Is this right - Must have top account for overdraft?

SEMO-Mark

Hi all,

My parents have a Lloyds Platinum account. They were told they had to have that account in order to get the overdraft they wanted / needed.

I'm not sure, is this right? I see no reason why they couldn't of had the lower account.

Regards,
Mark

Aquamania

SEMO-Mark wrote: »

Hi all,

My parents have a Lloyds Platinum account. They were told they had to have that account in order to get the overdraft they wanted / needed.

I'm not sure, is this right? I see no reason why they couldn't of had the lower account.

Regards,
Mark

You are correct. The Lloyds Classic account can have an overdraft facility (sts).

[Deleted User]

Aquamania wrote: »

You are correct. The Lloyds Classic account can have an overdraft facility (sts).

While this is true, it's possible the overdraft amount the OP's parents "needed/wanted" may have exceeded that allowed on a Classic account.
Only way to be sure is to contact the Bank...

Aquamania

Moneyineptitude wrote: »

While this is true, it's possible the overdraft amount the OP's parents "needed/wanted" may have exceeded that allowed on a Classic account.
Only way to be sure is to contact the Bank...

Is there a limit with the classic account?
How does that compare to the Platinum account limit (if any)?

[Deleted User]

Aquamania wrote: »

Is there a limit with the classic account?

It's normally individual to the account holder's financial circumstance. I suspect, though, that the Platinum account may have an automatic overdraft of the amount the OP requires.
Without any details (from either side) it's impossible to comment further. The Op will need to approach the Bank for clarification.

Aquamania

Moneyineptitude wrote: »

It's normally individual to the account holder's financial circumstance. I suspect, though, that the Platinum account may have an automatic overdraft of the amount the OP requires.
Without any details (from either side) it's impossible to comment further. The Op will need to approach the Bank for clarification.

But surely if the OP had such a poor credit history as to not be granted an authorised overdraft facility of the level required, and that level was the minimum granted to any holder of a Platinum Account, then the OP would not be accepted for a Platinum Account in the first instance?

GingerFurball_2

Moneyineptitude wrote: »

While this is true, it's possible the overdraft amount the OP's parents "needed/wanted" may have exceeded that allowed on a Classic account.
Only way to be sure is to contact the Bank...

The only difference is that with a Classic account, the first £25 of any arranged overdraft is fee and interest free, whereas with a Platinum account it's the first £300 (both subject to approval.)