Lloyds TSB Overdraft to charge??!!

mellie_88

Hi, I have received a letter off Lloyds TSB today stating that as of 2 December 2010 they are going to start charging for use of there planned overdraft facility. Now I am a student and one of the reasons why I chose them for my bank account was due to the free overdraft facility that they offered me!
Does anyone know where I can move my bank account too that won't charge me every month for having and using my planned overdraft?

Thanks

pilesofstones

I've just received this letter. I'm not very happy with Lloyds, at all. So I will be shifting accounts. I think it's hardly fair they charge me if I'm in my overdraft for even 1 minute! I have a very high throughput on my account and I've got a high score on their internal system.

Not very happy!

ice_tee

The new fees do not affect student and graduate accounts. They are described as being 'interest and fee free'.

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

pilesofstones

That isn't right. I've got a document pack stating that all current accounts are affected. Including student and grad. And I've also contacted my branch and they confirmed this.

ice_tee wrote: »

The new fees do not affect student and graduate accounts. They are described as being 'interest and fee free'.

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

ice_tee

Taken from the link I provided...

'If you have an interest and fee-free overdraft as part of your Added Value, Student or Graduate Account you will not pay any fees (including the new Monthly Overdraft Usage Fee) if you stay within your interest and fee-free overdraft limit.'

HopeAndDriftWood

I've had this letter today, student accounts aren't included, I was worried too until I read it! I'd contact your bank again, and confirm your account is remaining a student account.

mellie_88

Well the letter is extremely confusing to read, and I had to read it several times over. I am planning on going into my bank to check it all, but I thought if the student and grad accounts weren't being effected then they should have clearly wrote that on the letter really. Very annoying!!

pilesofstones

mellie_88 wrote: »

Well the letter is extremely confusing to read, and I had to read it several times over. I am planning on going into my bank to check it all, but I thought if the student and grad accounts weren't being effected then they should have clearly wrote that on the letter really. Very annoying!!

No one at Lloyds can currently confirm to me who is affected (i've had 5 different answers so far!). As I and many, many other student and graduate account holders have received a letter titled 'Changes to your Student Account'.

A very poor bit of organisation from Lloyds here.

jambosans

To re-itterate what ice tee has already indicated, the FAQ on the Lloyds TSB website (link) in regards to these changes states:-

Lloyds_TSB wrote:

Which current accounts offer an interest and fee-free overdraft?
Interest and fee-free overdrafts are available on Premier, Platinum, Gold, Select (not available to new customers), Student and Graduate Accounts (subject to application and approval).

Seeing as the £5 is classed as a "fee", I think it's fairly reasonable to assume this change does not effect the Student or Graduate Account. I agree however, Lloyds TSB's communication on this doesn't seem to be very clear. Even the main page in relation to the changes (link) is vague at best.