Lloyds Bank about to feel my wrath!
09 September 2010, 08:09 PM
#1
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Lloyds Bank about to feel my wrath!
I am seething.
Mrs Lewis opened an account with them on 28th August 2009 - for 12 months if you withdrew any money you would lose a months interest on the whole balance, the Interest was to be paid monthly - on the 28th of each month (or thereabouts).
Fair enough, rules understood and accepted.
After 12 months the account would revert to a 'normal' account paying a pathetic 0.1%.
Lloyds, kindly, sent the Mrs a letter in late July 2010 saying that her account matures on 28th August 2010 and she should revisit her options as the account will revert to a standard account with the relevant (awful) Interest Rate.
So, I made a note to move the money when the restrictive terms and conditions ended on 28th August 2010. We were going away on 31st August 2010 (the day after the Bank Holiday) - so, I thought, that would be the date to move the cash into another higher Interest paying account (with the same Bank, Lloyds).
On 31st August the entire funds were moved.
When we returned from our break on 5th September I went into the Accounts to move the monthly Interest payment which should have been paid for August 2010.
NOTHING in the Account!!! No interest paid for August!!
I contact them, in a 45 minute telephone call:-
1. Customer Services cannot understand what has gone on.
2. The Internet Banking arm thinks that Interest should have been paid as the terms and conditions were not breached.
3. The Accounts department say that Interest wasn't paid because it was a Bank Holiday and the money should have been removed on 1st September 2010 (a day after the day after a Bank Holiday, WTF?) to get paid Interest for August 2010!!!!!!!!
FUMING!!!!!
The Account reverted to a basic account on 28th August 2010, therefore (to me) the Terms and Conditions were now as the new account (which allows penalty free withdrawals). However, according to Lloyds Bank the Interest Rate paid on the Account dropped on 28th August - but the terms and conditions didn't change until the day after the day after the Bank holiday!!!!
I have lodged a complaint (a concern, they like to call it!) ....... I will go all the way to the Onbudsman if need be.
But, I see that Lloyds had 21,000 complaints sent to the Onbudsman last year ..... they don't seem to care in all honesty!
Rant over - Mr Lewis versus Lloyds Bank ....... what's your estimation of my chances of winning the months interest they have stolen off the wife?
Mrs Lewis opened an account with them on 28th August 2009 - for 12 months if you withdrew any money you would lose a months interest on the whole balance, the Interest was to be paid monthly - on the 28th of each month (or thereabouts).
Fair enough, rules understood and accepted.
After 12 months the account would revert to a 'normal' account paying a pathetic 0.1%.
Lloyds, kindly, sent the Mrs a letter in late July 2010 saying that her account matures on 28th August 2010 and she should revisit her options as the account will revert to a standard account with the relevant (awful) Interest Rate.
So, I made a note to move the money when the restrictive terms and conditions ended on 28th August 2010. We were going away on 31st August 2010 (the day after the Bank Holiday) - so, I thought, that would be the date to move the cash into another higher Interest paying account (with the same Bank, Lloyds).
On 31st August the entire funds were moved.
When we returned from our break on 5th September I went into the Accounts to move the monthly Interest payment which should have been paid for August 2010.
NOTHING in the Account!!! No interest paid for August!!
I contact them, in a 45 minute telephone call:-
1. Customer Services cannot understand what has gone on.
2. The Internet Banking arm thinks that Interest should have been paid as the terms and conditions were not breached.
3. The Accounts department say that Interest wasn't paid because it was a Bank Holiday and the money should have been removed on 1st September 2010 (a day after the day after a Bank Holiday, WTF?) to get paid Interest for August 2010!!!!!!!!
FUMING!!!!!
The Account reverted to a basic account on 28th August 2010, therefore (to me) the Terms and Conditions were now as the new account (which allows penalty free withdrawals). However, according to Lloyds Bank the Interest Rate paid on the Account dropped on 28th August - but the terms and conditions didn't change until the day after the day after the Bank holiday!!!!
I have lodged a complaint (a concern, they like to call it!) ....... I will go all the way to the Onbudsman if need be.
But, I see that Lloyds had 21,000 complaints sent to the Onbudsman last year ..... they don't seem to care in all honesty!
