Bank account Turnover?

GMac91

diamonds wrote: »

Depends if internal transfer and Lloyds policy on such, always best to do external FP to Lloyds or any other bank and not get caught out, or learn each banks terms.


I'm not a Lloyds customer so someone will confirm if internal LBG or Lloyds internal are allowed or otherwise.

Yeah its internal, she upgraded her account and added me on and I use my classic account for our savings. But when i log on to my online banking both my acc and the joint acc show up. So iv just been shifting between the accounts. We only signed up to club lloyds and joint acc this month so cant see if it has worked or not.

GMac91

Eco_Miser wrote: »

Internal transfers are allowed; all funding for my Club account comes from an otherwise defunct Vantage account (because I've never got round to changing the money-go-round).

So it will count as money has been credited to my club if i transfer between my club and my classic?

Westie983

Yes, no mention in T&Cs of external or internal transactions.

Monthly fee
Having a Club Lloyds current account is free if you pay in £1,500 a month, otherwise it costs just £5 per month

https://www.lloydsbank.com/current-accounts/club-lloyds.asp#tab-row-2

diamonds

Westie983 wrote: »

Yes, no mention in T&Cs of external or internal transactions.

Monthly fee
Having a Club Lloyds current account is free if you pay in £1,500 a month, otherwise it costs just £5 per month

https://www.lloydsbank.com/current-accounts/club-lloyds.asp#tab-row-2

I assume LBG FP between group banks or HSBC/M&S/1stD etc cannot be viewed as internal due to different banking licences on a point of law, but of course its not like companies to put terms that contradict legislation lol


Anyone know if HSBC/RBS or any other banking group see FP from group banks as internal ? Just for future reference for other bank tarts. We have seen reports on here where Lloyds BG closed users accounts for doing such.

colsten

diamonds wrote: »

I assume LBG FP between group banks or HSBC/M&S/1stD etc cannot be viewed as internal due to different banking licences on a point of law, but of course its not like companies to put terms that contradict legislation lol

As a self-declared Money Saving Expert, you should know that it is entirely down to the T&Cs of a given account what sort of deposits will be counted for the purposes of meeting any minimum monthly deposit requirements. There is no legislation regarding this, and I have as yet not seen any T&Cs that refer to banking licences in the context of the minimum monthly deposit requirements. I do have at least one of each of the current accounts available in the UK, so have read all the respective T&Cs.

diamonds wrote: »

Anyone know if HSBC/RBS or any other banking group see FP from group banks as internal ? Just for future reference for other bank tarts. We have seen reports on here where Lloyds BG closed users accounts for doing such.

It would be foolish to use MSE or another 3rd party website to provide "future reference" for anything to do with T&Cs of accounts or offers. People should always refer to the T&Cs, and T&Cs can, and do, change. As to the LBG accounts that were closed: there is absolutely no proof that this happened as a result of internal transfers. In fact, many people have been doing internal transfers for half a dozen years or more without any issues.

Speculating and making assumptions isn't helpful.

diamonds

colsten wrote: »

, you should know that it is entirely down to the T&Cs of a given account what sort of deposits will be counted for the purposes of meeting any minimum monthly deposit requirements. There is no legislation regarding this, and I have as yet not seen any T&Cs that refer to banking licences in the context of the minimum monthly deposit requirements. I do have at least one of each of the current accounts available in the UK, so have read all the respective T&Cs.


It would be foolish to use MSE or another 3rd party website to provide "future reference" for anything to do with T&Cs of accounts or offers. People should always refer to the T&Cs, and T&Cs can, and do, change. As to the LBG accounts that were closed: there is absolutely no proof that this happened as a result of internal transfers. In fact, many people have been doing internal transfers for half a dozen years or more without any issues.

Speculating and making assumptions isn't helpful.

I was not speculating or making assumption, I see a few people posted LBG internal transfers between group brands and then forced account closures.

Obviously a group company can see such as abuse of group brand products, even between separate banking licences. Does not mean illegal fraud has happened.


Again I never said any legislation existed about what you propose above. I clearly said T&C and legislation in many cases are not in sync, in all genres of life not just banking.


I do wish you would stop twisting and trolling my posts to your own mental satisfaction, I was asking others about such for discussion not a troll to twist things to their own agenda.

Experience outweighs terms, because terms are not always enforced by one, either or more parties to any agreement.


