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LloydsTsb - Is this normal ?

Somerset
Posts: 3,636 Forumite

I seriously don't know if this is correct or not ? so thought I'd ask here.
I bank with Lloyds, have my current a/c, isa & e-savings account with them. I am also the sole director (with signing capacity ) for a small ltd company - also with Lloyds. In fact we opened the business account with Lloyds because of my pre-existing relationship with them.
Limited company & personal accounts are completely seperate, right ? Never had any reason to think differently until today.
Went to pay some cash into my personal current account ( had sold a car & had the DVLA reg form ready in casethey wanted to verify it ). The cashier couldn't process the deposit - a note came up on screen to 'inform the business relationship manager'. The cashier hadn't seen a note like this before and consulted a colleague, they both kept referring to the account (personal c/a) as a 'business account', I kept explaining it wasn't a business account. Anyway, cashier said she had to inform the BRM as that's what the computer said. She made the phone call and the BRM didn't want to know, didn't know why she was calling him. Still system wouldn't let money be banked. So cashier called tech dept. Came back and said tech dept couldn't understand it either and it must be a 'glitch' and they would clear it. Cashier tried again and money was accepted.
HOWEVER the cashier then reverted to the first story ie :
If you also have a business account with them, transactions ( not sure if this means all, some, specific ) in/out of your personal accounts have to be 'run past' your business relationship manager ?? Explanation was so they could better understand you. So I said ''so if I open a a new isa with you, this has to be verified/relayed to the BRM before opening'' - answer ''yes''. This can't be correct can it ? Limited company & individuals are completely seperate. For the record, the ltd co has no borrowings/loans/overdrafts etc. Now I can appreciate re the business account that Lloyds have to be happy to keep the account ie not badly managed/overdrawn (it's not) and they have to have a 'take' or financial profile of the director/signatory involved - but surely it can't extend to this Big Brother monitoring of your personal accounts, to the point where the BRM has to in effect ok it, before the transaction is processed ?
Tbh, if it is correct that my personal banking has to be scrutinised (in order to be actioned/processed) by a Business Manager somewhere else,I'll move either one or the other. Just trying to find out if it's correct or not.
I bank with Lloyds, have my current a/c, isa & e-savings account with them. I am also the sole director (with signing capacity ) for a small ltd company - also with Lloyds. In fact we opened the business account with Lloyds because of my pre-existing relationship with them.
Limited company & personal accounts are completely seperate, right ? Never had any reason to think differently until today.
Went to pay some cash into my personal current account ( had sold a car & had the DVLA reg form ready in casethey wanted to verify it ). The cashier couldn't process the deposit - a note came up on screen to 'inform the business relationship manager'. The cashier hadn't seen a note like this before and consulted a colleague, they both kept referring to the account (personal c/a) as a 'business account', I kept explaining it wasn't a business account. Anyway, cashier said she had to inform the BRM as that's what the computer said. She made the phone call and the BRM didn't want to know, didn't know why she was calling him. Still system wouldn't let money be banked. So cashier called tech dept. Came back and said tech dept couldn't understand it either and it must be a 'glitch' and they would clear it. Cashier tried again and money was accepted.
HOWEVER the cashier then reverted to the first story ie :
If you also have a business account with them, transactions ( not sure if this means all, some, specific ) in/out of your personal accounts have to be 'run past' your business relationship manager ?? Explanation was so they could better understand you. So I said ''so if I open a a new isa with you, this has to be verified/relayed to the BRM before opening'' - answer ''yes''. This can't be correct can it ? Limited company & individuals are completely seperate. For the record, the ltd co has no borrowings/loans/overdrafts etc. Now I can appreciate re the business account that Lloyds have to be happy to keep the account ie not badly managed/overdrawn (it's not) and they have to have a 'take' or financial profile of the director/signatory involved - but surely it can't extend to this Big Brother monitoring of your personal accounts, to the point where the BRM has to in effect ok it, before the transaction is processed ?
Tbh, if it is correct that my personal banking has to be scrutinised (in order to be actioned/processed) by a Business Manager somewhere else,I'll move either one or the other. Just trying to find out if it's correct or not.
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Comments
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If you also have a business account with them, transactions ( not sure if this means all, some, specific ) in/out of your personal accounts have to be 'run past' your business relationship manager ?
