Lloyds TSB PLC Bank - Are they any good?

ShelfStacker_3

noah271007 wrote: »

Does anyone know what Save the Change is? I found this on internet banking.

They round your debit card purchases up to the next nearest pound, and put the difference into a savings account.

noah271007

ShelfStacker wrote: »

They round your debit card purchases up to the next nearest pound, and put the difference into a savings account.

Thanks. So every time i spend, on Lloyds TSB debit card lets say £1.01, then 99p (nearest pound) of that transaction will be put into a saving account?

It sounds very generous! Is there a limit how much to put into the savings?

akashi

noah271007 wrote: »

Thanks. So every time i spend, on Lloyds TSB debit card lets say £1.01, then 99p (nearest pound) of that transaction will be put into a saving account?

It sounds very generous! Is there a limit how much to put into the savings?

Nothing generous about it! In the example above, that is your 99p they will be putting into your savings account!

rb10

I'm sure someone will correct me if I'm wrong, but I understand it to be that if you pay for something costing £1.01 using your debit card, they'll take £2 from your current account and put 99p into a savings account. So they don't actually give you anything.

Seems like a bit of a pointless gimmick to me.

exel1966

The scheme started a few years back in the US and Lloyds first adopted it a couple of years ago.

It maybe pointless now but is wasn't when it was launched, in fact it was quite lucrative as Lloyds would match with their own funds anything transferred from the customers account ! A very easy £100 profit (capped) without spending a penny !

Cowsey

I've been with Lloyds TSB for around 15 years, and on the whole, although I wouldn't say I love them, they haven't given me too much cause for complaint. HOWEVER, :mad: I am in dispute with them over a debit card transaction, and have been extremely disappointed with their attitude.

I made a purchase via debit card in June last year, at the Early Learning Centre. I don't tend to check all my debit card transactions as I know it's an automated process, with the money leaving my account in 1-3 days. I usually just check that there's nothing gone out that I don't recognise.

For reasons unknown, the money wasn't debited until September, almost 3 months later.

The first I knew of this discrepancy was on 15th September, when I received an unauthorised overdraft letter dated Friday 12th September from Lloyds TSB.

I immediately transferred funds, which reached my account 2 days later.

My bank confirmed the date of transaction and said they had never heard of a debit card transaction taking 3 months; it was very strange, and I should contact the shop and ask them to reimburse me for bank charges.

Not surprisingly, the Early Learning Centre were not interested in accepting responsibility, and advised me to get back to my bank.

Lloyds TSB charged me £105.00 for an unauthorised overdraft amounting to £28.25 for 6 days (including the weekend - funny how it's only 'working days' when it suits them).

I requested a refund of these charges, as I felt the situation had arisen from someone's system error rather than any heinous activity on my part, and the charges were in any case out of all proportion.

This request (on the phone) was greeted with sympathy (!) but I was advised that 'the computer said no', however, if I put it all in writing, my request would be considered.

I put in my written request on receipt of confirmation of bank charges incurred, on 24th November. Seven and a half weeks later, it turns out the computer hasn't changed it's mind; I received a letter this morning, stating that it's my own fault for not checking transactions more carefully, and that a period of up to 6 months is allowed for a transaction to go through.

This was not my understanding of how a debit card works, nor was it the understanding of the people at Lloyds TSB that I initially spoke to (oh yeah, they also said that they send me regular statements which they don't - I'm a paperfree internet banker, and haven't received a statement for years - can't even get their facts right when they're insulting you).

I'm fuming that the bank can take this stance, charging inordinate amounts of money for something that has cost them a couple of pounds to administer. So now, I'm going to set the ball rolling to claim back all bank charges, a line which I hadn't intended to take. I'll also be changing my bank, probably to the Co-op, on moral grounds.

Has anyone else had similar problems with debit cards, and if so, how was it resolved? I really don't like being in such a bad mood on a Friday. Give me a reason to be cheerful someone.

username

I don't think there is a way to fix this problem - I find it happens with all credit and debit cards.

The 1-3 days you speak of is the 'average' time for it to leave your account, it's up the other party to claim their money promptly, otherwise the 'marker' setting the money aside will drop off on the amount on your account, and the money will return to your available balance.

