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LLoyds TSB Select Account
JaneFrance
Posts: 2 Newbie
Hi All,
I am new to this site and am hoping that people might have some advice regarding my 'retired parents unknowlingly paying Select Account Fees' for many years.
When I last visited them, my mum was doing 'their accounts' in a little book that they keep. Like most pensioners they do not have a lot of money! So every bit counts. She made a comment that confused me which was "well the sums usually add up, except for £7ish pounds that the bank takes out in charges. But I guess that everyone pays them for things like direct debits etc".
When I replied that the banks do not charge you for paying out direct debits or processing payments.. we got a bit confused.
Anyway to cut a long story short, it appears that my parents have been paying £7/£7.95 per month for a 'Select' account that they a) that can't remember applying for, (they thought they had a standard account) and b) paying for additional travel insurrance/breakdown insurrance as they were not told their 'bank account' provided such cover.
They have been into the branch today and explained what has happened. The adviser that saw them was at a loss as to what to say. It appears there is no record on their account of when the 'select' account was applied for/commenced. They only know that the 'select' account product has been around for 13 years!
Looking at mum and dad's statements it appears that they have been paying it for the last 8 years. I know that people will be asking the question "How can they have been so stupid not to know what account they had!", but the fact is that they are just normal, 'non-finiancial', honest folk that trust people and would think that a bank would give them an 'in-appropiate' product.
I intend to write to the branch on their behalf to delve into this matter further and try and claim some of the fees back. I was just wondering if anyone has had similiar experience/advice that they could offer.
Many thanks in advance. Jane x
I am new to this site and am hoping that people might have some advice regarding my 'retired parents unknowlingly paying Select Account Fees' for many years.
When I last visited them, my mum was doing 'their accounts' in a little book that they keep. Like most pensioners they do not have a lot of money! So every bit counts. She made a comment that confused me which was "well the sums usually add up, except for £7ish pounds that the bank takes out in charges. But I guess that everyone pays them for things like direct debits etc".
When I replied that the banks do not charge you for paying out direct debits or processing payments.. we got a bit confused.
Anyway to cut a long story short, it appears that my parents have been paying £7/£7.95 per month for a 'Select' account that they a) that can't remember applying for, (they thought they had a standard account) and b) paying for additional travel insurrance/breakdown insurrance as they were not told their 'bank account' provided such cover.
They have been into the branch today and explained what has happened. The adviser that saw them was at a loss as to what to say. It appears there is no record on their account of when the 'select' account was applied for/commenced. They only know that the 'select' account product has been around for 13 years!
Looking at mum and dad's statements it appears that they have been paying it for the last 8 years. I know that people will be asking the question "How can they have been so stupid not to know what account they had!", but the fact is that they are just normal, 'non-finiancial', honest folk that trust people and would think that a bank would give them an 'in-appropiate' product.
I intend to write to the branch on their behalf to delve into this matter further and try and claim some of the fees back. I was just wondering if anyone has had similiar experience/advice that they could offer.
Many thanks in advance. Jane x
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