I have just opened a fixed rate account but I am now reluctant to transfer funds from Natwest as Natwest does not recognise the payee name and a warning is flagged up. I would like to send a token amount of money first to check that the Tesco Account is working ok, but apparently only one payment is allowed into a fixed rate saver. Not sure what to do, I don't want all my money to disappear. I may have to abandon the Tesco Fixed rate account.
Hi @Wrpgh02, due to this account only accepting one deposit and no withdrawals, this can't be done. The minimum deposit on this account is £2000 but what I can do is get your comments fed back to the appropriate team.
Yes I would like to see an answer to this too please. I have been daft and forgot the instruction to make only ONE payment into the account, and sent a 'test' payment of £10 to my new fixed rate account, for the same reason. Now what do I do? Interestingly this was 2 days ago and the £10 has not appeared in my account, but that could be because it is under the minimum payment required? Like the OP I am reluctant to send a large sum to an account that cannot be verified.
@PetraB I did a lot of research last night. Only the 6 big banks use the name checking system, Tesco don't use it. It exists to make sure that you aren't paying someone trying to scam you by giving a different name for an account. As long as you put the sort code and account no in accurately all will be ok. I transferred a large sum early this morning and it is now showing in my account.
Maybe you should phone Tesco? The numbers are available on the website. Best wishes, Karen
@Markp123 no it will never work. I thought about sending a cheque. Just make sure you have the right account numbers.
Think I'll see if I can set up a current account with tesco, transfer a small amount to that, followed by the larger amount when I see it arrives safely, then do an internal transfer from the tesco current account to the fixed savings one.
@Markp123 I'm afraid that we no longer offer Current Accounts. The verification is held by the sending back recognising the sort code, so until they update this at their end the verification won't work.
@Karenlovestodance - I spoke to Tesco and they advised that I should check with my bank as to the method of payment - BACS etc. I spoke to NatWest. They advised that they use Faster Payments and the money should be in my account on the same day. It has been 2 days now and the money is still not in my Tesco bank account. The wait time is over 30mins to call Tesco - I am hanging on as we speak..
I phoned Tesco this morning - very helpful assistant. I opened an account but sent more cash than I had agreed, which apparently you are not allowed to do. If you send more than agreed it gets returned to you.
She altered my agreed amount to the amount I sent and now hoping all will match up.
All rather stressful 😥
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EmployeeVerified AnswerHi @Wrpgh02, due to this account only accepting one deposit and no withdrawals, this can't be done. The minimum deposit on this account is £2000 but what I can do is get your comments fed back to the appropriate team.
21-10-22 12:22Yes I would like to see an answer to this too please. I have been daft and forgot the instruction to make only ONE payment into the account, and sent a 'test' payment of £10 to my new fixed rate account, for the same reason. Now what do I do? Interestingly this was 2 days ago and the £10 has not appeared in my account, but that could be because it is under the minimum payment required? Like the OP I am reluctant to send a large sum to an account that cannot be verified.
KeiganM
RossM