Lloyds Bank - Terms & Conditions - (2 Accounts)

If a person has 2 accounts with the same bank (eg. Lloyds) - Does the terms and conditions allow Lloyds to transfer money from one account to the other?

Cheers
I have dealt with Motor & Personal Injury Claims for 20 years.

I joined the forum to offer the benefit of my experience and the views expressed are those solely of myself.

Replies

  • zpppzppp Forumite
    2.5K Posts
    If a person has 2 accounts with the same bank (eg. Lloyds) - Does the terms and conditions allow Lloyds to transfer money from one account to the other?

    Cheers

    Yes they do
    Best Regards

    zppp :)

  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    Yes, it's called the right to 'set-off'.
  • TheRedAdmiralTheRedAdmiral Forumite
    75 Posts
    Part of the Furniture Combo Breaker
    Forumite
    Thanks for the replies. I really appreciate this.

    The reason I ask is that I am presently looking after my sister in laws account and noticed that she has received some bank charges.

    Her "Main" Lloyds account is a current account and it is this account that has accrued charges. However her other account has had a balance, pretty much continually, of over £4000 in it.

    My question is therefore "Why didnt Lloyds simply transfer the money, as per their contractual right, rather than making an unecessary charge?"

    Does anyone have any views on this?

    Irrespective as to whether she should have transferred the money herself - Does anyone believe that this can be argued positively?
    I have dealt with Motor & Personal Injury Claims for 20 years.

    I joined the forum to offer the benefit of my experience and the views expressed are those solely of myself.
  • YorkshireBoyYorkshireBoy Forumite
    31.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    ...I am presently looking after my sister in laws account
    Under some kind of power of attorney?
    My question is therefore "Why didnt Lloyds simply transfer the money, as per their contractual right, rather than making an unecessary charge?"
    The cynic in me says because they wouldn't make any money that way! However, I wouldn't want my bank interfering with my money.
    Does anyone have any views on this?...Does anyone believe that this can be argued positively?
    If she hasn't got a history of bank charges then asking for a goodwill gesture and mentioning the savings may help.

    Longer term she (or you if you have POA) needs to more closely monitor her accounts or get a buffer either in the form of an agreed overdraft facility or self-fund the buffer by moving some of the £4K over from the savings account (the 'cost' for the latter will be minimal with the poor interest rates available these days).
  • Premier_2Premier_2 Forumite
    15.1K Posts
    10,000 Posts Combo Breaker
    ...My question is therefore "Why didnt Lloyds simply transfer the money, as per their contractual right, rather than making an unecessary charge?"...

    Because as YorkshireBoy has already indicated, the terms set out the right to set-off, not an obligation to do so.
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
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