LloydsTSB Fixed rate Isa 6.5%

WNBRich wrote: »

I'm so fed up with Lloyds!! I've rung the helpline numerous times to be fobbed off by man called Graham. My story so far: FRISA opened in-branch on 10th April with cheque for £3400. I signed the forms to transfer ISA funds from Yorkshire BS and Barclays. Letter received from Yorkshire on 9th May that the transfer to Lloyds had been completed. Letter from Barclays confirming funds transferred to Lloyds on 12th May. Letter received from Lloyds dated 23rd May confirming the receipt of the Barclays money on that day. By my calculation the interest added was wrong (in their favour of course), so I rang the helpline today to be told that the interest was only calculated from 13th May to 19th May, and Graham agreed that the calculation was wrong. His only suggestion was that a complaint be raised and the customer care team contact me. It seems that Lloyds is deliberately delaying creditting the cheque from Yorkshire. Graham suggested that I complain in writing in branch, but I'm not sure that this is the most direct route. Anyone have any suggestions please?

Mr Eric Daniels (C E O )
Lloyds TSB PLC
25 Gresham Street
London
EC2V 7HN

Tel; - 020 76261500

[EMAIL="eric.daniels@lloydstsb.co.uk"]eric.daniels@lloydstsb.co.uk[/EMAIL]


The more people write to him, hopefully the more they will get the message :mad:

WNBRich, are you saying that you can see added interest then? A lot of us have been told that it will only show at the end of the term ( but a promise nevertheless to date of cheque)

I now have,(today), received an account summary,dated 22nd May, that shows both of my deposits as being credited to the account; -
1st deposit credited 19th May
2nd deposit credited 22nd May

My timetable of events is as follows,(I have left out my phone conversations and letters to them as I have put those in previous posts on this thread so will just condense the dates timetable); -

Account was "opened" in branch on 11th April.

The 1st transfer was sent by Northern Rock on 1st May, and the second transfer was sent by NS&I on 14th May, both confirmed by NR and NS&I in writing.

There is nothing on the account summary,(statement), that shows the start date, the end date or the rate of interest.

I have a letter from them that I received on the 10th May that has in it the interest rate,(6.5%), and the statement; - "Once we receive the balance, we will credit your Fixed Rate ISA (FRISA) and backdate interest to the day following its closure with Northern Rock," (There is no mention of NS&I.)

It goes on to say; - " Turning to the rate of interest your FRISA will receive, I hope you will be reassured that because your account was opened prior to the fixed rate of 6.5% gross being withdrawn on 11 April, that this rate will apply to the account."


They also included a pamphlet titled " Your guide to our Savings Interest Rates", however the dates are from March 2007 up to 1 March 2008, and make no mention of a FRISA !


I still await their "detailed response" to my questions to which they sent an acknowledgment letter dated 12 May, stating that "you should have a detailed response from us within two weeks"

That two weeks passed on Monday 26th May and I still have not received my "detailed response"

MiserlyMartin wrote: »

Are there any legal experts of the kind who started the current account claim backs who are reading this and may want to offer advice??

It's an entirely different kettle of fish. In this case, you are going to have to demonstrate that the terms are ambiguous - this is not as straight-forward as it might appear. They do not appear to be unfair.

On the other hand compensation in respect of any unreasonable delays introduced by Lloyds should be forthcoming, which means that losses from delays beyond five weeks, say, from the transfer date should be wiped out. This would mean making up for the difference in rates and treating all deposits as if they were at the appropriate tier had the transfers happened within reasonable times.

MiserlyMartin wrote: »

Have you got any reply to this email yet? I predict that if they keep up this interpretation of the start date of the ISA there will be a large band of very annoyed customers from this site. I think we should all unite somehow and challenge them on this. Are there any legal experts of the kind who started the current account claim backs who are reading this and may want to offer advice??

Onto my problem. My latest transfer came from Barclays - closed/transferred 28/4/08. Lloyds say they have credited the amount on 28/5/08 - 30 days later. There was nothing on the letter that stated the interest was backdated so I phoned them. They said that the system is showing the interest was backdated from the 29/4/08 - 28/4/08. 1. Am I missing a days interest? 2. How can I check the interest has been worked out correctly if at all, because the statement online does not show any adding/backdating of interest? Are we supposed to assume its right? Its no good if their system says that but we can't see it!!!!

A. I had no further reply from Lloyds

B. You may need to edit your dates

C. Lloyds actually sent me a letter showing the actual backdated interest. As this interest is added on at the end it is easy to check. 6.5% ÷ 365 x number of days. They calculated mine correctly!