Lloyds cut bank charges!!

Lucy1982_2

I've just come across this:

http://news.bbc.co.uk/1/hi/business/6987110.stm

Looks like consumer pressure is finally working. Well Done to all those who have reclaimed charges!!

We just need the rest of them to follow suit now.

madmoney_2

thanks lucy x

suzialwaysbroke

It smacks a bit of the cc's move to reduce their charges to £12 from £20 upwards that they were charging, it is still hugely over the top, but a move in the right direction. I think they should be realistic & come down to £5'ish, still a good profit, by all accounts, but not extortionate

claireabelle_2

good spot, thanks!

james32_uk

Some of this is really good news and knowing how closely I will be monitoring my finances in the future this is good for me. They will send you a text if you go overdrawn and give you until 3.30 that day to resolve your 'indiscretion' before they apply a charge. Plus then the charge is only £12 or so. The concerning thing is I also read they will charge £12 PLUS £5 per day you are overdrawn. I got caught in that trap badly with Smile (Co-op) when you end up paying £5 a day for months because you can't ever get back into the black.

james32_uk

Just checked the old scheme vs the new scheme and surprisingly its all a con designed to generate exactly the same total income from charges as the old scheme. See below for charges based on going £100 overdrawn:

Old scheme - you would have been charged £90 per month (maximum 3x £30 per day overlimit).

New scheme - you would be charged £215 per month (maximum 10x £20 per day overlimit plus £15 charge for going overdrawn.

Oh, and you know the great 'text alert' tool they raved about? Costs you £2.50 per month to receive. Rip off Lloyds! Can't believe they got all that good press out of it.

Gemmzie

Naughty! Where's Martin?