LloydsTSB Vantage Account - too good to be true?

YorkshireBoy

tobiascurious wrote: »

what do you reckon, if I pay in a cheque at the end of the month which takes me out of overdraft, when is the point at which I am considered as being in credit for the purposes of Vantage interest? Day 0, day 2, day 4 after paying the cheque in?

The T&Cs seem to state that you need to stay in credit throughout the month to enjoy the Vantage rates of interest for that month.

So in your case the answer would be the date the next statement period commences (2nd of the month?).

tobiascurious

YorkshireBoy wrote: »

The T&Cs seem to state that you need to stay in credit throughout the month to enjoy the Vantage rates of interest for that month.

So in your case the answer would be the date the next statement period commences (2nd of the month?).

thanks. i guess it was more of a cheque clearing question - at what point do uncleared funds count as taking an account out of overdraft?

Maybe day 2 as this is when interest starts to accrue

YorkshireBoy

tobiascurious wrote: »

at what point do uncleared funds count as taking an account out of overdraft?

If you type "cheque clearance" into the 'ask a question' box on the homepage of your bank's website you'll get your answer.

tobiascurious

YorkshireBoy wrote: »

If you type "cheque clearance" into the 'ask a question' box on the homepage of your bank's website you'll get your answer.

Thanks. This is the answer but unfortunately isn't clear:

Cheques go through a clearing process so the amount you pay in may not be available to use straight away. We meet the process implemented by all UK banks and building societies. This is how the process works if you pay in a sterling cheque from another bank (Working days are Monday to Friday, except bank holidays):
we will show the cheque in your account on the same day that we receive it;
from the second working day after we receive it, we start paying interest on the cheque (or using it to reduce the interest you pay);
from the fourth working day after we receive it, the funds are available for you to use; and
from the end of the sixth working day after we receive it, we cannot take money from your account without your consent unless you have acted fraudulently.
If the funds from the cheque are not available to use we may refuse to make a payment if you do not have enough money in the account to cover it. A cheque can be returned unpaid up until the end of the sixth working day after we receive it. If this happens, we will take the money from your account even if it puts you into overdraft.

D1zzy

DocProc wrote: »

At about 11:30 pm last night (Friday) I went online and accessed my main Lloyds TSB Vantage current account and saw there was actually £6,900 in it. This was correct because I had actually taken out £100 in cash earlier in the day from an ATM.

Now I like to keep the account at exactly £7,000 so I proceeded to Transfer a top up of £100 from my ESaver account into the Vantage account. This is just a 'habit' sort of thing, which I regularly like to do.

Strange observations this time! After doing the transfer, the new balances on the two accounts seemed to show as corrrect (ie, Vantage now at £7,000 and E-saver now down by £100), but the transactions were not evident or visible.

I have just checked the two accounts again this morning (Saturday) and I now see the transactions thmselves are in place. However, as I have already explained, I did my work on the accounts with these Transfers on Friday evening, 3rd August . But they are listed as transactions to be done on the two accounts on Monday, 6th August.

ie, It seems Lloyds TSB are now treating these 'Transfers' between accounts as 'Payments' and hanging onto the money, which is at a better rate for them, rather than for us.

From my previous experience, these Transfers between my accounts used to be instant, even at weekends. This does not now seem to be the case. Can anyone else confirm and agree with this?

1)LTSB new website has some "IT" funnies - the transaction list can be out of step with the balance -(eg FP in will update the transactions realtime but not the balance) from my experience if you log out and log back in everything is then is sync.
2)LTSB roll over to the next day in line with their BACS processing time so Today becomes tomorrow at about 10.30/11.00 pm.

So I don't think there is any change -your transfer will have been instant, just classed as a "saturday transaction" as you did it after their roll over time - and weekend transaction have always been dated as Monday

LittleVoice

tobiascurious wrote: »

Thanks. This is the answer but unfortunately isn't clear:

Cheques go through a clearing process so the amount you pay in may not be available to use straight away. We meet the process implemented by all UK banks and building societies. This is how the process works if you pay in a sterling cheque from another bank (Working days are Monday to Friday, except bank holidays):
we will show the cheque in your account on the same day that we receive it;
from the second working day after we receive it, we start paying interest on the cheque (or using it to reduce the interest you pay);
from the fourth working day after we receive it, the funds are available for you to use; and
from the end of the sixth working day after we receive it, we cannot take money from your account without your consent unless you have acted fraudulently.
If the funds from the cheque are not available to use we may refuse to make a payment if you do not have enough money in the account to cover it. A cheque can be returned unpaid up until the end of the sixth working day after we receive it. If this happens, we will take the money from your account even if it puts you into overdraft.

I think the words I've changed to red bold should answer your original question.

pipsi_2

DocProc wrote: »

At about 11:30 pm last night (Friday) I went online and accessed my main Lloyds TSB Vantage current account and saw there was actually £6,900 in it. This was correct because I had actually taken out £100 in cash earlier in the day from an ATM.

Now I like to keep the account at exactly £7,000 so I proceeded to Transfer a top up of £100 from my ESaver account into the Vantage account. This is just a 'habit' sort of thing, which I regularly like to do.

Strange observations this time! After doing the transfer, the new balances on the two accounts seemed to show as corrrect (ie, Vantage now at £7,000 and E-saver now down by £100), but the transactions were not evident or visible.

I have just checked the two accounts again this morning (Saturday) and I now see the transactions thmselves are in place. However, as I have already explained, I did my work on the accounts with these Transfers on Friday evening, 3rd August . But they are listed as transactions to be done on the two accounts on Monday, 6th August.

ie, It seems Lloyds TSB are now treating these 'Transfers' between accounts as 'Payments' and hanging onto the money, which is at a better rate for them, rather than for us.

From my previous experience, these Transfers between my accounts used to be instant, even at weekends. This does not now seem to be the case. Can anyone else confirm and agree with this?

When i transfer money between accounts on weekends the money moves instantly and shows instantly as an available balance but the transaction itself is dated as the next working day. Last weekend i transfered some money from my savings account into my current account and paid for a holiday with my debit card, the transfer showed instantly and when the card payment was done, this lowered my available balance accordingly. The transfer between accounts was dated Tues (because Monday was a bank holiday) and the debit card transaction for my holiday was dated Thursday (again because of the bank holiday) at all times my available balance reflected what was available to me, the account balance noted the transfer into my current account but not the debit card transaction.

I hope this makes sense, it's not easy to explain it without going into specifics.

carpy

are SO's set-up for the 1st of each month always going to be ok for the monthly funding? there seems to be some uncertainty. can anyone confirm this is ok for sure as they have the same?

10_66

carpy wrote: »

are SO's set-up for the 1st of each month always going to be ok for the monthly funding? there seems to be some uncertainty. can anyone confirm this is ok for sure as they have the same?

I've got mine set up for the 5th of the month, to avoid any problems that bank holidays might cause.

lesleymarr

michaels wrote: »

Any idea if you are allowed multiple accounts

Ive got 5. Most have got £5000 and a quid or 2 in..