TSB promotional balance transfer expiry message

JohnDyfrig

I took out a TSB credit card in Nov 2020 with a 0% balance transfer rate for 30 months. I'm not so good at setting alarms 2.5 years in the future so I didn't set my own reminder for the promotional end date. I pay by DD and I hadn't used the card for new transactions so I wasn't checking my statement each month. I was simply paying off the required amount each month. The first I realised the 0% rate had ended was when my Lloyds current account balance was significantly lower than expected, I checked the Lloyds transactions and found the TSB DD had increased by approx £150pcm. 

I received no text, no e-mail and no letter to advise re the promo end date getting near but there is a balance transfer expiry message on just one TSB statement (March 2023).

I have been advised that banks are obliged by FCA to give pro-active communications of 0% coming to and end, I'm hoping to confirm what are the specifics of this proactive requirement & am I entitled to make a claim for the £388.92 interest paid over 3 months?           

WillPS

The bank gave you a notification that it was ending, you just didn't see it.

Proactive does not mean guaranteeing the customer knows, it just means not letting it 'just happen', which TSB didn't.

There's a reason 0% balance deals are offered on new cards, and it's not because banks like lending money for nothing for years at a time; you've fallen prey. You can put in a complaint that their memo wasn't significant enough to meet the intended spirit of the 'requirement' if you like, but you might have to chalk it up to experience.

JohnDyfrig

@WillPS thank you for your response, I've been trying to find on FCA website what the minimum pro-active communications should be. TSB themselves have told me I should have received a text to my phone in March but I didn't.   

WillPS

JohnDyfrig said:

@WillPS thank you for your response, I've been trying to find on FCA website what the minimum pro-active communications should be. TSB themselves have told me I should have received a text to my phone in March but I didn't.   

I doubt there is a minimum defined standard but you could force the issue by submitting a complaint and then referring to the ombudsman.

th081

It's seems there was a message on the Mar 23 statement and that, given that statements are checked by recipients, should be sufficient. I can't see anyone upholding your case. 

born_again

JohnDyfrig said:

I took out a TSB credit card in Nov 2020 with a 0% balance transfer rate for 30 months. I'm not so good at setting alarms 2.5 years in the future so I didn't set my own reminder for the promotional end date. I pay by DD and I hadn't used the card for new transactions so I wasn't checking my statement each month. I was simply paying off the required amount each month. The first I realised the 0% rate had ended was when my Lloyds current account balance was significantly lower than expected, I checked the Lloyds transactions and found the TSB DD had increased by approx £150pcm. 

I received no text, no e-mail and no letter to advise re the promo end date getting near but there is a balance transfer expiry message on just one TSB statement (March 2023).

I have been advised that banks are obliged by FCA to give pro-active communications of 0% coming to and end, I'm hoping to confirm what are the specifics of this proactive requirement & am I entitled to make a claim for the £388.92 interest paid over 3 months?           

Kinda, worrying that you have not checked the account in 30 months. While you had not set a alarm, most will not. Did you at no point think that the 0% period must be getting close to ending?
Usual method is a notice on your statements, but would I be right in thinking you had online statements?