Lloyds Club & Direct Debits

SuperHan

I've had a Lloyds Club account for nearly 2 months now (I've had 2 interest payments), and I've been receiving my interest at the monthly equivalent of [STRIKE] 5%[/STRIKE] 4%.

However, I have no direct debits on the account. I've now been made aware that 2 are required for the interest. I received updated T&Cs yesterday from Lloyds, and it does say that two DDs are required somewhere within them.

Is this a new condition, hence the updated T&Cs?

Does this mean I will need to set up 2 DDs this month in order to get the interest for August?

I'm just confused because I *have* been getting the interest, and I'm not sure when this condition came in to force.

colsten

See my response to your similar post in this thread: https://forums.moneysavingexpert.com/discussion/5035245

There were no changes at all to the T&Cs in yesterday's email. It is a bit unclear why they sent that email, anyway.

SuperHan

colsten wrote: »

See my response to your similar post in this thread: https://forums.moneysavingexpert.com/discussion/5035245

There were no changes at all to the T&Cs in yesterday's email. It is a bit unclear why they sent that email, anyway.

I don't have an earlier e-mail with T&Cs, so I'm guessing that's why they sent the e-mail to ensure I had them.

Lloyds_Bank

SuperHan wrote: »

I've had a Lloyds Club account for nearly 2 months now (I've had 2 interest payments), and I've been receiving my interest at the monthly equivalent of 5%.

However, I have no direct debits on the account. I've now been made aware that 2 are required for the interest. I received updated T&Cs yesterday from Lloyds, and it does say that two DDs are required somewhere within them.

Is this a new condition, hence the updated T&Cs?

Does this mean I will need to set up 2 DDs this month in order to get the interest for August?

I'm just confused because I *have* been getting the interest, and I'm not sure when this condition came in to force.

Hi Superhan,

I think you may have got info on this on another thread now, but, just to confirm, what you've experienced isn't unusual. We're aware that it can take some time to get Direct Debits set up and running. To ensure we always put the customer in the best possible position, we will pay credit interest on balances regardless of whether or not you have two Direct Debits set up, until you've completed one full charging cycle on the Club Lloyds account.

The charging cycle for the account runs from the second working day of the month until the first working day of the following month. Therefore, if I opened a Club Lloyds account today, I would receive credit interest (regardless of whether or not I had set up two Direct Debits) on the first working day of September and the first working day of October. This means all customers have between 4 and 8 weeks to have set up their Direct Debits on their account.

This isn't something that's changed in the terms & conditions. From now on, you will need to have two different Direct Debits taken from your account each month to qualify for credit interest.

Hope this helps,

Craig

SuperHan

Lloyds_Bank wrote: »

Hi Superhan,

I think you may have got info on this on another thread now, but, just to confirm, what you've experienced isn't unusual. We're aware that it can take some time to get Direct Debits set up and running. To ensure we always put the customer in the best possible position, we will pay credit interest on balances regardless of whether or not you have two Direct Debits set up, until you've completed one full charging cycle on the Club Lloyds account.

The charging cycle for the account runs from the second working day of the month until the first working day of the following month. Therefore, if I opened a Club Lloyds account today, I would receive credit interest (regardless of whether or not I had set up two Direct Debits) on the first working day of September and the first working day of October. This means all customers have between 4 and 8 weeks to have set up their Direct Debits on their account.

This isn't something that's changed in the terms & conditions. From now on, you will need to have two different Direct Debits taken from your account each month to qualify for credit interest.

Hope this helps,

Craig

Thank you - I think it was just an oversight on my part, which I hadn't flagged up given that I had received the interest!

I have now switched 2 DDs which should debit before the 2nd September.

Thanks again!

Ed-1

SuperHan wrote: »

I've had a Lloyds Club account for nearly 2 months now (I've had 2 interest payments), and I've been receiving my interest at the monthly equivalent of 5%.

However, I have no direct debits on the account. I've now been made aware that 2 are required for the interest. I received updated T&Cs yesterday from Lloyds, and it does say that two DDs are required somewhere within them.

Is this a new condition, hence the updated T&Cs?

Does this mean I will need to set up 2 DDs this month in order to get the interest for August?

I'm just confused because I *have* been getting the interest, and I'm not sure when this condition came in to force.

Do you mean 4%?

SuperHan

Ed-1 wrote: »

Do you mean 4%?

Yes.

I typo'd in a different thread and then copied it over here. Amended!

NickX

Lloyds_Bank wrote: »

We're aware that it can take some time to get Direct Debits set up and running. To ensure we always put the customer in the best possible position, we will pay credit interest on balances regardless of whether or not you have two Direct Debits set up, until you've completed one full charging cycle on the Club Lloyds account.

The charging cycle for the account runs from the second working day of the month until the first working day of the following month. Therefore, if I opened a Club Lloyds account today, I would receive credit interest (regardless of whether or not I had set up two Direct Debits) on the first working day of September and the first working day of October. This means all customers have between 4 and 8 weeks to have set up their Direct Debits on their account.

Hi Criag,

Please can you confirm that this is still the case ?

I set my account up mid-January and received some interest at the end of January.

I don't think both Direct Debits will actually debit the account until March, so want to ensure I will receive interest at end of February.

Many Thanks

Lloyds_Bank

NickX wrote: »

Hi Criag,

Please can you confirm that this is still the case ?

I set my account up mid-January and received some interest at the end of January.

I don't think both Direct Debits will actually debit the account until March, so want to ensure I will receive interest at end of February.

Many Thanks

Hi NickX,

This is still the correct information. Club Lloyds customers will benefit from an introductory period when they will receive credit interest for the first full month (In your case February) they are on Club Lloyds, as well as for the partial month (In your case January) before that.

Thanks

James

NickX

Lloyds_Bank wrote: »

This is still the correct information. Club Lloyds customers will benefit from an introductory period when they will receive credit interest for the first full month (In your case February) they are on Club Lloyds, as well as for the partial month (In your case January) before that.

Many Thanks for this James :beer:

Sad_Panda

Lloyds_Bank wrote: »

This isn't something that's changed in the terms & conditions. From now on, you will need to have two different Direct Debits taken from your account each month to qualify for credit interest.

Hope this helps,

Craig

For example if I have my credit card as one of my Direct Debits and then don't spend anything on it in a month period so no money comes out, does that mean that it won't class as one of my two direct debits?