Tesco @ 396.15p, -1.15 (-0.29%)
Not a particularly promising start to life for Tesco Bank with savers locked out of their accounts for 3/4 days.
Not certain what the problem has been but it has come to light following the banks attempts to switch over savings and loan accounts to new systems which in turn has involved the allocation of new sort codes.
Various explanations around the net about certain browsers not working and the reputation of the customer helpline has also taken a battering.
Seems to have been a very frustrating time for many people and of those interviewed quite a few are saying that they will be closing accounts down.
Having experienced problems with other more established online offerings I can share their frustration and intent.
Tesco has come out and stated that they will address each compensation request on a case by case basis as long as it can be proven. But, will this be too little too late for some customers.
Not the best news for me as I thought that Tesco Bank could carve out a nice profitable niche for itself in a UK Banking sector where reputations have taken a battering and integrity is no longer a given.
I have already seen an early positive change in the stores following new Chief Executive - Philip Clarke statement that there would be a refocussing on its UK operations so it is a disappointment that the company has allowed something to escape in its fledgling Banking arm.
Hopefully, the situation can be rescued and the company will learn lessons from it.
Article links:
- www.thisismoney.co.uk: Crisis at Tesco Bank as online banking crashes and leaves customers locked out for THREE days
- http://faq.tescobank.com: Question: How can I claim compensation for costs I've incurred as a result of Tesco Bank's system issues?
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