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  • FIRST POST
    • Scarecrow25
    • By Scarecrow25 19th Oct 17, 12:57 PM
    • 7Posts
    • 49Thanks
    Scarecrow25
    Tesco Savings DDs
    • #1
    • 19th Oct 17, 12:57 PM
    Tesco Savings DDs 19th Oct 17 at 12:57 PM
    I can't see that this has been picked up yet, and with my first post I really hate to be the breaker of bad news !
    However, last week I opened a new Tesco Internet saver and just got the paperwork through today. In it, was a booklet, 'Changes to our Tesco Bank Internet Saver & Instant Access T&Cs'
    Summary of key changes - I quote: 'We are making changes to the way in which you can fund your Account. In particular, as of 22 April 2018 you will not be able to fund your Account by way of Direct Debits. On this date all Direct Debits set up on your Account will be cancelled. No further Direct Debits can be set up from this date.'

    I know many use Tesco DDs to meet terms for interest on current accounts, at least we've a few months to come up with a new plan...
Page 37
    • michaels
    • By michaels 1st Apr 18, 11:38 PM
    • 21,314 Posts
    • 98,647 Thanks
    michaels
    Just checking, is the sw saving account 2 a max of 1 dd per saving account?
    Last edited by michaels; 01-04-2018 at 11:54 PM.
    Cool heads and compromise
    • adindas
    • By adindas 2nd Apr 18, 12:40 AM
    • 3,580 Posts
    • 2,223 Thanks
    adindas
    Just checking, is the sw saving account 2 a max of 1 dd per saving account?
    Originally posted by michaels
    YES 1 dd per saving account and max two accounts per person
    • CheshireHenry
    • By CheshireHenry 12th Apr 18, 1:21 PM
    • 2 Posts
    • 1 Thanks
    CheshireHenry
    My first post. Got a few points to make, so it's fairly long.

    Tesco's Reasons.

    There is a Tesco forum (I can't link to it being a new user) where we are told that the decision to withdraw direct debits "is entirely a commercial decision and is due to an internal process change".

    The letter I received said it was "...to bring account functionality in line with other savings accounts on the market". Hardly an internal process change then?

    My letter also says it's "in order to keep your account as secure as possible". So after years of the industry promoting DDs Tesco are removing them because they are not "as secure as possible"?

    A Pattern Emerging?

    My wife noted the following:
    Tesco had a good product with the hudl tablet - discontinued.
    They had a good in-store optician - sold to Vision Express.
    They had a good pharmacy, which seems to have been "reorganised" in our local store.
    They had a useful savings account...you see where I'm going?

    Alternatives

    I have had a PO Internet Saver for sometime and it's been reliable. Only issue is that transactions take a few days to go through. Incidentally it's run by the Bank of Ireland who take regulatory compliance to almost farcical levels. If there was a rule about finishing DDs on savings accounts, they would have acted on it.

    I shall have a look at Ecology BS regular saver or the Scottish Widow's Instant Saver 2.
    Last edited by CheshireHenry; 12-04-2018 at 1:25 PM.
    • fun4everyone
    • By fun4everyone 12th Apr 18, 1:45 PM
    • 1,016 Posts
    • 1,554 Thanks
    fun4everyone
    They dropped the DD facility because it was costing more money than it was worth to them.
    Last edited by fun4everyone; 12-04-2018 at 2:39 PM.
    • msallen
    • By msallen 12th Apr 18, 2:18 PM
    • 880 Posts
    • 989 Thanks
    msallen
    My wife noted the following:
    Tesco had a good product with the hudl tablet - discontinued.
    Originally posted by CheshireHenry
    I bought one (for my aged mother to use for skype, and nothing else) and ended up taking it back as it was useless.
    They had a good in-store optician - sold to Vision Express.
    I used them once and swore I'd never return due to the quality of the frames
    They had a good pharmacy, which seems to have been "reorganised" in our local store.
    No expereince
    They had a useful savings account...you see where I'm going?
    Yes. Right along with your wife's strange conspiracy theory.
    • eskbanker
    • By eskbanker 12th Apr 18, 2:29 PM
    • 8,037 Posts
    • 8,956 Thanks
    eskbanker
    A Pattern Emerging?

    My wife noted the following:
    Tesco had a good product with the hudl tablet - discontinued.
    They had a good in-store optician - sold to Vision Express.
    They had a good pharmacy, which seems to have been "reorganised" in our local store.
    They had a useful savings account...you see where I'm going?
    Originally posted by CheshireHenry
    It would appear that where you're going is trying to make a tenuous case that minor changes to Tesco's offerings are part of some coordinated plan to irritate their customers.

    Hudl was a small-scale experiment that was dropped as soon as they realised that it was never going to establish enough market share to be viable in the face of serious players like Apple and Google.

    The optician selloff was part of their strategy of focusing on core business after some of their overdiversification was felt to have contributed to poor core business performance, hence also offloading Dobbies garden centres, Harris & Hoole cafes, etc, and reining back some of their overseas expansions.

    No idea what your point is about the pharmacy, but clearly any business has to review what's working and what isn't, and take actions accordingly, to avoid following in the footsteps of the many who weren't decisive enough (Woolworths, Comet, Toys'R'Us, etc, etc).

    If one felt inclined to do so, it could be pointed out that they didn't have a bank at all until relatively recent times (the RBS joint venture being spun off in 2008) for a business celebrating its centenary next year, so some of their changes have clearly worked well enough to be retained....
    • bettz
    • By bettz 12th Apr 18, 7:54 PM
    • 139 Posts
    • 6 Thanks
    bettz
    Just received my letter today about DD's.