There is also no proof provided LBG wont close down group accounts, in writing or terms because LBG have not clearly defined external LBG transfers from its other licensed group banks as inclusive or excluded - thus user experience is paramount as LBG has not defined such but may enforce such unwritten terms, under a guise of fraud (as a few posts point to) and place CIFAS notices on credit files because staff are trained this is normal, procedure and acceptable by a head office dept/software programming, not because it would be legal and a misuse of CIFAS reporting.

I asked and opened up such for discussion, based on closure experiences previously posted I may have missed on MSE. Not a lecture on non existent terms a group company may enforce - because having worked for multi international group companies and seen how they handle such matters, ie as 'internal fraud' when the legal definition of fraud to be proven would mean LBG providing a clear transparent guide or term/s stating group transfers to gain multiple benefits from within the group would indeed be treated as fraud by LBG.

I have intention of 2 LBG accounts, I do not want to be one of the minority forced closure and a possible CIFAS report of fraud (when LBG does not communicate what it sees as group fraud on group account benefits) to interfere with a mortgage application in 10 months.

I play safe, within the rules & prepare for all eventuality and never end up with anything hitting the fan, if LBG dont as a group tell me the goalposts exist then let alone move them I would rather not end up in a battle which would have a impact on my mortgage application and having a defamatory fraud marker on my credit files.


Unless you can helpfully point me to LBG (not group divisions) terms that clearly state such group transfers either way are included or excluded as such I am only interested in information regarding those postings and experiences others may have read about elsewhere or have experience of as such ie... forced closures for tarting that are against LBG non existent terms.













Trolling...
(All because a individual chooses against 'assumed' best advice for THEIR personal circumstances to use Save The Change at the TSB for a month...then transfer to a another higher interest 6% RS account...?? )

ceredigion

Don't you two start again.
Diamonds; your post was wrong in lots of ways, colsten's response was a reasonable correction. That is not trolling, it is informed conversation.

diamonds

ceredigion wrote: »

Don't you two start again.
Diamonds; your post was wrong in lots of ways, colsten's response was a reasonable correction. That is not trolling, it is informed conversation.

Perhaps you could point out the 'wrongs'


Reasonable to misquote others ? Are you a Tory minister ?


Could you copy and paste the INFORMED: LBG Internal Group Transfers Policy/Fraud Reporting summaries or terms and conditions as I asked about, it does seem to be missing from my view of colstens last post.


(I do like to know what kind of group/company and terms and fraud prevention I am getting involved with for my own future protection when I'm opening one or multiple accounts. Perhaps starting a career in law taught me to cover all grounds in my own best served interests and protection from the outset of a agreement consideration with any business, and protecting my credit files from them and their unproven or unwritten legal terminology)

Thanks



Edit: I will send a FOI request to LBG right now

ceredigion

diamonds wrote: »

I assume LBG FP between group banks or HSBC/M&S/1stD etc cannot be viewed as internal due to different banking licences on a point of law, but of course its not like companies to put terms that contradict legislation lol


Anyone know if HSBC/RBS or any other banking group see FP from group banks as internal ? Just for future reference for other bank tarts. We have seen reports on here where Lloyds BG closed users accounts for doing such.

diamonds wrote: »

Perhaps you could point out the 'wrongs'


Reasonable to misquote others ? Are you a Tory minister ?

They you are

diamonds

ceredigion wrote: »

They you are

1a legislation and 1b application of such to any terms of a contract and 1c execution in a court of law are different things.



I do not want my possible multiple LB group accounts closed within LBG with a internal fraud marker that may translate to a CIFAS recording based on no LBG internal group transfers which LBG may use interpretation of Fraud Act 2006 http://www.legislation.gov.uk/ukpga/2006/35/section/2

to dishonestly appropriate financial gain to cause loss or risk to LBG via multiple group accounts and the action of transferring of funds between LB group accounts to appropriate such gains


Quite easily LBG can close accounts and mark fraud internal and external


LBG customers have no way of knowing if such internal fraud markers are actually on your LBG accounts already as no T&C exist outside internal policies and guidance


To simply imply these customers with closed accounts done something else wrong is just as derogatory as the bank not making its policy and terms and conditions available to its LBG customers on internal group transfers to gain group branch product benefits.


Its quite shocking even more so all these MSE tarts have not even taken anything of these posted reported fraud closure LBG accounts seriously given the impact that may happen to anyone of us and not a small minority given no one has helped the posters to challenge such you may all be struck with fraud markers internally, account closures and ruined credit files en mass.


Yet no one can point to me the LBG terms on such.



Seems a massive oversight given I cant see HSBC/RBS etc posts on the same matter of fraud and closures.



Anyway, I have written emails for further official clarifications.