LloydsTSB £50 bonus

TonyB

In martins best current account article refference is still made to the abov mentioned account opening inducement which I think has now been dropped.

However my main point is that I opened an account in October last year & on various occasions when discussing the account transfer conditions was told that I would qualify for the bonus.

It has take a dozen or more calls to many different departments who now say that if you didn't allow them to CLOSE your present current a/c via their Transfer Unit then there is no qualification!!!!

I just wondered if anyone else had had a similar experience.

TonyB

mm66

That is complete rubbish. I opened two accounts and got bonus in both of them and did not close any accounts. The only condition as per the terms is to transfer £1000 atleast within the first 30 days.

innovate

No bank has the right to ask you to close accounts you hold with other banks, and no bank in their right mind would put into their special offer terms that you must close other current accounts to be eligible for theirs.

Hopefully you still have a copy of the T&Cs of the offer so you can remind LTSB of them. I haven't seen the terms, but I am pretty convinced they are taking the p**s with what they are telling you now.

grumbler

TonyB wrote:

In martins best current account article refference is still made to the abov mentioned account opening inducement which I think has now been dropped.

The offer still stands, although they made it tougher than it was at the very begining. Now you must switch your salary through their Account Transfer Unit (in the past they demanded only regular monthly credits): important information about moving to Lloyds TSB.

innovate wrote:

No bank has the right to ask you to close accounts you hold with other banks, and no bank in their right mind would put into their special offer terms that you must close other current accounts to be eligible for theirs.

Yes, they don't ask to close, they just ask to switch your banking :rolleyes: .

innovate

To be asked to make regular payments (e.g. by switching salary for those who do have a salary) is a fair request - but TonyB said he was told he "didn't allow them to CLOSE your present current a/c via their Transfer Unit" and that's a silly request

YorkshireBoy

innovate wrote:

To be asked to make regular payments (e.g. by switching salary for those who do have a salary) is a fair request - but TonyB said he was told he "didn't allow them to CLOSE your present current a/c via their Transfer Unit" and that's a silly request

Lloyds do say though...

Our dedicated Account Transfer Unit** will:

• transfer all your Direct Debits and standing orders so your bills are paid on time,
• transfer your salary and other credits into your new account so your money is there when you need it,
• close your old account once your new one is up and running, sparing you the hassle.

http://www.lloydstsb.com/current_accounts/moving_to_ltsb.asp

grumbler

YorkshireBoy wrote:

Lloyds do say though...

Yes, but for me this does not sound like a necessary condition. All necessary requirements are given in the paragraph above (have to ... switch ... set up ... make payment) and important information (salary).

innovate

YorkshireBoy wrote:

Lloyds do say though...

grumbler wrote:

Yes, but for me this does not sound like a necessary condition.

I agree with grumbler.

Grumbler's link actually points to a page that says:

£50 offer terms and conditions
Agree to, and make, a regular salary credit of at least £1,000 a month through our Account Transfer Unit into your new current account; then we will make a payment of £50 into that account within 31 days of receiving the first agreed regular credit of at least £1,000. To be eligible for the £50 you must make your first regular salary payment of £1,000 or more within 2 months of your account being opened. This offer is limited to one incentive payment per new account. A joint account is only eligible for one incentive payment. Only available to customers who don’t already have a current account with us. This offer can be withdrawn at any time and cannot be used in conjunction with any other offer.

To ensure security for our customers and staff and to help maintain service quality, some calls may be recorded and may be monitored.

Nowhere in those £50 offer terms and conditions does it say anything about closing any account. I haven't ever applied for a current account with Lloyds, but the multiple banks I have opened current accounts with over the last 6 months offered in one way or another to close my old account (must be a satisfying thing to do for a banker, and probably have scorecards and financial incentives for doing this). I see this as a service that I may or may not wish to take advantage of, and if I don't want to take advantage of it, I don't have to justify my decision to the new bank.

TonyB, if I were you, and assuming you have kept your side of the bargain, I would remind Lloyds that they are in breach of their own terms. I would make one phone call about this first. If they don't oblige, send them the terms in a recorded letter, together with a strongly worded complaint, and a date by which you will pass the matter to the Financial Ombudsman. Plus you could indicate that if the deadline passes without payment of the £50, and any additional amount that Lloyds feel appropriate to compensate for their failure and the resulting costs for you (your time, telephone calls etc), you will make arrangements to close the account (if that is what you would consider doing).

See also Lloyds complaint procedure

TonyB

O.K.
Thanks for comments, you all agree with me BUT:-
HISTORY (for fun really)

A/C opened 12 Oct 05 with £1(Tester)& £1k paid in each month on or around 11th. of each month.

On 13th. Jan I spoke to someone named Derek @ a number I did not record. He listened carefully, & as I explained to him that when I had spoken to (again unrecorded) a member of staff @ local branch, & also to someone on their helpline to explain that as I was self employed I could not arrange a payment system for regular salary input from employer but would pay in a regular £1k a month, and in addition as my present banking did not have any DDs or SOs to transfer to them, would I still qualify for incentive. No mention was made at that time of the need for them to be able to close my present A/C.
This chap said he would ask my local branch to contact me. They did on 16th.
Advice received:- phone 0800****** where Simonsaid to phone 0845 ***** their Transfer Unit,
One Michael Clark here listened carefully to my case & suggested I ring Andover to request relevant paperwork which they had to have to be able to authorise payment of the incentive!!!. He said that he thought I would qualify.

At Andover I spoke to Clair who said that she would send forms!!
They never arrived.

31 Jan I phoned Andover again, & Emma said that the forms had been sent by Clair but that she would send me some more!!!
These forms arrived & in no uncertain terms asked for the right for them to close to close my present banking arrangements!!
Being somewhat p**sed off at this, I again on 2nd Feb phoned the transfer unit, but Michael Clark wasn't in!!!!
The Mike I spoke to reiterated that they authorised the payment of the £50 only on receipt of the relevent paperwork from Andover i.e. a new a/c transfer voucher for audit purposes!!!!!!!

Patience now running very very thin @ this stage, but bear with me.

I next spoke again to Andover & actually hit on Clair who forcibly insisted that the voucher was not available from their dept. & as I didn't authorise A/c closure initially I was not eligible for bonus!!! She then rang the Transfer Unit & came back with the confirmation of her previous comments, "NO DICE MATEY!!!!!"

Yesterday I visited my local branch & politely put my story quite forcefully & audibly, in front of some 10 or so waiting customers, to be told that their A/c opening officer would contact me today, and she did.

I politely again explained to Penny the wasted time & misinformation etc from different depts. & misunderstandings so that she consulted her Manager, who in his wisdom said 'Lets not waste any more time here . Give him the bloody £50.'

It was paid in today.

End of story. I only wondered if anyone else had had difficulty!!!!!

innovate

Excellent, Tony!

:T :T :T :T :T

adm_4

I opened the account under the original T&Cs, £1000 credit for 2 months. My second £1000 went in last week but no sign of the £50?! Should it have been credited by now?

Cheers,
Adam