Lloyds Bank

Midzone

Had a letter from Lloyds Bank yesterday about the changes in September. The letter mentioned a new 'innovative scheme' coming soon to help customers save on things they already buy each month - any ideas what this 'scheme' is?

ColdIron

I got that letter too, I imagine it'll be some sort of cash back. It could be a direct debit scheme like the 123 but as they say 'save on the things they already buy' I wonder if it's a credit card offer

MoneySaverLog

Not had a letter yet but whatever 'scheme' it is it will no doubt make the bank money somehow else why offer it?

zerog

It could be cashback for using the debit card, like natwest/rbs recently introduced

SammenForLivet2

It could also be some sort of 'Personalized Offers' or 'Bespoke offers', which are customised to your spending patterns (e.g: If they see you buy a lot at Costa, then a discount voucher for Starbucks) or purchase a lot at Tesco - save by shopping getting a voucher for Sainsbury's -as these are quite cheap to run/manage and they can sell on the data.

CKhalvashi

macfamilyent wrote: »

It could also be some sort of 'Personalized Offers' or 'Bespoke offers', which are customised to your spending patterns (e.g: If they see you buy a lot at Costa, then a discount voucher for Starbucks) or purchase a lot at Tesco - save by shopping getting a voucher for Sainsbury's -as these are quite cheap to run/manage and they can sell on the data.

I'm still a little worried about my personal info being sold on with this nature.

Looking quickly at the Lloyds contract (I don't bank with them), there's no mention of identifiable info being sold to say, supermarkets, so if this is to happen, there will probably be advance notice of changes to T's&C's, although knowing Lloyds, this will probably be as late as possible.

CK

stclair

I wonder if it will mirror the Halifax incentive scheme:

http://forums.moneysavingexpert.com/showpost.php?p=62808689&postcount=2

SammenForLivet2

CKhalvashi wrote: »

I'm still a little worried about my personal info being sold on with this nature.

Looking quickly at the Lloyds contract (I don't bank with them), there's no mention of identifiable info being sold to say, supermarkets, so if this is to happen, there will probably be advance notice of changes to T's&C's, although knowing Lloyds, this will probably be as late as possible.

CK

I think the New NatWest Cashback on Debit Card spend requires you to receive 'individualized'/'bespoke' offers based on your spending, in order to receive the new 1% cashback, but you had to separately sign up and accept their terms and conditions,before being eligible for the cashback

CKhalvashi

macfamilyent wrote: »

I think the New NatWest Cashback on Debit Card spend requires you to receive 'individualized'/'bespoke' offers based on your spending, in order to receive the new 1% cashback, but you had to separately sign up and accept their terms and conditions,before being eligible for the cashback

I'm not saying it's not for some, I'm just saying that I wouldn't like my details being sold in this way.

My transactions are between myself, the bank, and for certain things the accountant and HMRC, but that's just the way I am.

CK