A couple of months ago, I noticed a substantial interest payment on my credit card balance. As I always pay off the balance in full, I queried it. It turns out the payment - which was made from my bank using the Tesco app so no human intervention involved - was 1p short and this tiny shortfall added almost 50 quid in interest.
Tesco apologised and removed the charge. Last month I used the app again and all was fine. Today I made my usual monthly payment and it was again short by 1p. Fortunately I noticed and made a further payment.
I’ve just spoken to someone at Tesco who says this has been a known issue for some time and they are trying to resolve it with the banks. If people notice incorrect interest payments and let Tesco know, they will be refunded.
I’m concerned that many people aren’t checking their statements are paying over the odds due to an error of 1p in their automated transaction.