New Lloyds Vantage current account

badger09

tsb wrote: »

I can't recommend Tesco Online Banking for setting up the DDs. I'm not the most experienced with online banking systems but this has to be one of the worst laid out, un-user friendly there is. It is also very temperamental and is 'available' when it feels like it!
This morning I've finally managed to set up the 6 DDs for my 3 Vantage accounts, each DD a monthly £1 pull. I've just checked, one Vantage is now showing the 2 tesco DDs but against frequency is says "not known" and the amount column is blank. The other two Vantage accounts have nothing showing yet. Just tried to access Tesco Banking again but its ...... not available!

Agreed -Tesco online banking, even when its working is awful

I don't think you'll see anything in your Lloyds accounts against the Tesco (or any other DDs) until they're activated for the 1st time.

Steve_xx

These DD mandates seem easy to set up.

It strikes me that anyone who obtains your sort code and bank account number could ostensibly help themselves to monies from your account.

I've gone through the rigmarole of setting up DD's to Lloyds from Tesco Bank and it just seems too easy to do, ie these DD's have appeared on my LTSB accounts but nobody from LTSB has contacted me to tell me this.

Does anyone have any thoughts on this?

savetilibleed

savetilibleed wrote: »

Now that I have DDs set on my other two Vantage accounts, I used that 0800 number (thank you forum - much quicker :j) to get those switched over.

Interest has just arrived in the two accounts I had 'upgraded' today. Strange? :think: Anyone find their interest date changed? It was always the second working day of the month. No interest payment to the account I had switched late last week though, if the arrangements have changed. Hmm. :think:

psychic_teabag

Steve_xx wrote: »

These DD mandates seem easy to set up.

It strikes me that anyone who obtains your sort code and bank account number could ostensibly help themselves to monies from your account.

I've gone through the rigmarole of setting up DD's to Lloyds from Tesco Bank and it just seems too easy to do, ie these DD's have appeared on my LTSB accounts but nobody from LTSB has contacted me to tell me this.

Does anyone have any thoughts on this?

I'm sure I used to get a letter from NatWest each time a DD's had been set up on the account, but I'm not so sure they've been doing that recently. No, pretty sure I didn't get one of those when I added a DD for a credit card recently.

I think there is a delay before a payment can be taken from a new DD. But it does seem wrong that the onus is on you to notice a new DD during this window.
EDIT: esp when you have upwards of 10 current accounts !

ISTR that it was a DD that stole money from Jeremy Clarkson when he published his account details (claiming it was perfectly safe).

There is the DD guarantee which is supposed to mean you can reclaim any withdrawals that weren't authorized by you.

honey1

savetilibleed wrote: »

My 2 PayPal test payments were received today to one of my Vantage a/cs (sent 13th - DD appeared v quickly). Other a/c sent 14th, nothing yet and no DD appears either, (or for Saga).

Now I'm even more confused!

Surely the DD has to be set up with the 'other' organisation (Paypal/whoever) to draw money OUT of the Lloyds account?

But savetilibleed seems to be suggesting his DD is sending TO Lloyds " payments were received today to one of my Vantage a/cs "

Have I got this the wrong way round?

Steve_xx

psychic_teabag wrote: »

I'm sure I used to get a letter from NatWest each time a DD's had been set up on the account, but I'm not so sure they've been doing that recently. No, pretty sure I didn't get one of those when I added a DD for a credit card recently.

I think there is a delay before a payment can be taken from a new DD. But it does seem wrong that the onus is on you to notice a new DD during this window.
EDIT: esp when you have upwards of 10 current accounts !

ISTR that it was a DD that stole money from Jeremy Clarkson when he published his account details (claiming it was perfectly safe).

There is the DD guarantee which is supposed to mean you can reclaim any withdrawals that weren't authorized by you.

It does seem a rather open-ended affair and as I see it, it must be open to abuse. Now I understand why all these suspect emails from Nigeria keep asking me for my banking details so that they can deposit millions of pounds into my account because I seem like a nice guy!

Jeremy Clarkson - an unfortunate individual.

Gromitt

pqrdef wrote: »

On 1st November, they run the DD test, and if you don't pass, they turn the flag off again.

Frankly I don't think they'll look at the DDs again after 1st November.

They already check your accounts every month for depositing 1K and keeping your balance between X and Y to get Z interest, how much more difficult would it be to add "and contains at least 2 direct debits". So in effect, they wouldn't turn the flag off, they just stop paying the additional interest for months where you don't have the required number of DDs.

So in effect, the flag is enabled when you ask for it and the system takes care of itself for the next 12 months.

badger09

honey1 wrote: »

Now I'm even more confused!

Surely the DD has to be set up with the 'other' organisation (Paypal/whoever) to draw money OUT of the Lloyds account?

But savetilibleed seems to be suggesting his DD is sending TO Lloyds " payments were received today to one of my Vantage a/cs "

Have I got this the wrong way round?

No you haven't got it the wrong way round

Unusually, when you link a bank account to PayPal (so that you can pay for purchases/xfer money through PayPal via DD) they send 2 'test payments' to the account you're linking (or making the payments from). These are less than £1 each and in order to complete the DD set up, you need to tell PayPal what those payments were. Its an extra layer of security to 'verify' you own the account.

The good news is that you get to keep those test payments
HTH

savetilibleed

honey1 wrote: »

Now I'm even more confused!

Surely the DD has to be set up with the 'other' organisation (Paypal/whoever) to draw money OUT of the Lloyds account?

But savetilibleed seems to be suggesting his DD is sending TO Lloyds " payments were received today to one of my Vantage a/cs "

Have I got this the wrong way round?

When you link a bank account to your PayPal account, it is PayPal that apply to your bank for the DD so PayPal are the other organisation. In their case they send to small payments (pennies) to the account, once the DD appears. You then tell PayPal what those two payment amounts are and that verifies things. The DD is then used so you can either transfer money from your account to your PayPal account or it will be used to make payments for goods/services such as via EBay. I think the latter is right. Until now I have only ever had my debit or credit card as the link and PayPal transactions get taken that way.

Nine_Lives

Question regarding this offer:

I have just set up a classic account ready to upgrade to Vantage & today i just received online access.

I clicked on the upgrade link, but this only took me to the 3.00% offer on £5k.

To get the 4.00% on £6k, do i need to telephone or will this be done automatic if i upgrade online? I know i need to have a couple of D/Ds too to get the offer, but i just was wondering about the method of upgrading.