Can't transfer or withdraw from new Tesco Internet Saver

  • Arby's Avatar
    Just looking
    Quote Originally Posted by RobbieT View Post
    Hi @TERRYLA14, I'm sorry you feel this way. When a customer opens a new Savings account, we must send a signature letter out for you to sign and return so that we can confirm your identity, even if you've previously had an account with us.
    Hi Robbie, Are you sure that's still the case?

    I, and my wife, have had Tesco Bank savings accounts for around 8 years, and while we might have given a signature for the very first account, I don't recall ever doing so for subsequent accounts.

    We both opened new accounts just 10 days or so ago and got the usual welcome pack, but there were no forms to return, and we weren't asked to provide signatures. As usual, we couldn't access funds for several days, but remembered not to pay in money we might need to access soon.

    We could access from a few days ago but didn't get the letters until today.

    I tend to agree with Terry that if Tesco management acted to remove some minor annoyances and eccentricities, it would have happier customers. Having a message appear saying why they couldn't make withdrawals would help.
    Last edited by Arby; 18-09-21 at 15:23. Reason: .
  • KellyT's Avatar
    Your Community Expert
    Hi @Arby, thanks for passing on your feedback surrounding this. I'll certainly pass all this on to our Customer Insight team today as we're always looking for ways to improve our services. If you're an active customer we don’t need you to return a signature letter, however if a customer has closed an account previously then we’ll send this letter out again for them to sign and return. I hope this clarifies things.

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  • Munzee's Avatar
    Fresh Eyes
    Hi, Here we are at the end of 2021 and the problem still exists! I have had a Tesco Mastercard for years without any issues. I opened an Internet Saver Account on 23 November 2021, signature letter signed and returned 29 November 2021, still unable to withdraw money today - 6 December 2021. How long does it take to action the signature letters? Don't want to transfer all my savings to this account until I know I can withdraw when required. Never had this problem with other saving accounts so why is this such a pain? If it doesn't sort itself out soon I will be looking elsewhere for my savings.
  • placeboo's Avatar
    Fresh Eyes
    Quote Originally Posted by KellyT View Post
    Hi @Arby, thanks for passing on your feedback surrounding this. I'll certainly pass all this on to our Customer Insight team today as we're always looking for ways to improve our services. If you're an active customer we don’t need you to return a signature letter, however if a customer has closed an account previously then we’ll send this letter out again for them to sign and return. I hope this clarifies things.

    I've got this problem and I'm an active customer so, according to you, I don't need a signature letter.

    Moreover, what use is a signature? What, pray tell, would you compare it with to prove anything?

    This is beginning to smell like another bank scam to seize our money so that you can lend it out for personal gain. The last time a bank did that to me I took it to the ombudsman and was awarded £400 compensation.

    Letting people transfer money in and then not out is corrupt. And no, your 'warning' at the start of the application is no excuse, because your company is bound by the same rules as your customers - namely that you have to behave in a reasonable way. Pointless signature letters for savings accounts that don't use signatures is not reasonable. Taking money in then preventing withdrawal is not reasonable. Expecting 'proof' of identity for a new account when the customer has had another account for years is not reasonable. Allowing transfers from internet saver A to internet saver B then not allowing transfers from B to A is not reasonable. Doing nothing to change the situation for five years is not reasonable. I wonder how much your board of directors are making gambling with people's money on the stock exchange?
  • JoeC's Avatar
    Your Community Expert
    Hi @placeboo, when did you open the new account? No matter what type of account a customer opens, we need to do our due diligence to make sure all security checks are passed. If you already have accounts open with us, we shouldn't require a signature letter, but our Savings team will still need to complete some final security checks before you can move money out of the account. I hope this has now been resolved for you and you can move your money when needed.
  • placeboo's Avatar
    Fresh Eyes
    Quote Originally Posted by JoeC View Post
    Hi @placeboo, when did you open the new account? No matter what type of account a customer opens, we need to do our due diligence to make sure all security checks are passed. If you already have accounts open with us, we shouldn't require a signature letter, but our Savings team will still need to complete some final security checks before you can move money out of the account. I hope this has now been resolved for you and you can move your money when needed.

    "due diligence"? Yet more government inspired corruption. You sound like an "mp" trying to justify stealing £10m a year from the taxpayer for doing no work whatsoever and ignoring everything that those you "represent" tell you to do.

    "our Savings team"? There's no such thing. It's done by computer. This is more uk fakery to fool the people who'll believe everything they're told by the crooks who run their lives.

    "will still need to complete some final security checks before you can move money out of the account". Nice for you. I repeat: how much money is your board of directors making from gambling with other people's money on the stock exchange? Because that's what's actually happening - short term loans are being made by your bank for huge profits, funded by holding people's money prisoner at account opening and during "fraud prevention checks". It's all part of the corruption of the most evil country on earth.

    "I hope this has now been resolved for you". Of course it hasn't. You ignored everyting I said and did nothing at all. Just as you're paid to do by the £100m a year crooks that employ you.
  • placeboo's Avatar
    Fresh Eyes
    Your computer: "We've been unable to complete your transaction. Please try again."

    Real meaning: "We've lent your money out at 90% interest for a week. Please try again once our pyramid scheme filters it back in."

    Oh, and why do you (and all the other crooked banks in the uk) insist upon dna evidence to simply log in? Yeah I know, it's for "my protection". There's no point in asking for "remembered" (but don't write them down!) magic numbers if you send a phone code. There's no point in sending an eight digit magic number by phone when four digits would be ample. In either case, there's no point in asking for three different magic numbers in total. And then there's that "is this your device" nonsense - why? Yes, I know what your excuse for all this will be. You're security "experts" and everyone else is too stupid to understand. The real reason is that one of your board of directors is getting paid £100m a year to write ridiculous reports to "recommened" that your customers are forced to do this and that to log in. Because he's an "expert". And because he's got to justify his existence.

    Look (not that you'll agree of course): all that's needed is the "username" and one magic number by phone to log in. No one can guess or duplicate those numbers (except microsoft of course, who log every key that is pressed and send it back to the mothership for "analysis"). Then, to prevent someone attempting to "steal" money from the account when the account holder leaves a computer logged in, all you need to do is repeat the magic number nonsense whenever the person that is actually in front of the computer attempts to do something that is material to the account. If the account holder never leaves it logged in, then even that's not necessary (yes I know, you can't tell if they have or not). And if you claim that you're worried that other people will see how much money they have in their account, well: the magic numbers don't prevent that, and in any case you sell all their "private" information to the "credit reference" crooks and the government crooks and the phone advertiser crooks anyway, so why care if some random person sees it?

    How many "experts" does it take to spoil the broth? How many have you got?
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