However, the transaction will still be there, so when they come to claim their money, it will debit your account, as happened here.

It's certainly a bit extreme in your case, 3 months is certainly 'slow'. It's never happened to me, but I've had stuff take 2-3 weeks to come out of my account.

JYK

I've been a Lloyds customer for many years and am happy to have been upgraded to a Vantage current account which pays 5% if you keep between 5k and 7k in it. Not a sum I would normally consider leaving in my current account but this rate is the highest around for current or savings accounts. As with all interest rates though you have to keep alert to possible drops in the rate. I was persuaded a few years ago to upgrade to a Gold current account but soon realised that I didn't need the extras such a breakdown and travel insurance so reverted to the normal account without problems..Lloyd do sometimes offer savings at competitive rates. No complaints from me .

Richard_Cocks

I'd suggest in your case Cowsey to contact either the independent, "questions of cash" feature, they often get better results in these sorts of cases than the average consumer can.

exel1966

Cowsey wrote: »

I've been with Lloyds TSB for around 15 years, and on the whole, although I wouldn't say I love them, they haven't given me too much cause for complaint. HOWEVER, :mad: I am in dispute with them over a debit card transaction, and have been extremely disappointed with their attitude.

I made a purchase via debit card in June last year, at the Early Learning Centre. I don't tend to check all my debit card transactions as I know it's an automated process, with the money leaving my account in 1-3 days. I usually just check that there's nothing gone out that I don't recognise.

For reasons unknown, the money wasn't debited until September, almost 3 months later.

The first I knew of this discrepancy was on 15th September, when I received an unauthorised overdraft letter dated Friday 12th September from Lloyds TSB.

I immediately transferred funds, which reached my account 2 days later.

My bank confirmed the date of transaction and said they had never heard of a debit card transaction taking 3 months; it was very strange, and I should contact the shop and ask them to reimburse me for bank charges.

Not surprisingly, the Early Learning Centre were not interested in accepting responsibility, and advised me to get back to my bank.

Lloyds TSB charged me £105.00 for an unauthorised overdraft amounting to £28.25 for 6 days (including the weekend - funny how it's only 'working days' when it suits them).

I requested a refund of these charges, as I felt the situation had arisen from someone's system error rather than any heinous activity on my part, and the charges were in any case out of all proportion.

This request (on the phone) was greeted with sympathy (!) but I was advised that 'the computer said no', however, if I put it all in writing, my request would be considered.

I put in my written request on receipt of confirmation of bank charges incurred, on 24th November. Seven and a half weeks later, it turns out the computer hasn't changed it's mind; I received a letter this morning, stating that it's my own fault for not checking transactions more carefully, and that a period of up to 6 months is allowed for a transaction to go through.

This was not my understanding of how a debit card works, nor was it the understanding of the people at Lloyds TSB that I initially spoke to (oh yeah, they also said that they send me regular statements which they don't - I'm a paperfree internet banker, and haven't received a statement for years - can't even get their facts right when they're insulting you).

I'm fuming that the bank can take this stance, charging inordinate amounts of money for something that has cost them a couple of pounds to administer. So now, I'm going to set the ball rolling to claim back all bank charges, a line which I hadn't intended to take. I'll also be changing my bank, probably to the Co-op, on moral grounds.

Has anyone else had similar problems with debit cards, and if so, how was it resolved? I really don't like being in such a bad mood on a Friday. Give me a reason to be cheerful someone.

It may not be your understanding, but in this instance Lloyds have done absolutely nothing out of order. It's up to the ELC to request the funds and Lloyds cannot be blamed for that.
Most debit card transactions are taken within 1-3 days however a small percentage take longer. The money is immediately earmarked by the retailer but not immediately collected.
It is your responsibility, knowing you have spent the funds to insure adequate funds remain/are placed in the account to cover the payment.
By all means try and reclaim those charges, but for now, until the legailty of said charges has been decided upon (currently adjourned) no payments will be forthcoming and if you are going to claim just bare in mind that Lloyds can exercise their right to close your account with debts called in.