Lloyds not waived £5 monthly fee

agrinnall

book12 wrote: »

It's odd that they take the £5 fee off and then credit it back. Not sure why they do it like that.

It would be better if they just don't take the fee when £1500 is deposited each month.

Might be better for you but it's unlikely to be better for Lloyds. I don't have the account but it's pretty clear from the descriptions posted that they have two separate processes, the first to take the £5 from every account, and the second to pay £5 into those accounts that have qualified. From their perspective this will be much easier than what you suggest, and as the net result is the same I don't see why it should concern you.

Ballard

agrinnall wrote: »

Might be better for you but it's unlikely to be better for Lloyds. I don't have the account but it's pretty clear from the descriptions posted that they have two separate processes, the first to take the £5 from every account, and the second to pay £5 into those accounts that have qualified. From their perspective this will be much easier than what you suggest, and as the net result is the same I don't see why it should concern you.

I'm not sure that I agree with you. Currently there are two processes run. The first to debit everyone and the second to decide which accounts need to be refunded. It would make sense to me to have one run with the logic to decide which accounts to debit.

Not that I'm bothered about it in the least.

colsten

It doesn't really matter what is better for whom - main thing for us is that we don't pay the £5 if we comply with the terms. They have been waving the charge for qualifying people ever since the account was launched, and will continue to do so as long as the terms are what they are.

planteria

agreed colsten. it is absolutely fine as it is.

book12

The way I read it on the Lloyds website is that if £1500 is paid in, no monhly fee is paid (i.e. £5 not deducted from the bank account). If £1500 isn't paid in any month, £5 fee will apply (i.e. £5 deducted from the bank account and will shos on statement).

YorkshireBoy

book12 wrote: »

The way I read it on the Lloyds website is that if £1500 is paid in, no monhly fee is paid (i.e. £5 not deducted from the bank account). If £1500 isn't paid in any month, £5 fee will apply (i.e. £5 deducted from the bank account and will shos on statement).

Try reading the 'T&Cs', rather than the 'website'...it's much clearer, as it's dealt with in two (separated by several paragraphs) statements...

"Club Lloyds Fee: [FONT=Calibri,Calibri][FONT=Calibri,Calibri]By opening a Club Lloyds account...you agree to pay a monthly Club Lloyds fee of £5."[/FONT][/FONT]

So that's the debit side taken care of.

"If you pay £1,500 or more into the account in any calendar month the Club Lloyds fee for that month will be waived."

So that's the corresponding credit taken care of (I believe it's called a 'contra entry' in banking circles?).

book12

YorkshireBoy wrote: »

Try reading the 'T&Cs', rather than the 'website'...it's much clearer, as it's dealt with in two (separated by several paragraphs) statements...

"Club Lloyds Fee: [FONT=Calibri,Calibri][FONT=Calibri,Calibri]By opening a Club Lloyds account...you agree to pay a monthly Club Lloyds fee of £5."[/FONT][/FONT]

So that's the debit side taken care of.

"If you pay £1,500 or more into the account in any calendar month the Club Lloyds fee for that month will be waived."

So that's the corresponding credit taken care of (I believe it's called a 'contra entry' in banking circles?).

Much clearer now. Hope they put that on their Club Lloyds account page.

aleph_0

agrinnall wrote: »

Might be better for you but it's unlikely to be better for Lloyds. I don't have the account but it's pretty clear from the descriptions posted that they have two separate processes, the first to take the £5 from every account, and the second to pay £5 into those accounts that have qualified. From their perspective this will be much easier than what you suggest, and as the net result is the same I don't see why it should concern you.

I think it's quite a cunning strategy by lloyds. Firstly, it makes people happy in that they see they're getting something which 'is worth' £5 per month, for free.

Secondly, and perhaps more importantly, in the fee-reclaiming age we are now in, they're making it doubly clear to the customer that their account has a fee, but it is being waivered this month because the conditions have been met. No "Lloyds suddenly started charging a fee and I didn't notice" stories later.

planteria

agreed, i think Lloyds are operating very wisely in this respect.

Barclays getting me to pay £3/m for my account, and kicking back £7/m is similar in this respect too.. all part of the process for them.