Charged for the “Privilege” of being a Lloyds customer???

Mystic_Lady_2

H E L P!!!!

I have been a customer of Lloyds bank for nearly 30 years and in October 2005 the account manager in charge of looking after me, automatically changed me to a Platinum account as one of their "privileged" customers. In reality, due to circumstances at the time, I required quite a substantial overdraft facility and because at that time I had Gold account, no charges unless you were overdrawn for which you paid heavily she deemed it "in my best interest" to automatically change me to a Platinum as she felt it cheaper for the "Overdraft facility".

However, due to a small inheritance, am now substantially in credit. So with that in mind - like my old Gold account whereby I paid nothing if in credit, I naturally assumed that the account she had "automatically" changed me to be like for like!! OH NO ... for now having quite a healthy balance the bank see fit to charge me the customer £15 a month for the privilege of holding an account with them!

The bank, as mentioned, automatically changed my account, in October 2005. If however, they had changed my account prior to May 2005, the charge of £15 a month would be wavered, making the account free.

On contacting Lloyds, I have been informed that I am privileged to have this account because I have "free" insurance travel, AA + other benefits (UHH! I had these with my Gold account and they were free). After getting through to the moronic person answering the call I ask them to clarify where "free" comes into it - as I am being charged £15 a month - where therefore does free come into the equation they are stumped!

So now, not only are you being charged by Lloyds if you owe money to their bank, but also if you keep your money in their bank!!!

Short-term I have been successful in demanding a refund of £60 (the last four months charges) but Long-term have been informed the charge of £15 per month will stand thereafter! Lloyds have offered to put me back to a Gold account but because it will now be considered a "new account" I will now incur charges on that. H E L P!!!

Moral - steer well clear of Lloyds. Perhaps our ancient forefather's had the right idea in keeping their money safe under the mattress????

rog2

You can get AA membership from £39.00, and annual travel insurance for around £50 - Not bad profit for Lloyds.

lil_me

Barclays do this aswell, my DPs account it £13 a month, hence looking into changing, he went to Barclays after Lloyds said they wanted to start charging him, sods law they started too.

overbudget

I had a platinum account with Lloyds - also had been a customer with them for years (since being a teenager - my father had banked with them!).
After browsing on here I bit the bullet and changed earlier this year to A&L. Apart from some hiccups in transferring direct debits (which were easily sorted) it was much easier than I expected and so far (touch wood) I haven't had any problems with A&L. Free account, free o/d for a year and decent interest on balances. Far better deal than Lloyds. I'd be voting with my bank account...

Mirtos

I have a standard current account with lloyds, and no charges. MAybe switch to that, or just kick up a fuss in branch? I HATE LLOYDS :mad:

MrsTinks

I'm happy to say I closed my final remaining Lloyds account last week myself They are so utterly useless it's unreal

They tried the same spiel on me ages ago and I pointed out I get free travel insurance anyway, my recovery is through my car insurance and far more comprehensive than basic AA and so on. Utterly useless

Xbigman

Why do you want a gold account? If its just for the interest you can go back to a standard Lloyds classic account and open an online saver. That allows you to instantly switch money back and forth so you get better interest on your balance (I also find its easier to track my budgeting this way).

Apart from that. Yes this is pants from Lloyds but they are all at it. I regularly have to phone and reduce credit card balances put up without asking and have twice had to stop credit cards being upgraded without asking. I've also had the cover ripped off a check book, a 'financial reviewer' turn up for an appointment I never made and an endowment opened I didn't need (only signed in advance if a remortgage went through - it didn't and they knew I didn't want the endowment).
Regards


X

Rogerb_2

Been with Lloyds for forty years and the one or two minor problems I have had have all have been resolved amicably.
I have only got a basic cheque book account with an online saver. Ref their online banking, I have seen others post on this forum as to how good it is, and I agree.

Dr.Shoe_2

My bank is taking "Advantage" of me. Time to switch from Nitwits to my new account at A&L.

Sven67

I think it’s fair to say all the banks do it. As MSE Martin says, they’re all in it for the profit and we’d do well to remember that, therefore don’t accept any ‘privileged’ upgrade account cost or no cost. I’m with Natwest and they have offered me similar upgrades in the past, I always refuse. After all nothing is for free… especially from banks. My bog standard account with internet access suits me fine (it pays to have savings elsewhere). All of the perks offered by the banks appear to be the same free break down cover, travel insurance etc, all cheaper if you shop around. The trick isn’t necessarily ditch your bank, just make sure you’re getting the best value for money and only use them for what they’re supposedly good at – banking…

mjh1977

I believe that you don't have to pay the account fee if your balance is over a certain amount for a certain proportion of the month. I'm not sure what the amount is, I think it's in the region of 4k. Whether you want 4k sitting in a current account is of course another issue...