Bank account Turnover?

cheesetoast

Surely the whole thing about account closures is that, on the main, it just boils down to the bank choosing to exercise their right not to do business with you - for whatever reason that may be:

*Because they feel you've exploited an offer
*Because they feel you're too risky
*Because they don't like your fashion sense
*Because whatever

And seeing as they don't give out reasons, anything else is pure speculation, and nothing else.

And to whoever was sending out FOI requests to LBG - are they subject to the FOI Act?

Westie983

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.

What has HSBC got to do with it? Was posting about LBG and transfers to a club Lloyds account, you don't need to use a external bank account to fund the account, which was the purpose of my post.

If you want to discuss HSBC/FD or M&S start your own thread.

Westie983

Diamonds wrote:

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.

Diamonds wrote:

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

There is no proof as this doesn't happen! LGB accounts are not closed down just because your transfer money between them, there will be another reason why.

You consistently ask for someone to tell you if you can transfer internally between LBG accounts and the answer is yes.

I transfer between three Halifax accounts, one BOS, one Lloyds, all without a problem.

Westie983

GMac91 wrote: »

Sorry I should have said "Turnover" was the term used by the rep when I was upgrading my acc to club Lloyds, and not in the terms and cons. What Im asking is will it count as my account has been credited if I transferred money in then back out? Lets say I get a bad pay for example £500 which is still 1000 away from getting the fee waived. So I then transfer 500 from my other account and back twice. Would that count as being credited with 1500 within that calendar month or not as it was transferred to myself and not from anyone else? Thanks

Yes it would,

For example

Wages = £500 1st of Month (£1000 left to credit)
Withdraw £500 via transfer ATM, Counter transaction (£1000 left)
Pay in £500 via transfer ATM, counter transaction (£500 left)
Withdraw £1000 (£500 left)
Pay in £500 (£0 left)

You have credits into account of £1500 of which £500 was from your wages, and withdrawal of £1500.

As Lloyds only require you to fund with £1500 they don't look at the withdrawals.

If it's easier and you prefer it, withdraw your £500 wages from ATM, credit it back in via Counter on day 1, then withdraw £500 again from ATM on day whatever and pay back in over the counter.

All you have done if make your £500 into £1500 by withdrawing and depositing.

Regularly customers pay in £500, in one notes withdraw £500 in another then pay it in via the IDM or envelope on the way out of the branch.

All counts towards the funding criteria of the account makes no difference if you are using another Lloyds account, and LGB account or a external bank account, all the T&Cs say that you have agreed to is to fund your account with £1500 to waver the £5 fee, if you have done that you have stuck to the T&Cs no mention of external credits only.

I think Santander is the only one that stipulates you can't use internal transfers to fund their accounts. You are fine with Lloyds,

diamonds

Westie983 wrote: »

There is no proof as this doesn't happen! LGB accounts are not closed down just because your transfer money between them, there will be another reason why.

You consistently ask for someone to tell you if you can transfer internally between LBG accounts and the answer is yes.

I transfer between three Halifax accounts, one BOS, one Lloyds, all without a problem.

Its ok, I have asked LBG for their stance on this.

Westie983

diamonds wrote: »

Its ok, I have asked LBG for their stance on this.

Great they will tell you the same thing,

I have answered the OP question, which you will find also answers yours.

We are done here, question asked and answered.

diamonds

Westie983 wrote: »

Great they will tell you the same thing,

I have answered the OP question, which you will find also answers yours.

We are done here, question asked and answered.

No offence Westie but your not a LBG official on the board, however much I want to believe it I have emailed LBG for such info to confirm it from a LBG source

colsten

Westie983 wrote: »

I think Santander is the only one that stipulates you can't use internal transfers to fund their accounts. You are fine with Lloyds,

According to current T&Cs, Santander will not count transfers from any Santander account in your own name. Nationwide won't count any deposit from any Nationwide account. Nothing that limits minimum deposit sources in the current T&Cs of other banks.

colsten

cheesetoast wrote: »

And to whoever was sending out FOI requests to LBG - are they subject to the FOI Act?

The FOI Act covers any recorded information that is held by a public authority in England, Wales and Northern Ireland, and by UK-wide public authorities based in Scotland. Information held by Scottish public authorities is covered by Scotland’s own Freedom of Information (Scotland) Act 2002.

A bank isn't a public authority.

System

I'm sure a little thing like legislation will not stop him/her...

colsten wrote: »

The FOI Act covers any recorded information that is held by a public authority in England, Wales and Northern Ireland, and by UK-wide public authorities based in Scotland. Information held by Scottish public authorities is covered by Scotland’s own Freedom of Information (Scotland) Act 2002.

A bank isn't a public authority.