Lloyds Added Value account overdraft con

TheDogs_2

Hi All

New to this but thought I would let you know what has happened to me and invite your comments!

For many years I have had a 'Platinum' account with LloydsTSB for which I pay a monthly fee. The account has various benefits including a reduced overdraft interest rate and AA cover.

The platinum account is a joint account so that we can both benefit from the AA cover etc. However my overdraft is on my single account. All the years I have had this I had assumed that I was benefitting from the reduced overdraft interest rate afterall, I pay LTSB a monthly fee to receive the benefits associated with that account.

I have now discovered that I have been paying around 1.5% per month for my overdraft on my classic account rather than the less than 1% that should apply to a 'platinum' customer.

It would clearly be ridiculous to pay for more than one added value accounts and duplicate the AA cover and mobile phone insurance etc etc.

The FSA place a great deal of emphasis on their initiative of 'Treating Customers Fairly'. How can LloydsTSB get away with calling me a 'platinum Customer' and collecting my fee each month and then not apply the platimum rate to my overdraft.

I'm quite sure that somewhere in their T&Cs it will confirm that the benefits only apply to the one account but lets be fair about this - PPI insurance would have been quite explicit about who could benefit and that did not prove to be a defence for the banks who did not arrange this cover for the right people.

As far as I am concerned I am either a platinum customer or I am not - anyone got any similar experience or suggestions as to what to do?

I have complained to my local branch and I await their response.

Cheers

TheDogs

BoGoF

I can't see how you can have cause to complain to be honest, it's like me expecting my £5 Halifax reward on all my Halifax accounts when I only have one Halifax account. Different accounts have different T&C's and it's your obligation to read them.

opinions4u

All the years I have had this I had assumed that I was benefitting from the reduced overdraft interest rate

There's mistake number one.

How can LloydsTSB get away with calling me a 'platinum Customer'

They appear to label you as a Platinum Account holder. The difference is subtle but pretty clear. Where have they implied that beneficial overdraft terms (which only seem to apply below £250 anyway) can be transferred to other current accounts?

I really do think you are going off on one when the bank is not to blame.

ses6jwg

Your complaint will be rejected by both Lloyds TSB and almost certainly by the FOS.

It is pretty easy to understand that terms and conditions, as well as charging structures, apply to accounts, not customers.

thegoodman

The name says it all TheDogs

As far as I am concerned I am either a platinum customer or I am not - anyone got any similar experience or suggestions as to what to do?
No you are not a platinum customer, one of your account with them is a platinum.