Lloyds Gold Added Value account pre 2005

Babsfree

Hi.Anybody open this account pre 2005 and has received a letter asking if the account is still suitable? The sentence "Your Gold Added Value Account has a monthly maintaining the account fee of £14.95...." is very misleading as the fee is waivered for accounts opened before 2005.I wonder how many people who opened the account pre 2005 have changed their account on the basis of the letter.

Ben8282

I upgraded my Lloyds current account to gold service circa 1990 but as it has been subsequently upgraded to Platinum and then Premier I don't suppose that this is applicable to me.
It is very generous of Lloyds to be waiving the fee in respect of accounts opened prior to 2005 though. I wonder why such generosity on their part.

colsten

Babsfree wrote: »

Hi.Anybody open this account pre 2005 and has received a letter asking if the account is still suitable? The sentence "Your Gold Added Value Account has a monthly maintaining the account fee of £14.95...." is very misleading as the fee is waivered for accounts opened before 2005.I wonder how many people who opened the account pre 2005 have changed their account on the basis of the letter.

Probably only those who cannot read their statements?

Babsfree

When I opened the Gold account,fees were waived if a minimum of £2000 was kept in the account.I don't think Lloyds can change the rules and start charging.Lloyds benefits from Gold account holders changing to accounts that don't have free insurances and AA membership as it costs them money. I chose not to upgrade and so still have the Gold account.I hope you weren't persuaded to change to a Platinum account on the basis of a similar letter Ben8282.

Babsfree

Sorry colsten.I don't understand your reply regarding statements.

Nearlyold

Thought it was only fee free if you maintained a minimum balance of £2,000 in the month the fee would otherwise be charged for. I've got the same account and have never been misled by the annual letter, it's clear to me you only pay the fee if you don't maintain the required balance'

Babsfree

Yes Nearlyold. A £2000 balance means fees are waivered which I have always understood.However I think the use of the word "Your" in the sentence:
"Your Gold Added Value Account has a monthly maintaining the account fee of £14.95 ..." will be misleading to some.It's not true. Lloyds customer service couldn't even tell me it was waivered without finding out the rules.

eskbanker

Babsfree wrote: »

When I opened the Gold account,fees were waived if a minimum of £2000 was kept in the account.I don't think Lloyds can change the rules and start charging.

Think again!

Not saying they will but they undoubtedly can....

Wheres_My_Cashback

Babsfree wrote: »

Yes Nearlyold. A £2000 balance means fees are waivered which I have always understood.However I think the use of the word "Your" in the sentence:
"Your Gold Added Value Account has a monthly maintaining the account fee of £14.95 ..." will be misleading to some.It's not true. Lloyds customer service couldn't even tell me it was waivered without finding out the rules.

Probably only misleading to you I suspect to enable this pointless thread.

Incidentally the fee waiver can be removed at anytime and it has been before to many account holders, as previously reported here, to those that haven't operated the account in a 'normal' manner i.e left £2k sitting there without any transactions just to obtain the freebies.

Ben8282

Babsfree wrote: »

.I hope you weren't persuaded to change to a Platinum account on the basis of a similar letter Ben8282.

No the upgrades were done in full knoweledge of what I was doing and I am satisfied with the benefits provided by my Premier account and the fee I pay.

Babsfree

Thank you Where's My Cashback for your reply. It seems a bit pointless wasting your time replying to a thread you perceive as pointless.