If you are an owner, partner, director on a business account then your personal accounts will come under the business banking manger and not the personal accounts manager. Its been that way for as long as I remember (I worked for Lloyds back in the late 80s, early 90s and it was then and my own business account is with Lloyds now and both personal and business come under the business manager).
The reason for the link is quite logical. Many limited companies are just husband and wife. Also, the financial state of the company often is very similar to the financial state of the individual. In addition it makes no sense to have different manager relationships.
Although there isnt normally a need for a business manager to be made aware of transactions unless something is going on with the accounts which is of concern. This appears to be the case with yours. The BRM that made the note should be able to answer that though. It could also be innocent in that the BRM wanted a word with you when you paid in and was using the system to flag up to let him know. Or it could be that a lending decision was been made on the basis of a transaction appearing and the BRM loaded a message to let them know when a transaction occured so they could sign off on the decision.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
FWIW I think this is abhorrent. It's a limited company. It has nothing to do with what you as an individual do with your money. I can't believe the intrusive powers that banks here seem to have.
I'm glad I have my business account at a different bank from my personal accounts.0 -
Went to pay some cash into my personal current account0
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If you are an owner, partner, director on a business account then your personal accounts will come under the business banking manger and not the personal accounts manager. Its been that way for as long as I remember (I worked for Lloyds back in the late 80s, early 90s and it was then and my own business account is with Lloyds now and both personal and business come under the business manager)
I did not know that.The reason for the link is quite logical. Many limited companies are just husband and wife. Also, the financial state of the company often is very similar to the financial state of the individual. In addition it makes no sense to have different manager relationships
Well I know in theory everyone has a 'personal account manager' but in practice they don't. I remember years ago I was told the name of mine, and I thought who ??? Never heard of him before or since, or any subsequent ones.Although there isnt normally a need for a business manager to be made aware of transactions unless something is going on with the accounts which is of concern. This appears to be the case with yours. The BRM that made the note should be able to answer that though. It could also be innocent in that the BRM wanted a word with you when you paid in and was using the system to flag up to let him know. Or it could be that a lending decision was been made on the basis of a transaction appearing and the BRM loaded a message to let them know when a transaction occured so they could sign off on the decision.
The BRM wasn't in - his colleagues (on the phone to the cashier) didn't have a clue why she was ringing them.
There's no lending going on. No overdraft or loans. No applications for anything either.
So what you're saying is .... the BRM wants a word with me, and this is how he's done it. Why not just telephone me ?
Can I read into your answer dunstonh that this won't be a recurring thing? That the BRM wants to speak to me ..... and it's probably a one-off ? I can accept the odd one-off but just can't put up with it if it's every transaction I make. I was stuck in the bank two hours while they dealt with this - I can't put up with this on a regular basis. Plus I resent my personal banking having to be 'authorised'.0 -
FraudBuster wrote: »My guess is that the amount was above today's floor limit for money laundering checks.
Nothing to do with that. As I said earlier I was expecting the ''where did it come from'' question and had actually brought the DVLC form with me to show that I'd sold a vehicle. However the one question they didn't ask was ''where did the money come from?''.0 -
Well I know in theory everyone has a 'personal account manager' but in practice they don't. I remember years ago I was told the name of mine, and I thought who ??? Never heard of him before or since, or any subsequent ones.
I dont know mine either (well I do as I used to work with him 20 years ago but I havent spoken with him since he was moved onto my accounts about 5 years ago). However, being a financial services company, Lloyds cant sell me anything and I dont run my accounts badly. So, I doubt I am on the radar.So what you're saying is .... the BRM wants a word with me, and this is how he's done it. Why not just telephone me ?
Normally used when something specific is required. Unless there has been a change I am not aware of you wouldnt use it for trivial things. It is really just a message to let someone know when something happens or to refuse a request or get authorisation on something.
Money laundering could be an area you would use that message for but the Cashier has just blown any chance of not tipping off as the transaction would have been accepted without letting you know directly. However, it would be unlikely that the BRM would deal with a money laundering concern. That would be the asst manager/back office manager (or whatever title they have now and depending on size of branch).Can I read into your answer dunstonh that this won't be a recurring thing? That the BRM wants to speak to me ..... and it's probably a one-off ? I can accept the odd one-off but just can't put up with it if it's every transaction I make. I was stuck in the bank two hours while they dealt with this - I can't put up with this on a regular basis. Plus I resent my personal banking having to be 'authorised'.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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