Why won't a TSB cheque clear on the same day when I pay it into my TSB account?
We’re upgrading our systems and our security and we now have to clear a TSB cheque in the same time that it takes for all other cheques. If you do want to access the money immediately why not ask the person paying you to use a faster payment. This way the money clears in your account immediately.
We are only changing IBANs that start with ’LLOY’. We won’t be able to tell you what it will be until it changes, so please check in Business Internet Banking (choose the 'Show IBAN/BIC' option when you've logged into your account) or on your statement from late April.
I receive a regular payment from abroad, will I need to let that person know that the BIC and IBAN are changing?
Yes, it’s a good idea to let them know as soon as you can see that the details have changed. We will let all foreign banks know about the change to the BIC but you will need to let the person who’s sending the payment know that your IBAN has changed (if it starts with ‘LLOY’).
Why can't I choose who pays the payment charges when I send money to a country within Europe?
If you normally send payments within the European Economic Area (EEA) that involve a currency conversion and you incur transfer or intermediary charges, then you previously had a choice to pay the charges yourself, request that the recipient pays or split the charges between you.
In order to comply with the new Payment Services Regulations 2017 this has changed so that the charges will be split between you and the recipient for all payments within the EEA regardless of currency.
What are authorised online third party providers?
There are companies that offer external services to allow you to see a consolidated view of your different financial accounts and others that can initiate online payments on your behalf. We refer to these companies as online third party providers. The online third party provider must be authorised by the Financial Conduct Authority (FCA) and you need to give them explicit consent to act on your behalf. We provide more information on aggregators and payment initiators below.
What is an Aggregator?
An Aggregator is a company who can display information from multiple places in a single site, for example holiday or insurance comparison websites. Some aggregators can display all of your online bank accounts with different providers, in a single place using either a webpage or a mobile application. They can be used to help you track your finances and manage your budget. In order to access your TSB account, the aggregator will need to access your account(s) using Business Internet Banking.
You should only provide your security details to an authorised Aggregator. You will need to give the Aggregator explicit consent to access your TSB business account(s) using Business Internet Banking.
What is a Payment Initiator?
A Payment Initiator is a company that can initiate a payment from your online bank account, for example they can request a Faster Payment be sent to a person or organisation. In order to access your TSB account, the payment initiator will need to access your account(s) through Business Internet Banking, and will need to use your security details. You should only provide your security details to an authorised Payment Initiator, and any time they access your account or initiate a payment, we’ll take this as being instructed by you. You will need to give the Payment Initiator explicit consent to access your TSB account(s) using Business Internet Banking.
How can I tell if an Aggregator or Payment Initiator is authorised?
From 13 January 2018 the FCA will maintain a list of all registered Aggregators and Payment Initiators. The register can be searched from the following link: https://register.fca.org.uk/. You shouldn’t provide your security details to anyone who is not on the authorised list. If an authorised Third Party accesses your account, we’ll take this as being instructed by you.