LLoyds TSB Select Account

JaneFrance

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

aliavavodka

Hi, i can sympathise with you on this 1, my in-laws, both retired, are paying £17.50 in charges for a select plus account which they don`t need!! I am also going to be writing a letter to lloyds tsb, anyone have any advice? or maybe a draft letter to help my out?


Many thanks Ali x

jonesMUFCforever

If your parents are paying £17.50 are you sure it is not the Platinum account they are on?
Thre is no Select/Silver account that charges that amount per month.

Extant

So they kept statements for at least eight years, and never noticed this monthly charge? That's ninety six chances they've had there to spot it.

Thirteen years of not reading their statements? Sorry, but cries of "honest folk" or not, I really have no sympathy for such a case. That's just negligent on their part.

aliavavodka

just to add to this, my in-laws are in there 70`s and were sold a loan 2 years ago to pay off a tsb credit card, they still have 3 years at £80 a month to pay off. As stubborn as they are, they sorted out their own finances, this only came to light when my mother in law was telling me about the £17.50 as they thought it was to do with the loan, but this is not the case. Once i have all the details i will be aproaching the tsb to cancel this and put them on a normal account.
I know how hard these guys try to sell you a product when you go into the branch, i refuse to go in now.

Alison

Sam37

I frequently need to talk my old folks out of ''advice'' they have been given. They oftenreally think they have to follow up the offer, as their existing product is about to expire or become invalid -9 out of 10 it isn't-, or something else terrible might happen.


These sales people are very cunning, and older people may have been used to a banking service where the banking managers really did stand up for their customers, and communicated more candidly, because the interest of the customers was the interest of the bank.

It seems up to the bank to be able to prove that your parents have signed up, so I'd write them to request the money back. Possibly they then come with some proof from somewhere that they have signed up, then there isn't much you can do, exept complaining about their communication.

Make sure your parents are registered as not wanting to receive any offers/promotions etc, especially not over the phone, where a simple ''mmhmm'' can sign them up for goodness knows what.

Ambre_Solaire

JaneFrance

I read with interest your post, I too have just discovered that my 82 year old Mother has been paying £7.95 monthly for a Select Account. I went into the Branch and they could not confirm how long she has been paying this fee, could have been 10 or more years. As I intend to challenge the Bank regarding the mis selling of this account to my Mother, may I ask whether you were successful in contacting the Bank .
My Mother is terminally ill, has little money, does not own a property, has never owned a car, or mobile phone and does not travel, before anyone informs me the perks of having such an account !

Regards

hippey

In my 'Barclays' days account upgrade mis-selling was common place in every branch, in those days it was the additions account, many people were upgraded without knowledge and many new accounts were just opened like that.

I know for a fact it happened in other banks to meet the advisors targets, often it occured without the customers authority and anyone who challenged it was told, it must have been a mistake and it charges refunded.

I'm not sure if years of charges would be backdated, but I certainly would complain.

withnell

BarclaysManager wrote: »

So they kept statements for at least eight years, and never noticed this monthly charge? That's ninety six chances they've had there to spot it.

Thirteen years of not reading their statements? Sorry, but cries of "honest folk" or not, I really have no sympathy for such a case. That's just negligent on their part.

But then as the OP says, her mother thought "But I guess that everyone pays them for things like direct debits etc"

By this logic it's negligent when an elderly person is ripped off by a doorstep salesman!

Somerset

BarclaysManager wrote: »

So they kept statements for at least eight years, and never noticed this monthly charge? That's ninety six chances they've had there to spot it.

Thirteen years of not reading their statements? Sorry, but cries of "honest folk" or not, I really have no sympathy for such a case. That's just negligent on their part.

That's callous. Some elderly folk do not understand the modern financial world and 'trust' bank staff to 'do the right thing' - and you know it.

There's no excuse for 'fleecing' the vulnerable elderly. It's just shameful.

Ambre_Solaire

Many thanks for your prompt responses. As I intend to "question" the Bank regarding my 82 year old Mother having a Select Account for maybe 10+ years (further details in my previous post) Can anyone suggest the wording a letter to the Bank should take to try and recover the charges on my Mothers behalf ? Should I state mis-selling from the offset or is there an alternative "coin of phrase" to use, which may help recover some of the charges paid ?

Regards