Thousands of customers will be contacted by Tesco Bank explaining a huge transfer deal, which was approved by the High Court last month. Here’s everything you need to know…
Tesco Bank has issued an urgent statement to its customers following a major shakeup. The supermarket’s financial arm, which operates as Tesco Personal Finance Plc, has officially been transferred over to banking giant Barclays following High Court approval on October 17. Now, all Tesco Bank customers will have their credit card, personal loan, savings and Clubcard Pay+ accounts and products managed by Barclays.
Insurance products, travel money, gift cards and ATMs were not included in the deal – which is reported to be worth around £600 million – and will therefore remain under the Tesco brands. Screenshots seen by the Mirror show Tesco Bank customers have since received an email stating that Barclays is now a ‘data controller’ for their personal information.
“Barclays is now responsible for gathering, storing, keeping you personal data safe, and managing any subject access requests,” the correspondence reads. “Though Barclays is now a data controller, you should continue to contact Tesco Bank in the usual ways for any support with your data.”
However, customers were reassured that there will be no ‘immediate changes’ to how they use and manage their accounts on a ‘day-to-day basis’. This includes how you spend, make payments, and transfer money; accessing the Tesco Bank website, Mobile App, and Online Banking; how you contact Tesco Bank; how you collect Clubcard points; any direct debits or standing orders, and any arrangements for additional support you have in place.
The company refers customers to its Customer Booklet for more information, including if you need to do anything to keep your balances protected by the Financial services Compensation Scheme (FSCS). If you’re concerned about the transfer affecting you or your finances, you can read more here.
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“We are delighted to be working alongside Barclays to unlock even greater value for Tesco Bank customers,” said Ken Murphy, Group Chief Exeutive Officer of Tesco. “Through our strategic partnership, customers will have access to new and innovative propositions, while continuing to enjoy the unique benefits of Tesco Clubcard.”
Vim Maru, Chief Executive of Barclays UK, described the move as a ‘significant step’ in the growth of Barclays UK. He added: “We will bring the strength of both businesses together, benefitting customers and colleagues. I am excited that the combination of our brands, alongside the benefits of Clubcard and its loyalty scheme, will support millions of households across the UK with their financial needs.”
It’s always important to be aware of security and fraud. Tesco Bank will never ask you to disclose your security information through email or SMS.
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