Club Lloyds £1500 monthly requirement between own accounts

book12

Just to let you guys know that the Club Lloyds £1500 monthly funding requirement can come from another Lloyds current account or a Lloyds savings account.

Most of you would probably transfer the £1500 from another bank to the Club Lloyds account.

Posted this thread in case you assume that the £1500 must come from a non-Lloyds bank account.

jonesMUFCforever

I knew this already.

YorkshireBoy

jonesMUFCforever wrote: »

I knew this already.

How? Did you read the account T&Cs and notice that they didn't stipulate external funding.

Dan83

Things you learn when you read the t&cs

eskbanker

Dan83 wrote: »

Things you learn when you read the t&cs

....or threads on this very forum from when the account was launched nearly two years ago!

Kernel_Sanders

Well, I didn't know! As my mother and I both have this account, means we can cross-fund. Yes, I know I should have read the T & Cs!

book12

I didn't know until I queried with the bank. Should have read the T&C's. It doesn't say the £1500 can come from anywhere though on their main site - think it should mention that to be clear. It just says the account needs to be funded with a minimum of £1500 a month to avoid the £5 fee.

Archi_Bald

This is how T&Cs, from any company, work. It's as much about what T&Cs don't say as what they do say. T&CS do not always specify all the ways something can be done by / something can happen through etc - - the simple premise is that anything that is not expressly excluded is included.

In other words: If a bank requires the monthly amount to be paid in from an external bank, their T&Cs will specify so (ref M&S, COOP, Nationwide, Barclays). If their T&Cs don't specify it, the bank doesn't require the payment to come from an external bank.

Kernel_Sanders

Archi_Bald wrote: »

(ref M&S, COOP, Nationwide, Barclays).

Also BoS. If you have 3 of their accounts you only need to do a monthly £1000 'round robin'.