Lloyds Classic Vantage: Lost Interest in May 2011

Sponge

We (my wife & I) opened 3 Classic Vantage accounts in February of this year. Everything was done in branch by the nice lady from Lloyds. She set up 3 Standing Orders to transfer £1000 between the 3 accounts. This would happen at the end of each month.

This has worked fine and at the beginning of each month interest has been paid, until recently.

Interest has been paid from February to April, but in May no interest was paid. Interest was then paid in June. The same happened across all 3 accounts.

After spending a while discussing it on the phone with Lloyds, it appears the interest wasn't paid in May as there was no qualifying £1000 deposit for that month (end of April).

In May there is a deposit of £1000 on the 3rd and the 31st. This is repeated across all 3 accounts.

While I was on the phone I was looking over my account statements again and had a thought: I checked the calendar, it appeared to me that the switching (SO) of £1000 between accounts didn't happen at the end of April because of the public holidays over that weekend.

The phone operator couldn't take my call any further and admitted herself that the pubic holidays could be the reason behind the non-payment and that she hadn't though of it. She suggested I go into my branch to discuss the matter with the person that opened the accounts and set everything up. I wasn't there on that day, my wife did it all. Even if I had been there, I don't think I would have considered the potential for this to happen. I just wondered if it's happened to anyone else and if you pursued the lost interest?

I'm looking for a good-will gesture I suppose; For them to acknowledge they set up the account, including the SO and that under the circumstances they should give me the lost interest, which equates to about £36. Am I being unreasonable?

jonesMUFCforever

If you paid on 3rd May then you did not pay in April.
IMO you should get nothing in compensation as it is you who broke the terms and conditions.
The public holidays were well publicised - and one reason why for any kind of bank product where you need to make a monthly payment - never do it at the end of the month - always better at the beginning.

Also from today the Vantage interest is coming down to 3% on £5000 not 4% on £7000 so you need to adjust your balances and find a home for the excess.

pmduk

The last bank working day of April was the 28th. What date was the standing order set up for? If it was on or before the 28th you may have a case, otherwise not.

I'm fairly certain there have been warnings on here about the potential for this to happen.

Sponge

I spoke with the bank and they agreed to credit me the lost interest on all 3 accounts.

I didn't volunteer any information, i.e. about the bank holidays. I left it to them to figure it out. It took them a while and over the last few weeks it was passed from one person to another. It eventually landed on the manager's desk and he agreed to credit me the lost interest, which I should see next month.

Just goes to show...

cottager

As already recommended here, if the SOs are currently scheduled in the last few days of the month I'd still change the dates if I were you. This can easily happen again depending how weekends/bank holidays fall, and it can be worse around Christmas/New Year time.

jennifernil

Much better to do things mid-month IMHO.

opinions4u

I cannot believe it's taken them a month to work out the obvious.

The fact they've paid up doesn't mean it's their fault. As others have suggested, fund your account in good time in future.

mrs_T

Why not open a lloyds tsb incentive saver and save yourself the bother?

DocProc

Altering the dates of all your Standing Orders to somewhere around the middle of the month might be a good thing to do?