Rant over - Mr Lewis versus Lloyds Bank ....... what's your estimation of my chances of winning the months interest they have stolen off the wife?
Last edited by pslewis; 09 September 2010 at 08:13 PM.
09 September 2010, 08:23 PM
#7
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Certainly:-
Incentive Saver important information
Our agreement with you is made up of general conditions (contained in the Personal Banking terms and conditions leaflet) and additional conditions. These include the conditions below and the Banking Charges guide. If there is any overlap or conflict between the additional conditions and the Personal Banking terms and conditions, the additional conditions apply.
Incentive Saver Account is an internet-based restricted savings account available if you have a current account with us. It lasts for a year, has a variable interest rate, and you earn interest in any month you do not make a withdrawal. It is provided by Lloyds TSB Bank plc or Lloyds TSB Scotland plc, depending on which bank your current account is with.
ELIGIBILITY
1.1 To have the Account you must be 16 or over and have a current account with us.
1.2 You can only open the Account through Internet Banking and you can only have one Account in either your sole name or held jointly.
DEPOSITS AND WITHDRAWALS
2.1 The Account has a minimum opening balance of £1 and a maximum balance of £50,000.
2.2 You can pay money into the Account in branch, or by transferring money from another account with us or another bank.
2.3 You can only make payments from this Account using Telephone Banking or Internet Banking and the payment must be to a Lloyds TSB current or savings account in your name (in the case of a joint account, in any of your names). You cannot set up standing orders on the Account to make these payments.
2.4 If you make a withdrawal in a month you will not earn interest on the Account in that month. A month is taken from the date of account opening, and will fall on the same date each calendar month (or the next working day if this is a non-working day or there is no such date in any particular month).
INTEREST
3.1 The Account interest rate only applies to balances of £1 to £50,000. This means that if your balance is over £50,000 only the first £50,000 will earn interest.
3.2 The interest rate is variable. You will find our current interest rates for the Account in our UK branches, online at www.lloydstsb.com or by phoning us on 0845 300 0032.
3.3 We will pay any interest you earn on the Account monthly.
3.4 You can ask us to pay interest into a different account with us. Please call into any of our branches to arrange this.
CLOSING YOUR ACCOUNT
4.1 Your Account will end on the first anniversary of opening the Account and we will convert it into an Easy Saver (or similar account if the Easy Saver is no longer available). Your account number will remain the same. You can close this Account at any time without losing the interest you have already earned.
COOLING OFF
5.1 If you are not happy with your choice of account or service, you can cancel it within 30 days of opening the account or taking the service. We will then help you to move to another account we offer or will return your money to you with any interest you have earned.
That's what we were supplied when opening the Account.
I cannot see how they can wriggle out of paying the Interest for August?
How many people have they stitched up on this? The Account was operated in good faith by the wife, the removal of funds was done in good faith (following our understanding of the Terms and Conditions).
I know we are getting on in years and may miss something, sometimes .... but cannot see where we have fallen foul here?
Incentive Saver important information
Our agreement with you is made up of general conditions (contained in the Personal Banking terms and conditions leaflet) and additional conditions. These include the conditions below and the Banking Charges guide. If there is any overlap or conflict between the additional conditions and the Personal Banking terms and conditions, the additional conditions apply.
Incentive Saver Account is an internet-based restricted savings account available if you have a current account with us. It lasts for a year, has a variable interest rate, and you earn interest in any month you do not make a withdrawal. It is provided by Lloyds TSB Bank plc or Lloyds TSB Scotland plc, depending on which bank your current account is with.
ELIGIBILITY
1.1 To have the Account you must be 16 or over and have a current account with us.
1.2 You can only open the Account through Internet Banking and you can only have one Account in either your sole name or held jointly.
DEPOSITS AND WITHDRAWALS
2.1 The Account has a minimum opening balance of £1 and a maximum balance of £50,000.
2.2 You can pay money into the Account in branch, or by transferring money from another account with us or another bank.
2.3 You can only make payments from this Account using Telephone Banking or Internet Banking and the payment must be to a Lloyds TSB current or savings account in your name (in the case of a joint account, in any of your names). You cannot set up standing orders on the Account to make these payments.
