I’ve waited months for my TSB compensation

Published by Simon Read on 19 March 2019.
Last updated on 19 March 2019

TSB sign

Moneywise helps a reader still waiting for payment

Does the £100 compensation offered by TSB to disgruntled customers after their computer chaos last year actually exist? I have been to the Financial Conduct Authority and it ordered the TSB to pay me. I haven’t been paid and have told TSB, but still there’s nothing.

SH/Reading

You first contacted me about your problems with TSB last year when you couldn’t get at your cash because of the bank’s widely reported computer problems.

We helped you unlock your account and get your cash, at which point you understandably decided enough was enough and switched to another bank. That seems to have sparked the problem with your £100 compensation for the disruption. When you tried calling the bank to find out what was going on, you were told that as you were now not a customer, telephone banking couldn’t help you. Unbelievable!

You were told to pop to a local branch but as TSB shut the nearest one, that would have involved a day trip for you, which you naturally declined to do.

After we exchanged comments about the issue on social media, your cheque suddenly turned up, which must have been a coincidence.

I asked TSB how many others were still waiting for their compensation.

A TSB spokesperson told me: “We would like to apologise to any of our customers who may still be waiting for a resolution to their complaint. We are working as hard and as quickly as we can, but we can guarantee that no customer will be left out of pocket as a result of migration and no complaint will go unanswered. As at the end of January, we have resolved around 90% (181,000) of all the customer complaints received since migration.”

OUTCOME: TSB agrees to pay £100 compensation

Simon Read is a a money writer and broadcaster. He was personal finance editor at The Independent and is an expert on BBC1’s Right On The Money

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