    It's going to affect my Halifax accounts and my Tesco account (Looks like i've no DD's set up on my tesco account but still get 3%)

    I've a tsb account so hopefully I can set a DD up with them but what else is everyone using?
    Last edited by bettz; 12-04-2018 at 8:24 PM.
    • eskbanker
    • By eskbanker 12th Apr 18, 7:59 PM
    • 8,037 Posts
    • 8,956 Thanks
    eskbanker
    Just received my letter today about DD's.

    It's going to affect my Halifax accounts and my Tesco account

    I've a tab account so hopefully I can set a DD up with them but what else is everyone using?
    Originally posted by bettz
    Everyone else is using this thread to read up on (and debate) the alternatives....
    • CheshireHenry
    • By CheshireHenry 12th Apr 18, 11:33 PM
    • 2 Posts
    • 1 Thanks
    CheshireHenry
    It would appear that where you're going is trying to make a tenuous case that minor changes to Tesco's offerings are part of some coordinated plan to irritate their customers.
    Originally posted by eskbanker
    I had obviously had a lot more success with these services than msallen. The withdrawal of these 'minor' services together with the poor stock levels in their 'core' grocery section of the local store means that I have no reason to go in and now shop elsewhere.

    No idea what your point is about the pharmacy,
    Originally posted by eskbanker
    My humour mustn't have come acrossl. I should have said that the local pharmacy was transformed from being reliable with caring staff to not being able to fulfill prescriptions with staff who didn't care.

    I really don't want to take the discussion any further off topic. Suffice to say that at least one reader noticed there were some serious comments in my post.
    • David Partington
    • By David Partington 13th Apr 18, 9:53 AM
    • 40 Posts
    • 5 Thanks
    David Partington
    Why doesn't everyone on this forum complain by telephone to Tesco about this, in my book they have no right to cancel dds set up by customers
    • KTF
    • By KTF 13th Apr 18, 9:54 AM
    • 4,679 Posts
    • 1,913 Thanks
    KTF
    Why doesn't everyone on this forum complain by telephone to Tesco about this, in my book they have no right to cancel dds set up by customers
    Originally posted by David Partington
    Why do they have no right to do this?
    • David Partington
    • By David Partington 13th Apr 18, 9:57 AM
    • 40 Posts
    • 5 Thanks
    David Partington
    The first notification I saw was a letter last week, I haven't got time to read through their rule change booklets
    • eskbanker
    • By eskbanker 13th Apr 18, 9:59 AM
    • 8,037 Posts
    • 8,956 Thanks
    eskbanker
    Why doesn't everyone on this forum complain by telephone to Tesco about this, in my book they have no right to cancel dds set up by customers
    Originally posted by David Partington
    Because financial products don't operate by 'your book', they operate by published terms and conditions and of course broader regulations and ultimately laws. As Tesco haven't breached any of these (they enshrine the right to change Ts & Cs within those Ts & Cs and have notified account-holders regularly by multiple channels for months), there is no legitimate reason to complain....
    • eskbanker
    • By eskbanker 13th Apr 18, 10:00 AM
    • 8,037 Posts
    • 8,956 Thanks
    eskbanker
    The first notification I saw was a letter last week, I haven't got time to read through their rule change booklets
    Originally posted by David Partington
    And that's their fault because....?
    • KTF
    • By KTF 13th Apr 18, 10:01 AM
    • 4,679 Posts
    • 1,913 Thanks
    KTF
    And that's their fault because....?
    Originally posted by eskbanker
    Because its always someone elses fault and the compensation culture is rife...
    • David Partington
    • By David Partington 13th Apr 18, 10:01 AM
    • 40 Posts
    • 5 Thanks
    David Partington
    Because I took out the product on the basis I could fund by direct debits and consequently set them up. If all companies cancelled dds set up by customers there would be problems, they are breaching a right not to change facilities the product was sold on without permission of the user
    • chamelion
    • By chamelion 13th Apr 18, 10:01 AM
    • 176 Posts
    • 155 Thanks
    chamelion
    And that's their fault because....?
    Originally posted by eskbanker
    well, obviously all banking changes in today's landscape need to get the approval of David first, when he has time available to read the proposal.
    Last edited by chamelion; 13-04-2018 at 10:20 AM.
    5.42 kWp System, E-W. Installed 30 Nov 2017.
    • chamelion
    • By chamelion 13th Apr 18, 10:02 AM
    • 176 Posts
    • 155 Thanks
    chamelion
    Because I took out the product on the basis I could fund by direct debits and consequently set them up. If all companies cancelled dds set up by customers there would be problems, they are breaching a right not to change facilities the product was sold on without permission of the user
    Originally posted by David Partington
    well then, ask for a refund.
    5.42 kWp System, E-W. Installed 30 Nov 2017.
    • David Partington
    • By David Partington 13th Apr 18, 10:03 AM
    • 40 Posts
    • 5 Thanks
    David Partington
    Ok have it your way but if we don't complain and try and change things we end up being walked all over. I think it's worth complaining to them
    • eskbanker
    • By eskbanker 13th Apr 18, 10:11 AM
    • 8,037 Posts
    • 8,956 Thanks
    eskbanker
    well, obviously all banking changes in today's landscape need to get the approval of eskbanker first, when he has time available to read the proposal.
    Originally posted by chamelion
    Have you mixed me up with the guy doing all the whinging perhaps, as your comment doesn't make sense - I'm not the one demanding the right to approve changes?
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