Lloyds 4% Vantage Stipulations?

MoneySaverLog

Gromitt wrote: »

More fantasies from branch staff I'd imagine from someone who completely misread the 'training sheet' (if there is one) or whatever else they have for showing staff new products.

Indeed even go as far as saying the new Vantage account T&C's offer tiered interest rates. As shown on their own website...

http://www.lloydstsb.com/current_accounts/vantage4.asp

CRISPIANNE3

innovate wrote: »

If you mean by that that you have to see them on your Vantage account, then that's correct. Beyond that, there is no definition of an "active" DD, which might be the reason that Lloyds do not stipulate "active" DDs.

When I saw my account manager last week he advised me provided the dd is active then there will be no problem. I did ask whether the dd payment needed to be made each month and he said no.

innovate

Did he say what 'active' means?

It's academic, anyway, because nothing in the published terms talks about an 'active' DD.

CRISPIANNE3

innovate wrote: »

Did he say what 'active' means?

It's academic, anyway, because nothing in the published terms talks about an 'active' DD.

End of story!

Gromitt

innovate wrote: »

Did he say what 'active' means?

I asked someone on the phone banking about that and they seemed knowledgeable. They said "An active DD is a DD which can be claimed against by the originator. For example, to pay for your gas or electricity. If the DD is inactive, any attempt to claim against it will fail and the payment request will be denied."

So judging from that, they may not count 'inactive' DDs when counting the required number for each 4% Vantage account.

LesU

Gromitt wrote: »

I asked someone on the phone banking about that and they seemed knowledgeable. They said "An active DD is a DD which can be claimed against by the originator. For example, to pay for your gas or electricity. If the DD is inactive, any attempt to claim against it will fail and the payment request will be denied."

So judging from that, they may not count 'inactive' DDs when counting the required number for each 4% Vantage account.

The explanation from the bank is spot on.
They will also, as you say, not count 'inactive' DD's.
This is because an inactive DD is an historical one. i.e. It once was a DD and has now been cancelled. It will not appear on the list of DDs in your account, unless it was cancelled very recently and has yet to be removed by the system.
The only other way a DD could be inactive is if it is in the process of being setup. Again, if it is working its way through the system, it won't be on the list.
So the rule is, if you can see at least 2 DDs listed on your account, you qualify.

innovate

LesU wrote: »

So the rule is, if you can see at least 2 DDs listed on your account, you qualify.

Quite.
.......................................

Nath4n

LesU wrote: »

The explanation from the bank is spot on.
They will also, as you say, not count 'inactive' DD's.
This is because an inactive DD is an historical one. i.e. It once was a DD and has now been cancelled. It will not appear on the list of DDs in your account, unless it was cancelled very recently and has yet to be removed by the system.
The only other way a DD could be inactive is if it is in the process of being setup. Again, if it is working its way through the system, it won't be on the list.
So the rule is, if you can see at least 2 DDs listed on your account, you qualify.

Hey all, sorry to contradict some of you but it's possible the above may not be correct. I did an account transfer from another bank account to my 3rd Vantage in order to get some DD's on the account. Four DD's were transferred and appeared on my Vantage account, however three hadn't been used for quite some time (6mo-year). By the logic above these would count for the Vantage offer however I received a letter in the post last week telling me the account switch had been finalised and listing the DD's which had been transferred. Next to each DD was 'ACTIVE' or 'INACTIVE'. Three out of four were listed as INACTIVE so to be safe I set up a Tesco DD on that account to be sure I had 2 'ACTIVE' DD's, despite now having five DD's actually listed on the account.

Wheres_My_Cashback

DD's automatically become inactive after 13 months of non-use.

iilg

Wheres_My_Cashback wrote: »

DD's automatically become inactive after 13 months of non-use.

Can they be easily/automatically resuscitated (I'm thinking of the ad hoc ones like to a sharedealing service who may need to cover shortfall and pull from your account)? Or need to apply again for new DD?