Setting up direct debits from new Club Lloyds

Legacy_user

Hello all,

My wife has just opened a Club Lloyds account. She is currently setting up the 2 required direct debits. Because her direct debits go out on the first of the month the direct debit change wont be made until 1st June (i.e. 1st May will still come out of her existing account).

As she has opened the Club Lloyds account at the end of April and the direct debits wont go out until June effectively, will that mean she will not qualify for interest in May (even though d debits set up?).

Also slightly off the point, one of the companies she was planning to change her d debit details for asked for the name on her account (as on her debit card). The card hasn't actually arrived, so can any current account holders indicate if it is firstname, last name or first/middle initials and last name on the card? Otherwise we will just wait for it to arrive.

Many thanks

Jsscmm

Mine is first name last name... No idea how normal that is though.

badger09

There is a fee waiver on Club Lloyds for the first monthly billing period but I would not expect interest to be paid until the monthly billing period in which DDs are paid.

In other words, I wouldn't fill it up to £5k until June.

My Club Lloyds debit card is Mrs First Name Surname

System

Thanks for your replies

norm_

badger09 wrote: »

There is a fee waiver on Club Lloyds for the first monthly billing period but I would not expect interest to be paid until the monthly billing period in which DDs are paid.

In other words, I wouldn't fill it up to £5k until June.

My Club Lloyds debit card is Mrs First Name Surname

I deposited money into my Lloyds account 29th Dec, on 02 Jan I received interest for £1.75, before any direct debits were paid or even setup.

Eco_Miser

Ignore the rubbish I wrote!

The name on the debit card is MR FIRST LASTNAME. I haven't a middle name.

Ed-1

Eco_Miser wrote: »

I believe that Lloyds Club pays interest whether or not direct debits are set up, but, after the first billing period, a fee is charged and not waived if the direct debits are not in place. (The fee is always charged, but usually refunded on the next statement line.)

The name on the debit card is MR FIRST LASTNAME. I haven't a middle name.

You believe wrongly.

The direct debits relate to the interest: to receive interest both direct debits need to pay out in the monthly billing period. However, for the first full monthly billing period after opening the account, the interest will be paid regardless (to give you chance to set them up).

The fee waiver relates to whether £1500 has gone into the account in the monthly billing period.

System

Ed-1 wrote: »

You believe wrongly.

The direct debits relate to the interest: to receive interest both direct debits need to pay out in the monthly billing period. However, for the first full monthly billing period after opening the account, the interest will be paid regardless (to give you chance to set them up).

The fee waiver relates to whether £1500 has gone into the account in the monthly billing period.

Brilliant thanks - I was thinking it is very difficult to get direct debits paid out in the first month, there is often quite a delay to get a d debit changed over. I was hoping for a month's grace. Whilst it mentions this for the £5 fee in the T&Cs I couldn't find reference to the interest.

badger09

Ed-1 wrote: »

You believe wrongly.

The direct debits relate to the interest: to receive interest both direct debits need to pay out in the monthly billing period. However, for the first full monthly billing period after opening the account, the interest will be paid regardless (to give you chance to set them up).

The fee waiver relates to whether £1500 has gone into the account in the monthly billing period.

Ed-1

I'm not disputing what you say, but I couldn't find anything in the T&C to cover the interest situation until DDs are set up, whereas the fee waiver is explicit.

Do you know this from personal experience?

YorkshireBoy

badger09 wrote: »

Ed-1

I'm not disputing what you say, but I couldn't find anything in the T&C to cover the interest situation until DDs are set up, whereas the fee waiver is explicit.

Do you know this from personal experience?

It's been reported several times on here that interest is paid for the first billing period despite DDs not being set up. Additionally, the Lloyds Rep has confirmed this to be the case.

badger09

YorkshireBoy wrote: »

It's been reported several times on here that interest is paid for the first billing period despite DDs not being set up. Additionally, the Lloyds Rep has confirmed this to be the case.

Pity they don't cover it in the T&C then