TSB, close or forget?

Noxsham

I have a TSB basic bank account.

It used to have an overdraft but they took it off me and charged me £6 for the honour.

This used to be my main bank account, but they was unable to provide the one thing I was after, I have asked again and again for it. It was...

If my account DOES NOT have any money, DO NOT GO OVER MY OVERDRAFT!!!

They did this 5 times to me all together, 3 times people taking the money with out my knowing, (Amazon prime, PayPal, Work not paying the bank on the right day). 2 times my fault (forgot to check my balance before ordering something on-line).

Each time the problem was fixed in 3 working days (refunds or money moved from another account). 2 times it was my fault they refunded the £50 to me. 3 times they made me pay it (which I demanded the charger to pay [charged Amazon prime £75 + refund]).

So my question, since I have now moved over to another bank (which does turn down the charger). Should I keep my account open with them £1-2 in credit, or close the account?

My parents are telling me to keep it open since it will help me to get a mortgage when I need one, I think I am better off closing the account since if I do get a mortgage I am not planning on getting it with TSB. Since I am sick of getting charged...

Side note, I do have an ISA with TSB but going to be moving that to the best place that will offer my the highest %. I am using the ISA to hold my bus fair for college in September (£100 per term), save me using an loan for it. since ALG pays the bus pass for me.

MME_2

Hello,

Noxsham wrote: »

I have a TSB basic bank account.

It used to have an overdraft but they took it off me and charged me £6 for the honour.

You can't have an overdraft on a basic account, what account exactly do you have?

Noxsham wrote: »

If my account DOES NOT have any money, DO NOT GO OVER MY OVERDRAFT!!!

Not possible at any bank without paying for the privilege. Surely if you are only just going to college you can't have that many financial commitments and it should be very easy to control your finances yourself without going overdrawn. You seem to be blaming the bank when it is yourself (unless it's fraud) that has registered these direct debits/authorised these card payments?

Noxsham wrote: »

They did this 5 times to me all together, 3 times people taking the money with out my knowing, (Amazon prime, PayPal, Work not paying the bank on the right day). 2 times my fault (forgot to check my balance before ordering something on-line).

So none of them are the banks fault?

Noxsham wrote: »

2 times it was my fault they refunded the £50 to me. 3 times they made me pay it (which I demanded the charger to pay [charged Amazon prime £75 + refund]).

Lloyds TSBs charges only get to these amounts if you have been overdrawn for about a week!

Noxsham wrote: »

So my question, since I have now moved over to another bank (which does turn down the charger). Should I keep my account open with them £1-2 in credit, or close the account?

Unless you plan on using it again, close it.

Noxsham wrote: »

My parents are telling me to keep it open since it will help me to get a mortgage when I need one, I think I am better off closing the account since if I do get a mortgage I am not planning on getting it with TSB.

A basic bank account will not get you anywhere when it comes to a mortgage.

Noxsham wrote: »

Since I am sick of getting charged...

Which you have admitted, apart from your wages on one occasion, where as a result of an error by yourself. All banks will charge you unless you take some responsibility.

pmduk

I think you ought to take charge of your money, rather than the other way round. You need to know exactly what you've spent at any time and what direct debits are due to be taken. Otherwise all banks will charge you for the privilege of doing it for you.

opinions4u

A truly extraordinary post.

A great example of not taking ownership of your own affairs and then blaming the bank for the outcome.

3 times people taking the money with out my knowing

Was it fraud, or were they acting on your instructions?

Should I keep my account open with them £1-2 in credit, or close the account?

Personally I'd close it. Your parents are right that it could benefit you when applying for credit, specifically when asked the question "time with bank". But if you are going to manage your finances in future the way you have done in the recent past, nobody is going to lend you money anyway.

dzug1

Noxsham wrote: »

So my question, since I have now moved over to another bank (which does turn down the charger). .

But isn't that bank going to charge you for turning down the charger?? Most do.

missile

It seems you did not switch direct debits to your "new" account?

You seem to have problems keeping control of your finances and might be better off with only one current account.

I think you are very fortunate Lloyds TSB refunded several of those charges.

techspec

Its should be Lloyds TSB on here - asking if they should close YOUR account.

With your history - you fortunate to still have an account - so i would keep it open for a rainy day.

Noxsham

Ok, LONG post...

MME wrote: »

You can't have an overdraft on a basic account, what account exactly do you have?

Sorry, it not a basic account its a current account.

MME wrote: »

Not possible at any bank without paying for the privilege. Surely if you are only just going to college you can't have that many financial commitments and it should be very easy to control your finances yourself without going overdrawn. You seem to be blaming the bank when it is yourself (unless it's fraud) that has registered these direct debits/authorised these card payments?

I have two current account with Barclays that do this. One of them is for the day to day stuff and the second account is for monthly bills (game subs, mobile top-up, etc) that are not payed every 4 weeks on payday.

MME wrote: »

So none of them are the banks fault?

Technical No, but they still allowed me to go over my overdraft.

MME wrote: »

Lloyds TSBs charges only get to these amounts if you have been overdrawn for about a week!

At the time, I was playing for the text information and I reacted as soon as I got the message, but since my local branch was not open when I needed them this added a day or two each time. (normally happen on a college day and I do not leave untill they closed.)

MME wrote: »

Unless you plan on using it again, close it.

Thank you, I whated to make sure I was not going to do something I would regent later.

MME wrote: »

A basic bank account will not get you anywhere when it comes to a mortgage.

Will a current account? (since I got the wrong account type)

MME wrote: »

Which you have admitted, apart from your wages on one occasion, where as a result of an error by yourself. All banks will charge you unless you take some responsibility.

I disagree with you there. The two I messed up I will put my hands up for them.

But Amazon Prime, I ordered the item I needed on their free trial and removed my card information from their website and send off the request to cancel my account.

PayPal, A website took the money out of my account with out my acknowledgement, who took it out of my bank account. The website I had never hear of before, so reported this to PayPal. They got the funds back in my account within a few hours of me sending my report in and contacted the bank for me. (go PayPal)

pmduk wrote: »

I think you ought to take charge of your money, rather than the other way round. You need to know exactly what you've spent at any time and what direct debits are due to be taken. Otherwise all banks will charge you for the privilege of doing it for you.

I have more now since I started getting charged. I even have a spreadsheet with all the transactions that happen across my accounts (and own still to the bank of mum and dad).

dzug1 wrote: »

But isn't that bank going to charge you for turning down the charger?? Most do.

No, when I opened my account with Barclays this was one of the first things I asked for at no extra cost.

missile wrote: »

It seems you did not switch direct debits to your "new" account?

You seem to have problems keeping control of your finances and might be better off with only one current account.

I think you are very fortunate Lloyds TSB refunded several of those charges.

I know I am forunate to have had most of my changes refunded. I think this might of been down to me getting on first name terms with the branch manager.:rotfl:

Nessie23

Noxsham wrote: »

So my question, since I have now moved over to another bank (which does turn down the charger). Should I keep my account open with them £1-2 in credit, or close the account?

My parents are telling me to keep it open since it will help me to get a mortgage when I need one, I think I am better off closing the account since if I do get a mortgage I am not planning on getting it with TSB. Since I am sick of getting charged...

I would close the account, if you are not planning on using it and you are dissatisfied with Lloyds you are not going to gain much by keeping the account dormant.

Try not to be too close to the overdraft limit in future just in case you get a wrong direct debit or get overcharged for something wrongly. I tend to view overdrafts as a safety net rather than borrowing facility which is in constant use.

Good luck!
Nessie