TSB Regular Saver - standing order bounced

Qyburn

Hi, if you remember there was discussion about whether the TSB Monthly Saver account could only be funded by S/O from a TSB current account.

In what seems completely irrational, I've found that my Monthly Saver will accept payments from a Lloyds savings account, but will NOT accept a S/O from my TSB current account.  The S/O was on 6th, and the sum was immediately credited back to the Current account. A message from TSB says ..

"We're writing to let you know that the recent payment of £250.00 you made to XXXXXXX has been returned by their bank for the following reason: Terms and Conditions of Account do not permit crediting."

(Account name replaced with XXXXXX)

Conversely today it had accepted another manual payment from Lloyds.

nottsphil

Expect a £3 fine from TSB. They charge you for a failed SO from their own current account for a funding oversight!

Qyburn

nottsphil said:

Expect a £3 fine from TSB. They charge you for a failed SO from their own current account for a funding oversight!

If they do I'll definitely need to get onto them because whether at the current account, or saver end it's wholly a TSB screw up. Can you clarify what "funding oversight" means in this context?

ForumUser7

Qyburn said:

nottsphil said:

Expect a £3 fine from TSB. They charge you for a failed SO from their own current account for a funding oversight!

If they do I'll definitely need to get onto them because whether at the current account, or saver end it's wholly a TSB screw up. Can you clarify what "funding oversight" means in this context?

Terms state 'You must set up a monthly standing order between £25 and up to £250 from a TSB current account. You can only make one payment each month into your account' so a TSB standing order should've worked!

Had you by any chance already made a payment in of any amount for that month? That tripped me up when making an internal transfer into mine once - but luckily it was not an S/O so no fee. If you do get charged though, definitely flag it up with them (unless it was your own fault, which seems unlikely).

I think @nottsphil may mean if there were not enough funds in the debiting account to fulfil the S/O, but not 100% sure.

soulsaver

SO works (so far) for me from Santander direct to TSB Rsaver? 

Qyburn

ForumUser7 said:

Had you by any chance already made a payment in of any amount for that month? 

No. Prior to the S/O attempt on 6th March, the only previous transaction was the manual deposit on 5th Feb. And of course there's the fact the the manual transfer on 9th Mar went through OK.

ForumUser7 said:
I think @nottsphil may mean if there were not enough funds in the debiting account to fulfil the S/O, but not 100% sure.

That wasn't the case. In fact the statement shows the money coming out of the current account, leaving a reduced balance, then a separate transaction crediting it back in. In addition, the error message does specifically say the payment had been returned, not that they were unable to attempt it.

Qyburn

By the way, before I made the manual transfer from Lloyds yesterday, I tried to do a manual transfer between the TSB accounts, and that wasn't possible either, the only destinations available were saved external payees.

ForumUser7

Qyburn said:

By the way, before I made the manual transfer from Lloyds yesterday, I tried to do a manual transfer between the TSB accounts, and that wasn't possible either, the only destinations available were saved external payees.

Yes - this bit is odd - you have to add the monthly saver as a TSB payee for manual payments and then those work fine - but it doesn’t appear automatically like the current accounts for some reason

Bridlington1

TSB's technical systems are the worst I've come across in my dealings with over 50 different banking institutions. My advice would be to complain to TSB and just make deposits into the monthly saver by faster payment in the future. I've had over £100 in complains from TSB technical begger ups over the last year so if nothing else you can get a financial apology out of them.

surreysaver

Last year I opened a TSB Regular Saver. The website crashed as I was setting up the standing order. Little did I know that that caused it to set up the standing order twice. So come the 1st of the month there wasn't enough in my current account for both standing orders.
I was told they would charge me £3, but they never did. Go figure 

nottsphil

Qyburn said:

nottsphil said:

Expect a £3 fine from TSB. They charge you for a failed SO from their own current account for a funding oversight!

If they do I'll definitely need to get onto them because whether at the current account, or saver end it's wholly a TSB screw up. Can you clarify what "funding oversight" means in this context?

Forum User 7 was correct. Actually I was being a little flippant towardsTSB, because they appeared to make out that I had caused them some extra work with a third party.