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club lloyds account definition of "month"
anniecave
Posts: 2,485 Forumite
I couldn't find anything else out there about this, but please feel free to move this post if there is.
For the club lloyds account £1500 must be paid in each month to avoid the £3 fee. There are two aspects to this:
Firstly "paid in" - I phoned up and it was a confirmed that a "transfer" from another account in my name (with another bank (including Halifax)) does count as the pay in. The payment in also be an external BACS credit, for example a salary paid in.
"Each month". Now you might assume it means calendar month. But actually it doesn't. According to the person I spoke to when I called up, the club lloyds month actually goes from the second bank working day after the start of the month to the end of the first bank working day at the start of the next month. Confused?
The lady I spoke to said it's connected with the BACS payment cycle (which is based on 3 working days) and so they are counting their month as alwayas including the next working day after the start of the month.
Anyway, as long as if you are transferrring money in, you ensure it is there before or within bank working hours on the first bank working day of the following month then it counts as a credit within the month.
If paying from a personal account, faster payments after bank working hours always show as dated the following day anyway.
The summary of this is that it's not possible to do what I did, and transfer £1500 in on say 30th or 31st of a month, then a further £1500 on 1st of the month, and assume that counts as a payment in on two different months. It doesn't!
I had another re-read of the 20 page summary booklet for the club lloyds account and no-where in that document is there a definition of a "month".
For the club lloyds account £1500 must be paid in each month to avoid the £3 fee. There are two aspects to this:
Firstly "paid in" - I phoned up and it was a confirmed that a "transfer" from another account in my name (with another bank (including Halifax)) does count as the pay in. The payment in also be an external BACS credit, for example a salary paid in.
"Each month". Now you might assume it means calendar month. But actually it doesn't. According to the person I spoke to when I called up, the club lloyds month actually goes from the second bank working day after the start of the month to the end of the first bank working day at the start of the next month. Confused?
The lady I spoke to said it's connected with the BACS payment cycle (which is based on 3 working days) and so they are counting their month as alwayas including the next working day after the start of the month.
Anyway, as long as if you are transferrring money in, you ensure it is there before or within bank working hours on the first bank working day of the following month then it counts as a credit within the month.
If paying from a personal account, faster payments after bank working hours always show as dated the following day anyway.
The summary of this is that it's not possible to do what I did, and transfer £1500 in on say 30th or 31st of a month, then a further £1500 on 1st of the month, and assume that counts as a payment in on two different months. It doesn't!
I had another re-read of the 20 page summary booklet for the club lloyds account and no-where in that document is there a definition of a "month".
Indecision is the key to flexibility 
0
Comments
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The "month" you talk about for avoiding the fee is very clearly defined in your T&Cs as a "calendar month" here...
http://www.lloydsbank.com/assets/media/pdfs/current-accounts/personal_banking_terms_and_conditions.pdf
Numerous mentions...just ctrl+F "calendar".0 -
Lloyd's aren't very good at managing these accounts it always seems to me. I get paid last working day of the month. Each month Lloyd's charges me £3 before immediately refunding it. It's no difference to me but does seem as though the system struggles with end of month paymentsAn answer isn't spam just because you don't like it......0
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diggingdude wrote: »Lloyd's aren't very good at managing these accounts it always seems to me. I get paid last working day of the month. Each month Lloyd's charges me £3 before immediately refunding it. It's no difference to me but does seem as though the system struggles with end of month payments
Lloyds charge EVERYBODY £3 and then refund it if the account holder is eligible for the refund. This is nothing specific to you or connected to end of month payments.0 -
I had another re-read of the 20 page summary booklet for the club lloyds account and no-where in that document is there a definition of a "month".
They refer to this as their "monthly billing period" which is explained on page 3 of the T&Cs.0
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