2.4 If you make a withdrawal in a month you will not earn interest on the Account in that month. A month is taken from the date of account opening, and will fall on the same date each calendar month (or the next working day if this is a non-working day or there is no such date in any particular month).
INTEREST
3.1 The Account interest rate only applies to balances of £1 to £50,000. This means that if your balance is over £50,000 only the first £50,000 will earn interest.
3.2 The interest rate is variable. You will find our current interest rates for the Account in our UK branches, online at www.lloydstsb.com or by phoning us on 0845 300 0032.
3.3 We will pay any interest you earn on the Account monthly.
3.4 You can ask us to pay interest into a different account with us. Please call into any of our branches to arrange this.
CLOSING YOUR ACCOUNT
4.1 Your Account will end on the first anniversary of opening the Account and we will convert it into an Easy Saver (or similar account if the Easy Saver is no longer available). Your account number will remain the same. You can close this Account at any time without losing the interest you have already earned.
COOLING OFF
5.1 If you are not happy with your choice of account or service, you can cancel it within 30 days of opening the account or taking the service. We will then help you to move to another account we offer or will return your money to you with any interest you have earned.
That's what we were supplied when opening the Account.
I cannot see how they can wriggle out of paying the Interest for August?
How many people have they stitched up on this? The Account was operated in good faith by the wife, the removal of funds was done in good faith (following our understanding of the Terms and Conditions).
I know we are getting on in years and may miss something, sometimes .... but cannot see where we have fallen foul here?
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09 September 2010, 08:24 PM
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09 September 2010, 08:28 PM
#11
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...or the next working day if this is a non-working day or there is no such date in any particular month
09 September 2010, 08:29 PM
#12
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But, yes, in our case it is a small amount in absolute terms.
However, anyone who knows me know that I will never let it drop .... not until satisfied and treated correctly. CURRYS made the mistake of underestimating me. It would be folly of Lloyds to do the same.
That said, the fight is what I enjoy ..... the financial amount is secondary.
09 September 2010, 08:30 PM
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09 September 2010, 08:36 PM
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Get technical with them, let them know there double-precision number's (values), for that given month are incorrect and as such are maybe receiving incorrect formatting results when manipulating expressions in a binary context.
09 September 2010, 08:37 PM
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PSL, I am a little confused how a monthly paying account can mature before the end of the month TBH after all the month usually runs from the 1st to the last day of the month 28/29/30/31 depending on what year or month you are in ;-)
TBH if you escalate it to the complaints team you will probably get your months money paid with any fuss, especially as you say you have a letter stating the mature date of 28/08/10 if this is the case then you should be covered for the claim.
I would send a copy of the letter to the complaints team.
21,000 complaints, did you check the figures for Santander, HSBC, Barclays, RBS, Co-Op, CitiBank, AIB, Clydesdale/Yorkshire and so on? compared to the amount of customers they have, I would imagine proportionally that figure could be quite low.
Anyway good luck with getting your interest :-)
TBH if you escalate it to the complaints team you will probably get your months money paid with any fuss, especially as you say you have a letter stating the mature date of 28/08/10 if this is the case then you should be covered for the claim.
I would send a copy of the letter to the complaints team.
21,000 complaints, did you check the figures for Santander, HSBC, Barclays, RBS, Co-Op, CitiBank, AIB, Clydesdale/Yorkshire and so on? compared to the amount of customers they have, I would imagine proportionally that figure could be quite low.
Anyway good luck with getting your interest :-)
09 September 2010, 08:37 PM
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PSL, I am a little confused how a monthly paying account can mature before the end of the month TBH after all the month usually runs from the 1st to the last day of the month 28/29/30/31 depending on what year or month you are in ;-)
TBH if you escalate it to the complaints team you will probably get your months money paid with any fuss, especially as you say you have a letter stating the mature date of 28/08/10 if this is the case then you should be covered for the claim.
I would send a copy of the letter to the complaints team.
21,000 complaints, did you check the figures for Santander, HSBC, Barclays, RBS, Co-Op, CitiBank, AIB, Clydesdale/Yorkshire and so on? compared to the amount of customers they have, I would imagine proportionally that figure could be quite low.
Anyway good luck with getting your interest :-)
TBH if you escalate it to the complaints team you will probably get your months money paid with any fuss, especially as you say you have a letter stating the mature date of 28/08/10 if this is the case then you should be covered for the claim.
