TSB woes

[najaB]

The ICO (as mentioned previously) is going to have a field day with TSB and I can see a rather large fine rightly coming their way.

In which case the only silver lining for TSB is that this happened now rather than in a month's time.

 

[Crossover]

and in addition to some people getting other peoples accounts, some were getting the account numbers and sort codes as well, not good.

A bit of inconvenience is one thing but managing to mess it up so badly is something that shouldn't be allowed to happen. If it's not currently working properly then don't make it live despite the extra inconvenience.

The ICO (as mentioned previously) is going to have a field day with TSB and I can see a rather large fine rightly coming their way.

In which case the only silver lining for TSB is that this happened now rather than in a month's time.

This! Maximum fine under DPA is £500,000 if they are pursued. Under GDPR however...

 

[Senex]

And internet banking still isn't back up this morning.

 

[nlogax]

System can only manage 50% of required throughput hence the continued lockouts to customers trying to access their money and account info, but it's unclear if that's by design while the throttling continues or it's a fundamental design flaw. It's been reported this morning that an IBM team are flying in to help get to the bottom of things. Could be a hint that the problem reaches beyond the code and into the infrastructure layer?

 

[Senex]

System can only manage 50% of required throughput hence the continued lockouts to customers trying to access their money and account info, but it's unclear if that's by design while the throttling continues or it's a fundamental design flaw. It's been reported this morning that an IBM team are flying in to help get to the bottom of things. Could be a hint that the problem reaches beyond the code and into the infrastructure layer?

It does sound as if it may be somewhat worse than they have admitted, with Sabadell now saying it will be the middle of next week before things begin to get back to normal. I understood the 50% to be a deliberate throttling back just whilst the system settled down, and it's clear that some customers were indeed presented with a screen saying that the system was running but only 50% could use it so others should try again later. But others of us, me included just a few minutes ago, continue to get the No Service screen. But even now it seems that the bank is trying to play the PR game, with its offer of a form of general compensation to just two groups of its customers, overdraft holders and users of one particular brand of current account (who are to see an interest-rate rise). Still, as we heard apparently on R4 this morning, the CEO is now taking personal charge ...

 

[whhistle]

If the reports on twitter are correct; some users logging on to their mobile banking have been getting other people's accounts. All the stuff about facebook privacy is nothing compared to giving someone the opportunity to remove all your money.

Except you didn't have access.
Did anyone actually try and transfer it? No.

Just like your sort code and account details aren't really that secret. Yes, someone signed Jeremy Clarkson to a Direct Debit, but keep an eye on them and it's fine.

I have a TSB account.
But I haven't looked at it in months (despite being my main account).
I didn't feel the need to log on as soon as they'd finished the work, nor have I tried since.

 

[Howardh]

Did anyone actually try and transfer it? No.
I have a TSB account.
But I haven't looked at it in months (despite being my main account).

1. Can you provide proof that no-one's attempted to transfer money which wasn't their own?
2. The banks under normal circumstances advise everyone to regularly check their statements and/or internet accounts and to report any suspected fraud.

 

[najaB]

1. Can you provide proof that no-one's attempted to transfer money which wasn't their own?

Generally speaking, it's considered impolite to ask someone to prove a negative.

 

[Kite159]

I have managed to log in, although that was going via the link on the homepage of TSB rather than the link I've got bookmarked.

Although the entries for my credit card account are oddly presented and I can't seem to generate this month's statement

 

[radamfi]

But even now it seems that the bank is trying to play the PR game, with its offer of a form of general compensation to just two groups of its customers, overdraft holders and users of one particular brand of current account (who are to see an interest-rate rise).

Is there any reason to have any other TSB current account? The Current Plus is the only one that pays interest, unless you are a student or under 19. The benefits from the other accounts can be bettered elsewhere. I haven't been inconvenienced by the outage so I can't complain about an extra £30 a year interest (gross). However, they are only putting the interest rate back to where it was.

 

[whhistle]

1. Can you provide proof that no-one's attempted to transfer money which wasn't their own?

No I can't. But nobody has said they have been able to either.
I would have thought if someone tried and reported it, that would be the lead story.
However, I suspect IF anyone was able to log on to internet banking for enough time to make the transfer, they wouldn't want to say anything as they may get painted as the bad guy.
And thus, as it hasn't been reported that it could happen, it's safe to say it probably hasn't. The only report I've read/heard is the guy who "saw £35,000, and a business account as well as his own" <-- haven't heard any others so perhaps an isolated incident.

...and users of one particular brand of current account.

Why not jst name the account instead of being all secretive about it.
And please cite your source as I understand "NOBODY would be left out of pocket".

 

[Senex]

Why not jst name the account instead of being all secretive about it.

It's not my account and I just couldn't remember the precise name when I was writing.

And please cite your source as I understand "NOBODY would be left out of pocket".

There's a difference between compensation for financial loss and compensation for inconvenience. I too understand it as nobody will be left out of pocket. But overdraft-holders and users of the Classic Plus account—just two groups out of all of the bank's customers—are to get what is effectively financial compensation for inconvenience, in that they will benefit from cancellation of charges and higher interest-rates even if they suffered no financial loss. This seems to me very much to bear the marks of a PR department: buy off two large and potentially noisy groups (the ones the politicians care about) and leave all the rest to stew, on the basis that they aren't sufficient in numbers to do much PR damage.

