Club Lloyds Account Direct Debit Question

Lindagreenacre

Archi_Bald wrote: »

No betrayal anywhere in sight. You need to review how you get the notifications about T&Cs, not least because there will inevitably some future ones. Calm down and talk nicely to them about it, they will most likely see you / your sister right under the circumstances.

Changing bank seems a rather emotional, and possibly ineffective, thing to do. You would have the same sort of communication issues to resolve elsewhere, and they might not pay 4% AER elsewhere.

Sorting out the pre-requisites for the Club Lloyds should not be hard to do. There is a full Club Lloyds thread on the forum.

I have already been into the Lloyds branch local to me and spoken calmly and very nicely to them. They were not able to help because they do not know how, when or where and even if any notification was sent out. You seem not to understand that I am trying to deal with a sister with Down's syndrome, who does not live near me and as I have POA, I must ensure that I do the best that I can for her -it is not an emotional thing at all. It is me doing my duty as effectively as I can to ensure her financial security and it is harsh to judge me as anything else. If I have to change her bank to Santander, which only requires funding of £750 per month and pays a better rate of interest, so be it.

Lindagreenacre

YorkshireBoy wrote: »

I don't know how communication works with POA...do you/should you both get letters? They wrote to me several times this year (maybe 3?) as I recall, telling me about the new requirement for 2 x DDs to pay out, as well as the increase in monthly credit. Ask them what happened to your/her letters.

I have already been into the bank local to me and they do not know where, when or even if any letter has been sent to me and cannot even remember if the letter would/should have been sent with the statement (I do online banking, no paper statements) and the communication address that they have for my sister is my home address. The dd issue is no problem, it is the funding of £1,500 that is. Santander only require funding of £750 per month for their 123 account and that works well for me and so I must consider that for my sister.

Lloyds_Bank

Lindagreenacre wrote: »

I have already been into the branch most local to me. They were not able to help as they could not remember if the mailings were sent out with statements (I do not receive paper statements, only online), or a separate letter was sent. My address is the correspondence address and I have checked that my sister has not received notification. This does not alter the fact that all of a sudden, Lloyds bank have reduced the interest paid on accounts of £5,000 balance by 50%. My sister does not have £1,500 paid into her account each month (necessary for a Club account) and so she is well and truly let down by Lloyds, as are so many other customers. Your interest rates on any savings are abysmal and offer no incentive to continue to bank with you.

We sent letters out during April to let all affected customers know about the Vantage changes. Even if a customer doesn't receive paper statements, information on the changes were still sent by post. I'm not sure as to why that wasn't received in relation to your sister's account.

With regard to options available to you now for your sister's financial arrangements, I'm unable to recommend or advise on appropriate accounts. Concerning the Club Lloyds account though, it's not compulsory to pay in £1,500 per month. However, as you might be aware, if £1,500 isn't credited then the standard £5 monthly fee for the account will apply.

As you're unhappy with us, you may wish to raise a complaint. You can do that using our online form here. You can also find info on our complaints process on this page.

Thanks,

Craig

eskbanker

I don't think you should see the monthly funding limit as a barrier - up to you to disagree if you choose to do so but it's easily circumvented, as per post #78 above.

Lindagreenacre

Thanks, as my sister does not live near to me and is unhappy about using an ATM, although why I don't know as I have seen her use one with no problem and there is no Santander branch in her town. It looks as if I can change the Classic Vantage account to a Club, open an online savings account for her and bounce money back and forth between her current account and her savings account to ensure the £1,500 funding each month. If I am wrong in this assumption, Mr Lloyds representative, please let me know.

YorkshireBoy

Lindagreenacre wrote: »

It looks as if I can change the Classic Vantage account to a Club, open an online savings account for her and bounce money back and forth between her current account and her savings account to ensure the £1,500 funding each month. If I am wrong in this assumption, Mr Lloyds representative, please let me know.

You are not wrong, but remember she'll need 2 DDs to pay out each month in order to receive the (up to) 4% AER interest rate. Does she already satisfy that requirement on the account?

Lindagreenacre

Thanks, yes, she does have direct debits. That is no problem.

Lloyds_Bank

Lindagreenacre wrote: »

Thanks, as my sister does not live near to me and is unhappy about using an ATM, although why I don't know as I have seen her use one with no problem and there is no Santander branch in her town. It looks as if I can change the Classic Vantage account to a Club, open an online savings account for her and bounce money back and forth between her current account and her savings account to ensure the £1,500 funding each month. If I am wrong in this assumption, Mr Lloyds representative, please let me know.

Yes, it's certainly possible to do all that. You can remove Vantage from the Classic account and then change it to Club Lloyds in branch or over the phone on 01733 347 007 or 0845 3000 000 (if you're registered for PhoneBank with security info).

Thanks,

Craig