LTSB- blocking accounts

pcyam

LTSB have blocked my account because they are saying that I am not allowed to set the standing order of £1000 through the accounts-even tho it was one of their banking advisors that originally said yeh its fine everyone does it!!! (not in those exact words) , they say their T&C say its only for new money eg from external sources!!! But where does it say this?? even the branch staff couldnt show me this on their T&C and all they did was print off something off the internet saying they dont have copies in branch and just print off the 3 page document off the internet website which 1-is not not details nor 2- have the T&C's. Thought banks had to issue T&C on account opening these days.

anyway looks like I need to get my letter writing pad out :rotfl: and then transferring all money back to Santander esaver (3) iun the mean time and then a better home for it.

jennifernil

That is rubbish if you have understood them right. We both had 3 Vantage accounts and just swapped the £1000 around them by SO every month, no problem.

Yorkie1

I have new money coming into 1 vantage account but it then circulates between the other two accounts. I haven't received any notification of changes to the T&Cs so I'd stick to your guns.

cottager

Like Yorkie1, my £1k goes in from an external a/c as LTSB isn't my main bank anyway. First to one Vantage, then TF to the 2nd (I only have two) before going out again away from LTSB till the following month. It was my understanding before opening them that the monthly £1k must to be 'new', so given there was no salary or anything else being paid into the LTSB accounts, it has to come from the external a/c. Same to collect the Halifax reward, so from LTSB the £1k travels on there before going "home" elsewhere.

noh

cottager wrote: »

Like Yorkie1, my £1k goes in from an external a/c as LTSB isn't my main bank anyway. First to one Vantage, then TF to the 2nd (I only have two) before going out again away from LTSB till the following month. It was my understanding before opening them that the monthly £1k must to be 'new', so given there was no salary or anything else being paid into the LTSB accounts, it has to come from the external a/c. Same to collect the Halifax reward, so from LTSB the £1k travels on there before going "home" elsewhere.

Neither the Halifax Reward or the Lloyds Vantage £1k deposits need to be "new" money.
I fund my 3 Reward accounts and 3 Vantage accounts with internal transfers. No problems so far.

jennifernil

Absolutely nothing in the T&Cs about "new money".

We did have 3 Vantages each, and DD had 2. Originally I sent my £1000 from HBOS through 6 Reward accounts, then to Lloyds to go through our 8 (in total) Vantages.

Then, when all the Vantage accounts were full, we changed it so that the £1000 went round our own accounts only....from A to B to C to A......, or from A to B and back to A. And the original £1000 now just services the Reward accounts.

Now the interest rate has dropped, OH has his £21k elsewhere, I am down to 2 Vantages of £5k each, and DD has had to use hers! So now I just swap the £1000 from A to B and back again by SO.

pcyam

Thats what ive done internal transfers on both Lloyds (3) and Halifax accounts (3) as neither of these were my main accounts. But the advisor definately said to me that it had to be 'new money'. Even if I had £1000 'new money' into 1 Lloyds account and then go around and out she said I couldnt as it wasnt new money going through all the accounts. Accounts are now marked as monitored and if I do it, it will be blocked again.

Going to write a letter and post off today asking then why and what a waste of my time, when the advisors couldnt even 1) give me a copy of the terms and conditions 2) couldnt point out where it has ever said that and 3) because of the nature of the complaint should just log the complaint directly with the complaints team at stage 2!!!

Thoughts banks were willing to listen no matter what the issue was and who ever is first point of call shoudl try and resolve and log complaints or am I reading the complaints leaftlet incorrectly??

YorkshireBoy

I'd be trying to keep under their radar, rather than going in all guns blazing with the complaint if I was you. Banks may close your accounts if they decide you're breaking the 'spirit' of an agreement as well as the T&Cs.

You have 6 accounts capable of operating FPs. Why not do as I initially did* and 'crossfire' the funds each month?...ie LTSB 1 to Halifax 1, Halifax 1 to LTSB 2, LTSB 2 to Halifax 2, etc. Takes a few minutes that's all.


* I currently operate as you do and internally cycle funds.