 

[nlogax]

TSB + Sabadell management currently being drilled by the Treasury Committee. Wincing and awkward moments to come, I'm sure.

http://parliamentlive.tv/Event/Index/204ad0a5-9efc-4cc8-a935-cb6888f273ac

 

[Kris J]

The writing was on the wall long before TSB's IT meltdown in 2018 which illustrated not only their crass arrogance and ineptitude in dealing with Customer complaints but the low regard with which they held their customers from day one

In March 2015, my children and I wanted to invest a small sum of money left to us by my late wife. We each opened a Classic Plus account with TSB, and as this was to be a small investment vehicle to be left alone working in the background, no further input was deemed necessary.
Or so we thought.
A periodic check of our accounts revealed that, after July 2016, interest payments had mysteriously ceased without notice. The matter was raised in-branch and eventually, though somewhat reluctantly, resolved. However, TSB letter dated 18-July 2017 implied that we were somehow at fault in not accessing our InBox to check for online correspondence.

As my son works abroad it was not until much later in the year did we learn that no such correspondence was sent to him and his account had still not been credited with either the outstanding interest or nominal compensation, as had been offered in our case.

My son then embarked upon a string of correspondence totalling no less than six letters to the local Branch Managers, Head Office, Customer Services - all to no avail. At the height of the IT meltdown TSB had the gall to send an e-mail apologising for its failures and encouraged him to send in details if his complaint which he did but, again, with no response.

As TSB had neither formally responded to his case, nor submitted their final letter, he could not elevate his complaint to the Financial Services Authority and so was left in a state of limbo.

His Classic Plus account commenced to attract interest only after 02-June 2018, over three years after setting up the account, and then only following an abject public apology from TSB in the aftermath of its IT debacle. To date there has been no formal response to his legitimate and extensive correspondence in complaint nor retrospective interest payment to his very modest savings account.

Eventually he took time off from a family visit at Christmas 2018 to once again seek to have the matter resolved in-branch. Branch staff refused to accept his complaint despite being shown copies of his statements. TSB appeared to be very selective in its ‘Plusness’ and was clearly taking him for granted.

As recommended by its own recent advertising slogan, he chose to ‘break free and go somewhere better’ - he closed the account and took his money elsewhere but without the accrued interest.

 

[Busaholic]

The writing was on the wall long before TSB's IT meltdown in 2018 which illustrated not only their crass arrogance and ineptitude in dealing with Customer complaints but the low regard with which they held their customers from day one

In March 2015, my children and I wanted to invest a small sum of money left to us by my late wife. We each opened a Classic Plus account with TSB, and as this was to be a small investment vehicle to be left alone working in the background, no further input was deemed necessary.
Or so we thought.
A periodic check of our accounts revealed that, after July 2016, interest payments had mysteriously ceased without notice. The matter was raised in-branch and eventually, though somewhat reluctantly, resolved. However, TSB letter dated 18-July 2017 implied that we were somehow at fault in not accessing our InBox to check for online correspondence.

As my son works abroad it was not until much later in the year did we learn that no such correspondence was sent to him and his account had still not been credited with either the outstanding interest or nominal compensation, as had been offered in our case.

My son then embarked upon a string of correspondence totalling no less than six letters to the local Branch Managers, Head Office, Customer Services - all to no avail. At the height of the IT meltdown TSB had the gall to send an e-mail apologising for its failures and encouraged him to send in details if his complaint which he did but, again, with no response.

As TSB had neither formally responded to his case, nor submitted their final letter, he could not elevate his complaint to the Financial Services Authority and so was left in a state of limbo.

His Classic Plus account commenced to attract interest only after 02-June 2018, over three years after setting up the account, and then only following an abject public apology from TSB in the aftermath of its IT debacle. To date there has been no formal response to his legitimate and extensive correspondence in complaint nor retrospective interest payment to his very modest savings account.

Eventually he took time off from a family visit at Christmas 2018 to once again seek to have the matter resolved in-branch. Branch staff refused to accept his complaint despite being shown copies of his statements. TSB appeared to be very selective in its ‘Plusness’ and was clearly taking him for granted.

As recommended by its own recent advertising slogan, he chose to ‘break free and go somewhere better’ - he closed the account and took his money elsewhere but without the accrued interest.

I remember when the TSB was the Trustee Savings Bank. I opened an account there on leaving school in 1967 and felt no need to open an account with a clearing bank for some years. Their days were numbered with the creation of the 'superbanks' like Nat West and the mergers between mutual building societies, which were encouraged by the election of a Conservative government under Margaret Thatcher in 1979. The current TSB isn't even a pale imitation of a once-great institution.

 

[GaryMcEwan]

I've just referred TSB to the Financial Ombudsman with regards to my account.

I raised a complaint with regards to payments on my account and as per the FCA Guidelines and TSB's Complaint Guidelines these types of complaints should be dealt with within 15 days.

