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Likely to be charged fees for stupid reason - advise welcome
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[Deleted User]
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I set up a LLoyds cash/basic account to get the regular saver 8% 
Paid in some travellers cheques from the M+S cc stooze as my normal bank wont take them. Logged in using the internet banking saw that the money was in the account and decided to wire it using internet banking to another two saver accounts. Big mistake got a letter through saying the cheques hadnt yet cleared and they will be charging me 2 lots of 35 quid in 10 days time. IE £70 :eek: for apparently defautling on a standing order (even though i didnt know internet one off transfer was a standing order)
I have read around the internet and discovered the following -
1) These cheques with this bank would clear instantly and then the money is held in a holding account and used to make money for the bank and then after 4days released for my use. :T
2) If you ring up it is likely that they will write off one of the charges for "goodwill" but the other charge im likely to have to attempt the threat of small claims route :mad: at which point they are likely to want to close down my account and reg saver as im not a customer that makes them money in fact quite the opposite
.
Does anybody know if i could close the accounts down and withdraw the money so as to not incur the charges or would they pass it on to a debt agency and default me?
Banks are such rip offs
Paid in some travellers cheques from the M+S cc stooze as my normal bank wont take them. Logged in using the internet banking saw that the money was in the account and decided to wire it using internet banking to another two saver accounts. Big mistake got a letter through saying the cheques hadnt yet cleared and they will be charging me 2 lots of 35 quid in 10 days time. IE £70 :eek: for apparently defautling on a standing order (even though i didnt know internet one off transfer was a standing order)
I have read around the internet and discovered the following -
1) These cheques with this bank would clear instantly and then the money is held in a holding account and used to make money for the bank and then after 4days released for my use. :T
2) If you ring up it is likely that they will write off one of the charges for "goodwill" but the other charge im likely to have to attempt the threat of small claims route :mad: at which point they are likely to want to close down my account and reg saver as im not a customer that makes them money in fact quite the opposite
.Does anybody know if i could close the accounts down and withdraw the money so as to not incur the charges or would they pass it on to a debt agency and default me?
Banks are such rip offs
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Comments
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What do you think? :rolleyes:Does anybody know if i could close the accounts down and withdraw the money so as to not incur the charges or would they pass it on to a debt agency and default me?
It can't hurt to phone and ask for the charges to be refunded. They might, at least, meet you halfway. Failing that, you either write it off as a lesson learned or try to reclaim the charges. It depends on how much effort you are willing to put in.0 -
I was advised with travellers cheques by a BOS cashier to cash them, then pay in the proceeds (it goes in instantly). But if you pay in the cheques directly, then they have to clear via the clearing system.
Strange, but true!
I'm guessing your LTSB cashier wasn't as helpful :rolleyes:
I would take the one refund and badger them about other.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Here's a tip for all LTSB internet customers
When you log in to check your balance click on the blue lined account name - this takes you to a page showing AVAILABLE balance.0 -
It can't hurt to phone and ask for the charges to be refunded. They might, at least, meet you halfway. Failing that, you either write it off as a lesson learned or try to reclaim the charges. It depends on how much effort you are willing to put in.
Im going to try my best on monday, bit of a hard learnt lesson. I have plenty of time on my hands so will probably get it back, just very annoying and depressing
I agree ejones, its just a shame most people (like me) will learn the hard way as i expect they have deliberatly made things counter-intuitive to catch people out. I especially like to point out that in their guidance they make no mention of the window click throughs you need to make to check the actual balance. They also fail to say that you should check this before you try a bacs transfer. They have the capability to put an interlock on this to stop people making mistakes but instead they have programmed it through to a automatic fining system. True evil genius on their part
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Gave them a ring and they said there policy is now not to right off charges.
Thus I am left with no recourse other to close the accounts down today and will be taking it straight to a small claims court . My sister works for the financial ombudsman so will be helping me on a purely advice basis as she wouldnt be able to get involved in the case.
The funny thing is I have recently been comtemplating a buy-to-let mortgage and one thing I can say is that this shower wont be getting my business. I will also be actively pursuading friends and my work collegues not to bank with this company as they will rip you off mercilessly.0 -
Luckily after speaking to someone in the bank they have written off the charges. A big relief as it has saved me a lot of effort and I feel a lot less negative to this company now and I will continue using them. They said that they will write it off as its a first mistake, which sounds a lot fairer to me. I certainly shall not be making this mistake again! And the bitter taste in me has now disappeared after all I guess all banks are as bad as each other at the moment.
They really need to sort this out and make things fairer for consumers including -
A warning if a mistake has been made first time including clear guidance of how to avoid it and charges to be more inline with cost. £70 for a small mistake is a rip off plain and simple. If they really truthfully hadnt recieved the money then 70 quid as a porportion to interest makes for a rate of 1276% APR which speaks for itself! But even worse was the payment wasnt honoured thus the interest rate is actually infinity due to a divide by zero 0
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