Lloyds TSB Platinum Payment Credit Date CHANGE

USSparky

I received an important change to the Lloyds TSB Platinum Credit Card I've had for years:

"A payment will now be shown on your account on the day that it clears and not the day it is received."

This means that even though you get a cheque to the company on Monday, it won't be posted to your account until the company gets the money from your bank! This could be very dangerous and I wonder if it's even legal???

RCA_2

how is it illegal? there are provisions in your terms and conditions to allow for deferred payments which mean once the payment is recieved it can be placed onto an account but the available funds will not be made available to use until the payment has fully cleared through the banking system. so if you psot a check it can take up to 7 working days after its recieved before you can then have the availability back. i assume if that can be done then they can do what they want with clearing times and the notice of variation you have recieved is legally binding. and why the hell would anyone chosse to pay by cheque- i can assure you that cheque payments are money maker for banks because they take so long to be applied to accounts.

Bossyboots

They are perfectly within their rights to wait until they have clear funds to apply to your account before they process the credit. A cheque is merely a promise to pay, until it passes through the system Lloyds do not actually have any money to apply to the account.

I think I would be grateful that you have had a flexible system up until now.