If I could have given 0 stars then I would have.
I am treasurer for an archery club. We have banked with TSB for over 10 years. We are a limited company so we use TSB's business banking service. Over the past 2 years we have had a number of incidents that have soured our view of TSB permanently.
It is worth saying that the staff in the call centre are unfailingly courteous and helpful and are pleasure to deal with. However, our beef is with the back office functions, who are in some cases cannot be contacted by customers.
Our first problem was about 2 years ago, when I noticed that 4 large transactions had almost completely emptied our bank account. None of the club's officers had been involved with these. When I contacted TSB's security team it transpired that these had been executed in TSB's Cheltenham branch, about 90 miles from where we're based in Shropshire. TSB claimed that transactions had all been authorised by one of my committee colleagues - who had been nowhere near Cheltenham for several years. This was also despite our mandate stating that transactions required authorisation from two of our then four identified signatories. A friend of mine who is a former bank manager said that this bears the hallmark of a fraud that was perpetrated with inside assistance. TSB did refund all the money but would not disclose any details of their own investigation. TSB did pay £50 compensation, which was small beer compared with the stress the incident caused.
About a year later a similar event happened, again involving four transactions executed in branch, this time in a London branch. Again, TSB accepted that this was fraud and refunded the money. Also again, TSB paid £50 compensation. This time we complained to the Financial Ombudsman, who persuaded TSB to pay £500 in compensation.
3 months ago, in common with many clubs, we changed the composition of our committee. Since then I have made multiple attempts to update the business mandate to align with the new committee. TSB's mandates team has blocked these attempts for various reasons. They say they're committed to keeping our details up to date and yet they are unwilling to take the information that we have provided as a move towards the full information.
In their last communication, they threatened to suspend our account if we had not complied with their last request by 26th September. I submitted a new mandate on 3rd September. On the morning of 12th September I received an email stating that our account had been suspended - 14 days before the deadline and out of line with what had been stated in the most recent email.
TSB make some pathetic excuse that it's Government directives that have caused the changes in their processes - but in my view, that does not explain rubbish process design and under-resourced customer service teams. TSB further confuses things by having a Know Your Business (KYB) process that is separate from the mandates process. The KYB team uses different forms and processes - which to an outsider is very confusing.
.....and after all that, at the time of writing, we're still not done :-(
In all honesty, if someone asked me whether they should bank with TSB, I would answer with an emphatic NO, not if they were the last bank available.