HALIFAX/LloydsTSB - Interest rate on on-line statements (NOT) [Merged]

yabbadoo

Original post withdrawn as it was based on incorrect information, and consequently is also incorrect.

My apologies!

mulronie

I don't see a problem I'm afraid

The drop-down box on Halifax Online is a good feature on their online accounts, and they are actually under no obligation to provide it - the requirement only applies to paper statements, which to avoid doubt, are those issued by the bank and does not include "printer friendly" versions of online statements.

Please see FSA handbook on the matter: http://fsahandbook.info/FSA/html/handbook/BCOBS/4/2

BCOBS 4.2.1 outlines the circumstances and exceptions for a bank issuing a statement, and BCOBS 4.2.2 outlines that all paper statements produced under 4.2.1 must include interest rates..

As to your 2.6% vs 2.8% claim, without a screenshot it is your word against theirs, and even so - as long as they actually paid you the 2.8%, what's the matter?

opinions4u

They're not required to display interest rates as part of secure online banking.

Ask them to check they've paid you the right rate.

All my Halifax accounts show the correct rate online.

strawberrylane

Since mid-December 2011 Halifax have not displayed online the interest rate on my fixed websavers and my fixed online savers. Same for my wife's fixed websavers and fixed online savers as well.

Our variable rate accounts all show the interest rate when you click the link on the account's web page, but as I said none of our fixed rate accounts do. Why the discrepancy?

yabbadoo

http://www.fsa.gov.uk/pubs/consumer_info/know_your_rights_guide.pdf

Opinions4U - it could only be a Halifax person that fed you that line. How can an interest rate percentage be a security risk?

I'm glad that your published rates are correct, as are ours, for our fixed rate accounts. Had it been correct at term on the variable rate account, the problem would never have arisen. I didn't dream it up - neither did the LloydsTSB ISA customer in the earlier post.

yabbadoo

Strawberrylane - this tip might help you.

There's a feature to "Rename your account". I use it to record both the (original) interest rate and the expiry date for "term" deposit accounts and ISA's

Example - renamed to "2011 3 yr ISA 3.5% expires 15 Apr 2014" - everything you need to know, at a glance, on the Account List page. and especially useful if you have multiple ISA accounts.

This title displays in the list of accounts after log in - it helps me to promptly act as necessary. A solution to your problem, perhaps, and one under YOUR direct control.

opinions4u

Opinions4U - it could only be a Halifax person that fed you that line. How can an interest rate percentage be a security risk?

You misunderstood my post. Or I worded it poorly.

Secure online banking means where you log in to your accounts using password etc. and can view your account transactions.

There is nothing that requires banks to display the rate of each account within their secure online banking systems. Some do. Some don't.

mulronie

yabbadoo wrote: »

Mulronie, uou are referencing the old (2009) FSA regulations, which have since been updated.
Read pages 10 and 11 of this FSA document (link below) issued Jan 2012, which effectively states the current FSA bank guidelines - certainly different to 2009, and which makes my post relevant (I'd already read this before posting).

http://www.fsa.gov.uk/pubs/consumer_info/know_your_rights_guide.pdf

Hopefully. in view of the latest FSA info, you will now agree my submission point.

Sorry, I don't agree because you are wrong.

The FSA Handbook I linked to is correct and current - you will see that BCOBS 4.2.1 was effective 01/11/2009, and BCOBS 4.2.2 was effective 06/05/2011. In fact, the great thing about this online version of Handbook is that at the top it lets you set the date - so you can go "back in time" and see what was applicable prior to 06/05/2011 where different wording applies allowing the banks more discretion.

The thing you linked to does not actually back up your point at all - all it says is "The banks have agreed to display the interest rate on your account on the statements they send you." The point being, this is about stuff they send you.

By the way, if you want to get into discussion about regulation and compliance, the Handbook is definitive - a glossy PDF produced by the FSA is useful as a guide to an unfamiliar consumer, but not for assessing the nitty gritty of what banks should be doing.

Unfortunately for you, the Handbook as I posted it applies - as does my point: for online accounts you should be lucky they tell you anything at all, because they are under absolutely no obligation to (unless of course you formally request a posted statement, per BCOBS 4.2.1 [3] and for which they will charge you per BCOBS 4.2.1 [4] )

yabbadoo

withdrawn due to incorrect data

Milarky

yabbadoo wrote: »

Strawberrylane - this tip might help you.

There's a feature to "Rename your account". I use it to record both the (original) interest rate and the expiry date for "term" deposit accounts and ISA's

Example - renamed to "2011 3 yr ISA 3.5% expires 15 Apr 2014" - everything you need to know, at a glance, on the Account List page. and especially useful if you have multiple ISA accounts.

This title displays in the list of accounts after log in - it helps me to promptly act as necessary. A solution to your problem, perhaps, and one under YOUR direct control.

Yes I use the rename features with my accounts to do that sort of reminder.

[Must have got that idea from First Directs 'whizzbang' of adding 'DO NOT USE' to payee details]

Milarky

opinions4u wrote: »

You misunderstood my post. Or I worded it poorly.

Secure online banking means where you log in to your accounts using password etc. and can view your account transactions.

There is nothing that requires banks to display the rate of each account within their secure online banking systems. Some do. Some don't.

Yes but annoying isn't it - because you often click on things saying "learn more" "how to apply" and (for this discussion) "interest rates" only to be taken to a list of every type of account available (including the closed issues) which you then have find your own account from (hoping that there isn't one with a suspiciously similar name - with Halifax that's a slim hope!) Occam's Razor would suggest the reason they arrange it this way isn't 'compliance' but sloth.