It took them 2 months and logged the complaint and a 'Non Payment Complaint' and said that the issue behind the complaint wasn't because of the payments but because of the letter that I had received from them.

I fully disagreed with them on every point they made in the final decision and they deadlocked the complaint.

I've never known a bank to be such a shambles and unprofessional. I've used Monzo now for just over a year and not had one issue with them and actually cannot rate them enough.

 

[radamfi]

I've used Monzo now for just over a year and not had one issue with them and actually cannot rate them enough.

Maybe so, but they don't pay as much interest. Nobody other than TSB and Nationwide pay 5% credit interest but Nationwide only pays 5% for the first year. Some of my colleagues have the Monzo app and it looks cool, but until Monzo start paying more than 1.5% interest, I won't be interested.

 

[GaryMcEwan]

I'm not interested in interest rates via banks. That's why I buy shares in my employer every month as at least I know I'll get a good return on them.

 

[bubieyehyeh]

I'm still waiting for them to even look at two complaints from July 2018.

 

[najaB]

I'm not interested in interest rates via banks. That's why I buy shares in my employer every month as at least I know I'll get a good return on them.

I bought discounted shares in my last employer at £3.60-ish. They're sitting at £2.28 at the moment. I think the word you're looking for is 'hope'.

 

[Bletchleyite]

Maybe so, but they don't pay as much interest. Nobody other than TSB and Nationwide pay 5% credit interest but Nationwide only pays 5% for the first year. Some of my colleagues have the Monzo app and it looks cool, but until Monzo start paying more than 1.5% interest, I won't be interested.

I have a savings account (Tesco) for earning interest. For my current account, convenience and smoothness of operation with as much self-service as possible is my priority.

I like Monzo enough that I'd pay a few quid monthly fee for it, let alone be bothered about a few pence of interest.

 

[Dai Corner]

I bought discounted shares in my last employer at £3.60-ish. They're sitting at £2.28 at the moment. I think the word you're looking for is 'hope'.

Unkss Gary's actually buying share options and has the option when they mature of buying shares at a pre-determined price or having the money back with interest? I did well out of such a scheme but that was back in the 1980s.

 

[najaB]

Unkss Gary's actually buying share options and has the option when they mature of buying shares at a pre-determined price or having the money back with interest?

But then it's still a hope to do well, as opposed to certain knowledge. No?

As an aside, I think most schemes pay little (or no) interest on the money banked.

 

[radamfi]

I have a savings account (Tesco) for earning interest. For my current account, convenience and smoothness of operation with as much self-service as possible is my priority.

I like Monzo enough that I'd pay a few quid monthly fee for it, let alone be bothered about a few pence of interest.

You could use TSB for savings and Monzo for day to day spending. The Tesco current account actually has a better interest rate than their savings account, although you need to have 3 direct debits per month to qualify for interest. So you could use TSB for the first £1,500 of savings, and Tesco for the next £3,000.

 

[Lucan]

The Tesco current account actually has a better interest rate than their savings account, although you need to have 3 direct debits per month to qualify for interest.

Tesco allow you (or used to) to have two current accounts, both at 3%. From their website :-

To earn 3% AER credit interest on balances up to £3,000, simply pay in at least £750 and pay at least three Direct Debits each statement month.

Maybe I have grandfather rights, but I don't have any DDs with them and still get the interest. I keep £3000 in each account and meet the £750 condition by moving a further £1000 backwards and forwards beteen them and two external bank accounts by monthly STOs. Best interest rate around apart from those yearly-limit regular savers, which are not as good as they first sound.

 

[radamfi]

Tesco allow you (or used to) to have two current accounts, both at 3%. From their website :-

To earn 3% AER credit interest on balances up to £3,000, simply pay in at least £750 and pay at least three Direct Debits each statement month.

Maybe I have grandfather rights, but I don't have any DDs with them and still get the interest. I keep £3000 in each account and meet the £750 condition by moving a further £1000 backwards and forwards beteen them and two external bank accounts by monthly STOs. Best interest rate around apart from those yearly-limit regular savers, which are not as good as they first sound.

Yes, for new customers they started to insist on active direct debits.

 

[Muttley]

I'm not interested in interest rates via banks. That's why I buy shares in my employer every month as at least I know I'll get a good return on them.

No no no. The very worst thing you can do.
Should your employer go bust, and even well run companies can get pushed into that via circumstances beyond their control, then you've lost your monthly income and your savings.

 

[Bletchleyite]

No no no. The very worst thing you can do.
Should your employer go bust, and even well run companies can get pushed into that via circumstances beyond their control, then you've lost your monthly income and your savings.

And you don't know that any shares will go up or down. Any organisation selling the stock market as an investment states this very clearly.

 

[najaB]

Should your employer go bust, and even well run companies can get pushed into that via circumstances beyond their control, then you've lost your monthly income and your savings.

In theory, at least, the savings should be held by an external third-party. I'd be very wary of a scheme were the company held the funds themselves.

 

[Bletchleyite]

In theory, at least, the savings should be held by an external third-party. I'd be very wary of a scheme were the company held the funds themselves.

If he's bought actual shares (rather than options) they will be worth 0 if the company folds.