Tesco Bank Savers Unable to Access Online Accounts
Published: 23 June 2011 By Julian Stone 12 Comments
After being hit by a computer fault at the weekend, Tesco Bank has confirmed that some of its customers are still unable to access their online savings accounts, raising questions about the reliability of the service.
Growing numbers of people are using online banking to make payments, keep track of expenses and manage their money because it’s convenient, quick and safe – but it relies on the computer systems of the company responsible.
That’s what Tesco Bank customers had to find out the hard way on Saturday when they found themselves unable to access their online savings accounts.
The fault is thought to have occurred when Tesco Bank took full control of its savings and loan products from former partner RBS.
The glitch proved disastrous for savers because most of Tesco Bank’s 6.5 million customers use a telephone and internet-only banking service – and the online problems resulted in the phone service being overloaded.
According to a Tesco spokesman, the online service has since been restored, but a minority of customers are still experiencing technical faults when accessing their accounts using Internet Explorer 9. He added the company would be issuing further guidance to these customers.
Tesco Bank currently offers a range of financial products to its customers, including savings accounts, insurance, credit cards and loans.
Moneyhighstreet comments: “Many of the best deals on financial products can be found online, but many of the banks offering them also operate only online or via telephone. This helps them keep their overheads down, allowing them to offer their customers more attractive deals.
“The downside is that if their computer system goes down or suffers from a glitch or fault, customers often lose access to their money – helplines quickly get bogged down with enquiries, causing customers further frustration.
“If you regularly need to access your savings, you may want to consider keeping some in a traditional account, which gives you access to a local or high street branch.”