Lloyds TSB Account Charges

Annando

We have a Lloyds TSB account and had a fee free period (6months) for the Gold Account. This period ended last month, so at the beginning of this month we were charged £10 as account fees. We immediately contacted our branch asking them to revert to a normal account (i.e. non fee charging). We didn't have a refund for our money, but yesterday they decided to charge us another £10 as account fees!!!!
Would they charge us just to swith the account?

grumbler

Annando wrote:

Would they charge us just to swith the account?

No. Gold Service account important information :

Cancellation wording
When you use the account we will take that as your agreement to the terms including the right to request repayment of overdrafts in full on demand. You can cancel the contract for you Gold Service account at any time, but if you do so, you must return any money you owe to us. If you use an overdraft facility before you cancel, we won't charge you for its use unless we have agreed an overdraft with you in excess of the £100 interest free overdraft facility available on the account. In this event, you will be made aware of the interest rate for the overdraft at the time that we agree to offer you that facility. If you'd like to cancel you can do this by visiting any branch or writing to your branch. Our contract will continue to apply if you don't cancel.

Annando

Thanks for that grumbler.
I am still at a loss though...we have never been overdrawn! We don't owe them any money.

OK, now I do have an explanation...Just spoke to lloyds as I was writting the above.
They charge the account fees in arrears, so what I paid at the beginning of the month was for last month and the £10 I am paying now is for part of this month, prior to cancelation.

Still think its a rip off!

Smudge32

When you opened the account, you would have had a set of T&Cs explaining what the charges were for, and a,list of all the benefits aswell. If you're using the benefits (mobile insurance, travel insurance, free £100 overdraft etc), it's a pretty good deal.

Annando

It was at the time, but the car we just bought comes with RAC full cover for a year, we never use the travel insurance (no time to travel) and not too bothered about the mobiles insurance. As I said we never use the overdraft.

Annando

I might just get the CCP or Sentinel, but that is only about £15 a year, as opposed to £120 for a whole year for the account.