TESCO Bank customers are furious after the bank has cancelled their switching requests ahead of all current account closures in November.
The supermarket’s banking arm announced last month that customers would have to either close their account or switch it to another bank – or to a Tesco Bank savings account – by November 30.
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It announced it was closing the service because only 12% of its 230,000 customers with an account used it as their main banking account.
Customers were they could choose to switch their Tesco Bank current account to another provider via the “Current Account Switching Service”, which is free.
However, customers have taken to social media to slam the bank claiming that their switching requests have been cancelled.
“So @tescobank you close current accounts encourage customers to switch and then cancel the switch through the switching service,” one customer said.
Another tweeted: “@tescobankhelp Tesco Bank announces that it’s closing current accounts, encourages customers to switch away, then cancels the switch request because you can’t handle the volumes.
“That’s pathetic customer service, you should have thought of that first. Unacceptable.”
While another customer raged: “I was supposed to be switching from Tesco Bank but they’ve cancelled a lot of recent switching requests.”
Tesco Bank has asked on its website for customers not to request a switch to a new bank at the moment while it deals with a backlog.
The Current Account Switching Service has to be completed in seven days – if it’s not, it may mean the customer may struggle to access their account.
It is understood Tesco cancelled some switches to avoid this issue happening.
A Tesco Bank spokesperson said: “Since we announced our Current Accounts are closing, we’ve received a high demand for current account switches, leading to delays for some customers.
“We’re contacting all customers affected to apologise for this temporary issue. In the meantime, customers can continue to use their Tesco Bank current accounts as normal.”
Tesco Bank said that customers who have had their switch declined have already been contacted by SMS.
They will then receive another SMS when Tesco Bank is ready to accept their switching request once more – you’ll have to re-submit it again.
We’ve asked Tesco Bank when customers will be receiving this SMS, and will update this article when we know more.
For customers who have yet to put in a switching request, Tesco Bank said to keep checking its website for more details when this service reopens.
If you don’t switch in time, Tesco Bank confirmed to The Sun that it will close your account automatically and send you a closing statement.
If you still have cash left in your account and you’ve missed the deadline, Tesco Bank will still automatically close your account for you and post a cheque with the remaining balance to your home address.
After November 30, you won’t be able to make any debit or credit transactions into your account, and any direct debit or standing orders will not be paid after this date.
It’s important to note that if you miss a bill payment, it could affect your credit score and your ability to apply for credit.
Tesco isn’t the only supermarket to have ditched its current account offering this year.
Marks & Spencer closed all current accounts and its 29 bank branches earlier this month.
The closures are a result of a surge in online banking, the posh shop said.
While other banks have announced widespread branch closures as Brits opt for internet banking services instead.
HSBC announced in January that it’s shutting 82 branches this year, and Santander announced it is planning to close 111 branches by the end of August as well.
Lloyds Banking Group announced it is to shut another 44 banks in its latest round of closures too.
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