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YorkshireBoy

Steve_xx wrote: »

So it seems that Lloyds may not necessarily know how the payments are being sent to them?

According to the Lloyds Rep in the thread referred above they do know if it was a standing order or not.

Seem to remember Tesco being a potential problem though, because they send SO payments on a weekend when, as you'll no doubt know, SOs don't work.

So quite how Lloyds would know the payment instruction started out life as an SO I don't know!

colsten

Steve_xx wrote: »

I opened one this month and made the first payment into it by Faster Payment. The money is there and it does say FPI on the account.

On last years I can see that all the payments also say FPI, although they went in by SO.

So it seems that Lloyds may not necessarily know how the payments are being sent to them?

I don't doubt it worked for you in the past, and there's a good chance it might work in the future. Just saying that it seems unnecessary to chance a year's worth of interest to have a 21st century duel with a bank over who knows best. The T&Cs are clear, SOs are easy to set up, why risk it. It's some £103 before tax guaranteed in your pocket at the end of a year if you play by the T&Cs, and potentially nothing if you are out to prove you are bigger than the bank. Why not got for a jog instead.

Steve_xx

colsten wrote: »

I don't doubt it worked for you in the past, and there's a good chance it might work in the future. Just saying that it seems unnecessary to chance a year's worth of interest to have a 21st century duel with a bank over who knows best. The T&Cs are clear, SOs are easy to set up, why risk it. It's some £103 before tax guaranteed in your pocket at the end of a year if you play by the T&Cs, and potentially nothing if you are out to prove you are bigger than the bank. Why not got for a jog instead.

Yes I take your points.

I have set up an SO for the remaining 11 payments, but made the first payment by FP. I just took a look at the old Lloyds Monthly Saver and compared it with this new one and the payments indicators on the old one look no different to the first payment I've made by FP on the new one.

Steve_xx

YorkshireBoy wrote: »

According to the Lloyds Rep in the thread referred above they do know if it was a standing order or not.

Seem to remember Tesco being a potential problem though, because they send SO payments on a weekend when, as you'll no doubt know, SOs don't work.

So quite how Lloyds would know the payment instruction started out life as an SO I don't know!

Well, as I say, on the payment indicators between old and new accounts the old account shows all payments in as "FPI" and they were all made by SO and the new account also shows the first payment as "FPI" and this one was a simple transfer that I made.

numbers123

Steve_xx wrote: »

Where did you glean that from?

http://www.lloydsbank.com/savings/club-lloyds-monthly-saver.asp

Specifically:

You must set up a standing order to pay an amount of between £25 and £400 into the Account each calendar month it is open, You should arrange for the first of these payments to take place within 30 days of opening the Account.

And:

You can only pay money into the Account by your Standing Order.

Steve_xx

numbers123 wrote: »

http://www.lloydsbank.com/savings/club-lloyds-monthly-saver.asp

Specifically:

You must set up a standing order to pay an amount of between £25 and £400 into the Account each calendar month it is open, You should arrange for the first of these payments to take place within 30 days of opening the Account.

And:

You can only pay money into the Account by your Standing Order.

I've made the first payment via Faster Payment and it's there. Will have to wait for a year to see if it's okay I guess. Unless I close it and open another.

ctdctd

Steve_xx wrote: »

I've made the first payment via Faster Payment and it's there. Will have to wait for a year to see if it's okay I guess. Unless I close it and open another.

That's exactly what I did last year - matured last week.
1st payment shows FPI, subsequent 12 payments show SO.
Account paid 4% as expected at the end of the term.

Steve_xx

ctdctd wrote: »

That's exactly what I did last year - matured last week.
1st payment shows FPI, subsequent 12 payments show SO.
Account paid 4% as expected at the end of the term.

That's slightly different from my experience. Last year all payments were made by SO, but looking at the now closed account the payments all show as being FPI!

On the new account, opened earlier this month, my first payment shows as FPI and the description on the payment looks exactly the same as all of last years.

Your experience enforces by belief that Lloyds can't see how the cash has arrived.

Archi_Bald

Steve_xx wrote: »

Your experience enforces by belief that Lloyds can't see how the cash has arrived.

This has been raised with the official Lloyds rep who claims they can see whether it was an SO or a one-off payment. I believe this makes sense as one-offs, SOs and DDs are all processed through the Faster Payments system these days. Banks will of course see a lot more data than is being displayed in our online banking.

Steve_xx

Archi_Bald wrote: »

This has been raised with the official Lloyds rep who claims they can see whether it was an SO or a one-off payment. I believe this makes sense as one-offs, SOs and DDs are all processed through the Faster Payments system these days. Banks will of course see a lot more data than is being displayed in our online banking.

Yes you could be right. However, in this instance ctdctd has confirmed that one of his/her payments was made via FP and all seems well.

Remarkably, last year all of my payments show as FPI's even though they were all made by SO. And yet here, ctdctd confirms that his/her payment indicators show that all payment indicators show as SO's, bar the first one that was made by FPI.