DAMN!!!! (Club Lloyds warning)

slopemaster

Noticed I hadn't got any interest for some time and called them up. It's because, altho' I had 3 DDs set up, only one was actually paid in the last few months. I was convinced I only had to have them set up. Just checked, and they are right

"We will pay interest on a credit balance in your account for that billing period as long as you have a minimum of two different direct debit mandates paid from your account during the calendar month."

I am so annoyed with myself, I hardly ever make this sort of mistake.
Just wanted to warn others.

Ed-1

slopemaster wrote: »

Noticed I hadn't got any interest for some time and called them up. It's because, altho' I had 3 DDs set up, only one was actually paid in the last few months. I was convinced I only had to have them set up. Just checked, and they are right

"We will pay interest on a credit balance in your account for that billing period as long as you have a minimum of two different direct debit mandates paid from your account during the calendar month."

I am so annoyed with myself, I hardly ever make this sort of mistake.
Just wanted to warn others.

I think we've all made a mistake like that at some point with banks. You just hope when it happens that the loss is as small as possible. It's just easier to make mistakes these days with all the hoops you have to jump through to gain a bit of interest! Lesson learnt hopefully and hopefully not too much lost. Be thankful it wasn't a case of being one digit out in typing in an account number when making a £5000 payment...

slopemaster

True.
About £70 interest lost, so not insignificant but hardly the end of the world.
I'm just setting up a DD which will definitely get taken each month - £4 to MacMillan Cancer support lottery, in order to get my £12 interest. Seems a good cause, and you never know, I might win the lottery!

YorkshireBoy

Are you funding with standing orders, or making manual payments/salary credits to this account?


I suspect you're set up with standing orders, otherwise you'd have noticed much sooner. If that is the case you're quite right to post the warning to those operating the same way. These are not set up and forget accounts.


Just out of interest (no pun intended!), I wonder if this is a relatively new account and you were lulled into a false sense of security as they do pay the interest without DDs being paid out for the first 6-8 weeks or so from account opening (linked in with their fee waiver for new accounts).

slopemaster

Funded with SOs which circulate around several accounts.
So, yes, after checking for a couple of months that all seemed to be working OK, I didn't look closely.

Unfortunately, altho' I have 3 DDs set up, 2 of them are for credit cards which I rarely use these days. So the DDs didn't get taken.

YorkshireBoy

slopemaster wrote: »

Funded with SOs which circulate around several accounts.
So, yes, after checking for a couple of months that all seemed to be working OK, I didn't look closely.

As I suspected then. Thanks for raising it to warn others.

Unfortunately, altho' I have 3 DDs set up, 2 of them are for credit cards which I rarely use these days. So the DDs didn't get taken.

Which is precisely why I and others on here use savings accounts such as Tesco for small DD pulls each month.

pawlala

Nothing to do with the DDs but in December I forgot to pay in £1500 during the month and still got paid interest and £5 waived!

Ed-1

pawlala wrote: »

Nothing to do with the DDs but in December I forgot to pay in £1500 during the month and still got paid interest and £5 waived!

When did you open the account?

pawlala

Several years ago.

YorkshireBoy

pawlala wrote: »

Several years ago.

Let's try again. ...when did you convert it to Club?

pawlala

That's better

Late Oct 2014.