lloyds bank monthly account fee

Paul_Jarvis

Hi Everyone.
New here so please be patient, as i am not the most educated of people.
Sometime back, (around 5 years) i changed my normal Lloyds current account to a platinum account & pay a fee of around £17.00 per month. As some of you are probably aware, it comes with things like Mobile phone insurance, AA cover, & travel insurance. I have been seeing advertisements on Tv saying banks are paying back this money. Before i contact the bank & make a fool of myself, I wanted to ask if anyone knows if i am entitled to this re-fund, having upgraded the account myself. Or does it have to be miss-sold ?
I have claimed once for a damaged mobile phone screen around 2 years ago
Any help/advice would be gratefully appreciated.
Thank you

dunstonh

I have been seeing advertisements on Tv saying banks are paying back this money

With some people they are but most complaints on this fail. The FOS uphold rate on complaints is just 13% as well. Its not a widespread issue and there is nothing fundamentally wrong with packaged accounts.

Before i contact the bank & make a fool of myself, I wanted to ask if anyone knows if i am entitled to this re-fund, having upgraded the account myself. Or does it have to be miss-sold ?

You are not entitled to a refund. You need to make a complaint giving your reasons and providing any supporting evidence you have. They will look at your complaint. Look at their own records and decide if your complaint has merit or not.

I have claimed once for a damaged mobile phone screen around 2 years ago

Whilst that does not prevent a complaint it does eliminate a number of the complaint reasons that people use. i.e. you cant say you didnt know about it or that it was unsuitable for you. Also, even if they uphold your complaint, they can take the market value of phone insurance off the redress. That is often more than the packaged account fee.

Mersey_2

dunstonh wrote: »

With some people they are but most complaints on this fail. The FOS uphold rate on complaints is just 13% as well.


That is often more than the packaged account fee.

Untrue.


Most complaints re packaged accounts succeeded over the past 3 years.


Of those complaints which were rejected by the banks initially, it is true that only around 18% of these then succeeded after they referred the matter to the FOS.


Yes, the value of (any use of) the insurance products is deducted, although I haven't heard of any where this amount was larger than the redress amount. Indeed this would be almost impossible - unless you only had the account and paid the pcm fees for a few months.


PJ - it's unlikely your complaint will succeed, however, as you chose to upgrade the account. The only such cases I have heard succeed are where it was sold by telephone banking and they failed to inform the customer of the monthly fee. Online upgrade complaints' almost always fail as the T & Cs were available and sent out.

Nasqueron

Mersey wrote: »

Untrue.


Most complaints re packaged accounts succeeded over the past 3 years.


Of those complaints which were rejected by the banks initially, it is true that only around 18% of these then succeeded after they referred the matter to the FOS.


Yes, the value of (any use of) the insurance products is deducted, although I haven't heard of any where this amount was larger than the redress amount. Indeed this would be almost impossible - unless you only had the account and paid the pcm fees for a few months.

Banks autopaying without accepting fault does not mean the account was miss-sold

April 2015-March 2016 (issue 134 of FOS newsletter) shows 14% uphold on packaged accounts

Mersey_2

I didn't say it did - merely that most packaged account complaints succeed.


Yes, of those refused by banks, 12% - 22% have then succeeded at the FOS stage over the past 3 years.

Brummy2

I have the same account as you paul except it is a joint account with my wife. My wife went to the local branch of Lloyds to arrange for us to have this account so we could use the overdraft facility to manage our day to day living costs better .We have paid the monthly fee for many years now and have not claimed for anything.I said this to some one I work with and they have the same account. His wife and daughter both claimed for there mobile phones through the Lloyds insurance and they both were payed for new phones.He has since received over £1000 in compensation for being miss sold the product.He used a claim company who wanted 25% but he only paid 10% as Lloyds put the money into his account.
For this reason I will be contacting Lloyds myself to find out the best way to proceed with a claim.

mjswallow

I had a number of packaged accounts with Lloyds and now TSB. Was told I needed the upgraded account to keep my overdraft. I used the Resolver service via MSE and have just received a refund of £2.3k plus £900 interest. The refund would have been more but a couple of years ago I rang the AA when I broke down and used the free cover via the bank account. So if you haven't used the added services its worth making a complaint.

Brummy2

Thanks
I will be contacting Lloyds now my wife is happy to do so.
Because she was the one to allways deal with the bank I have had to prove to her we are entitled to pursue compensation.She has come to my way of thinking after reading some of the comments posted by yourself and others. Cheers .

Nasqueron

Brummy2 wrote: »

Thanks
I will be contacting Lloyds now my wife is happy to do so.
Because she was the one to allways deal with the bank I have had to prove to her we are entitled to pursue compensation.She has come to my way of thinking after reading some of the comments posted by yourself and others. Cheers .

If the account was joint yes both need to be involved, if it was in just one name, only they can complain. Good luck with this

Fireflyaway

I could be wrong but if you chose this product yourself and even claimed on the insurance why should you get a refund? You could choose to have another account that doesn't attract a charge. My understanding is people are claiming because they didn't realise thier account had a monthly fee, or because they were paying for a product they couldn't benefit from. For example travel insurance that didn't actually cover people of thier age .

Nasqueron

Fireflyaway wrote: »

I could be wrong but if you chose this product yourself and even claimed on the insurance why should you get a refund? You could choose to have another account that doesn't attract a charge. My understanding is people are claiming because they didn't realise thier account had a monthly fee, or because they were paying for a product they couldn't benefit from. For example travel insurance that didn't actually cover people of thier age .

You could still have been miss-sold even if you later used part of the package but they are allowed to deduct the value of any parts of the package used e.g. an insurance claim off any refund