I would send a copy of the letter to the complaints team.
21,000 complaints, did you check the figures for Santander, HSBC, Barclays, RBS, Co-Op, CitiBank, AIB, Clydesdale/Yorkshire and so on? compared to the amount of customers they have, I would imagine proportionally that figure could be quite low.
Anyway good luck with getting your interest :-)
09 September 2010, 08:37 PM
#17
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The Accounts Department were adamant that, in the small print (their words, not mine), as there was a Bank Holiday I should have removed the money the day after the next working day.
But, as I read the Terms and Conditions, it is the next working day (not the day after this). I admit to not having read the pages of small print ...... so, something 'could' be hidden there regarding Bank Holidays.
But, common sense and Customer Service should dictate that the Account was run in the 'spirit of the agreement' and therefore the months interest should be paid?
The costs of fighting me for years will far outweigh the amount in question.
But, as I read the Terms and Conditions, it is the next working day (not the day after this). I admit to not having read the pages of small print ...... so, something 'could' be hidden there regarding Bank Holidays.
But, common sense and Customer Service should dictate that the Account was run in the 'spirit of the agreement' and therefore the months interest should be paid?
The costs of fighting me for years will far outweigh the amount in question.
09 September 2010, 08:38 PM
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I would use it if I understood it!
09 September 2010, 08:41 PM
#20
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Because, the date within the month that the Account is opened is the date the Ineterst is paid in future months, and the date (12 months later) that the Account matures.
09 September 2010, 08:42 PM
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2.4 If you make a withdrawal in a month you will not earn interest on the Account in that month. A month is taken from the date of account opening, and will fall on the same date each calendar month (or the next working day if this is a non-working day or there is no such date in any particular month).
Unless I'm being thick - which is possible
09 September 2010, 08:46 PM
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I know ..... this is why I am seething!!!!!
We have about 10 Accounts with them ..... I am seriously considering moving every penny out of Lloyds. But, I do get 4% on my Current Account ........
And to think they invited me to sign up to their Personal Banking Service earlier this year!!!
We have about 10 Accounts with them ..... I am seriously considering moving every penny out of Lloyds. But, I do get 4% on my Current Account ........
And to think they invited me to sign up to their Personal Banking Service earlier this year!!!
09 September 2010, 08:49 PM
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I know ..... this is why I am seething!!!!!
We have about 10 Accounts with them ..... I am seriously considering moving every penny out of Lloyds. But, I do get 4% on my Current Account ........
And to think they invited me to sign up to their Personal Banking Service earlier this year!!!
We have about 10 Accounts with them ..... I am seriously considering moving every penny out of Lloyds. But, I do get 4% on my Current Account ........
And to think they invited me to sign up to their Personal Banking Service earlier this year!!!
.Once you get to speak to a non monkey they'll pay up - just depends how long it takes to find the non-monkey (If they exist is lloyds)
09 September 2010, 08:55 PM
#25
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True, I just need someone who can actually do something to look at the situation from a human point of view and it will all be sorted ....................... but I don't mind a fight
09 September 2010, 08:58 PM
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Go for it Pete, get them by the *****. Infact, give them one for me too; the Lloyds bank manager didn't even show up when I had an appointment with him - so I walked to Halifax and now bank there. 
09 September 2010, 08:59 PM
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Here you go..
Lloyds TSB (includes Halifax / Bank of Scotland (HBOS))
Eric Daniels, Chief Executive
eric.daniels@lloydstsb.co.uk
http://www.lloydstsb.co.uk
Lloyds TSB (includes Halifax / Bank of Scotland (HBOS))
Eric Daniels, Chief Executive
eric.daniels@lloydstsb.co.uk
http://www.lloydstsb.co.uk
09 September 2010, 09:05 PM
#28
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Here you go..
Lloyds TSB (includes Halifax / Bank of Scotland (HBOS))
Eric Daniels, Chief Executive
eric.daniels@lloydstsb.co.uk
http://www.lloydstsb.co.uk
Lloyds TSB (includes Halifax / Bank of Scotland (HBOS))
Eric Daniels, Chief Executive
eric.daniels@lloydstsb.co.uk
http://www.lloydstsb.co.uk
