Shakin_Steve

Article in 'This is money' today urging Tesco current account holders to take advantage of HSBC's £140 offer. I believe the offer ends in a week, so not much hope.

born_again

Ballard said:

Unless you’re up against a time limit for a switching bonus or your new bank has benefits that you’re missing out on I don’t see that this is a big problem.

If Tesco reject your switch it is. As you will not get the bonus for switching your account. 

Tesco should not be rejecting them. They should be advising that due to the volume (their own problem which was a easy one to spot) that any switches will be delayed.

sheramber

What would they have done of everybody left their account open until November then all requested transfer in the last week?