Tesco Internet ac , incorrect interest calcs

rarrarrar

Tesco internet account (with 1%) bonus opened on 13th August 2007, has had a large interest payment incorrectly credited Jan 31st.

Tesco (RBS) say this only affects accounts opened on 13th August. These accounts were incorrectly manually pulled together with July 13th opened accounts for the 1% bonus to be paid.

However the amount credited is too high for a 1% bonus even allowing for 6months rather than 5 months. Tesco are investigating this - urgently !!

So be warned all those who managed to open these bonus accounts at the last moment on 13th August - Tesco might want some of this unexpected interest payment back.

ad44downey

It makes a change for a mistake to go in the customer's favour though. That doesn't happen too often.

rarrarrar

Tesco have now said the interest calculation was wrong for because of an entry mistake by an operator . Apparently all 1% bonuses are processed "by hand" and involve typing in dates and amounts, it should have been picked up as the amount calculated was above the limit that could be earned by 100k in 6 months !

Sounds archaic.

charlieboycat

Archaic indeed. My a/c was opened on 31 July - so 1% bonus was due 31 January. When it wasn't credited I rang on 1 February and asked why and was told "it's calculated manually, it missed the deadline for crediting interest on 31 January, it won't be credited until the next normal date for crediting interest - namely 29 February, bad luck because if you'd opened the a/c a day earlier you'd have got the bonus a month earlier." I complained and got the matter referred to a supervisor. The response was that normally I would have to wait, but since I'd asked the bonus could now be credited on the next working day (ie. 4 February) - which it was.

Moral seems to be that you don't have to wait for between 6 months and 7 months from a/c opening to get the bonus - phone up the day after the six months is up and ask for an immediate manual credit.