Lloyds TSB PLC Bank - Are they any good?

jonesMUFCforever

Hmnn OP spent money, has access to 24 hour banking through internet banking, didn't check that transaction had gone through and is now squealing that bank has charged him for using its money.
Normally a bank will give the benefit of the doubt to a customer if it is the first time it has happened and they run their account properly - could OP confirm that this is the case?
Does OP have a planned overdraft facilty which would have saved him here or was the account over its facility?

noah271007

Cowsey, I think Early Learning Centre should compensate you for this. 3 months is an awful long time to take up and i would have thought there is a one -two week window to get the transaction confirmed and debited out of the account otherwise it is not valid. Just like cheques which often is not valid after 6 months (i might be wrong on this one).

I would be very annoyed in your position. Write a letter to Lloyds TSB head office and make a request taking into account the circumstances you told us that led your account being overdrawn and charges applied but i would also write to Early Learning Centre to get them to pay if Lloyds refuse to refund.

jonesMUFCforever

noah271007 wrote: »

Cowsey, I think Early Learning Centre should compensate you for this. 3 months is an awful long time to take up and i would have thought there is a one -two week window to get the transaction confirmed and debited out of the account otherwise it is not valid. Just like cheques which often is not valid after 6 months (i might be wrong on this one).

quote]
I don't quite understand your argument here.The payment was taken 3 months after date of transaction - but as you rightly say a cheque would be valid for 6 months so why is it wrong for the company not to have access to funds for that timescale by using a debit card.
As I see it OP benefited from having a product interest free for 3 months until they processed the payment.

dvs

Does anyone know how quick it takes to open a current account with Lloyds TSB? I'm looking to set up a current account for rental income to go into but need it set up rather quickly.

jonesMUFCforever

dvs wrote: »

Does anyone know how quick it takes to open a current account with Lloyds TSB? I'm looking to set up a current account for rental income to go into but need it set up rather quickly.

If you have id an account can be opened immdiately for you.

noah271007

quote]
I don't quite understand your argument here.The payment was taken 3 months after date of transaction - but as you rightly say a cheque would be valid for 6 months so why is it wrong for the company not to have access to funds for that timescale by using a debit card.
As I see it OP benefited from having a product interest free for 3 months until they processed the payment.[/QUOTE]


I disagree with you here. 3 months is awfully a long time for the debit transaction to take place. It is very easy to forget there is a pending transaction all this time, because they don't show on available balance after a certain time and then BAM, the transaction came out of the blue. It would be absolutely fine if the account is in credit to cover the unpaid debit transaction but not for those who are near zero credit limit, resulting in charges! I do feel there is an element of unfairness here as 3 months is VERY unusual!!

noah271007

dvs wrote: »

Does anyone know how quick it takes to open a current account with Lloyds TSB? I'm looking to set up a current account for rental income to go into but need it set up rather quickly.

It can be set up immediately as long you don't have any adverse information on your credit file with Experian (they use Experian for credit checks). I had mine checked when applying for a current account and it had to be referred by phone on the spot at the branch due to electoral roll information which turned out to be ok.

Cowsey

jonesMUFCforever wrote: »

Hmnn OP spent money, has access to 24 hour banking through internet banking, didn't check that transaction had gone through and is now squealing that bank has charged him for using its money.
Normally a bank will give the benefit of the doubt to a customer if it is the first time it has happened and they run their account properly - could OP confirm that this is the case?
Does OP have a planned overdraft facilty which would have saved him here or was the account over its facility?

I think your tone is unwarranted. Far from 'squealing', I have paid bank charges before with no complaint whatsoever, deeming it to be my own carelessness in not checking my account transactions properly. I accept it is my responsibility to do so. On this occasion, and under a very specific set of circumstances, I feel the charges are unjust and totally out of proportion. I have never experienced a debit card payment not going through immediately, and even the chap at the bank told me that because it is an automated process, this should always happen. Anyway, I'm sure Lloyds TSB would be grateful to know they have you to champion their cause.

Cowsey

Thanks for understanding the point I'm trying to make, Noah. I'm not in the habit of complaining about something that is caused by my own error. I honestly feel that in this case, Lloyds TSB could have done the decent thing. I will take it further, but as they are only sticking to the letter of the law, I feel I'm probably fighting a losing battle. Further complaint to the ELC may be worth a try, but I'm sure they too will wash their hands of it. The conversation I had with the store manager was along the lines of 'this can't happen. The process is automated and goes through immediately. It is the fault of your bank'. Hey ho.

starsinmycrown

here's my answer: NO NO NO NO NO. I agree with the other poster that i wouldn't touch them with a bargepole.

go to this review site: http://members.dooyoo.co.uk/bank/lloyds-tsb/reviews/1/ (2/5!)

....and read some of the stories. Their overdraft charges are the stuff of obscenity and their answer to everything seems to be to sell you something. My partner and i tried to open a joint savings account once and were subjected to half an hour of hard sell about a mortgage and the suggestion that we should get a loan rather than save! if you think £25 a day for going overdrawn is alright, then by all means go with them. I've got away from their clutches now and I won't be touching them with a bargepole again. There is a thread today about lloyds credit cards and another underhand disaster at their hands, i'll try and find it for you.