Club Lloyd’s Fee Waiver

Bridlington1

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Is it the case that if we are eligible to have it waived, the fee is never charged in the first place, or is it the case that Club Lloyds (standard) charges the fee, and then credits the same fee back into the account please?

I.e. on the statement, will it show nothing fee wise, or would it show a charge of £3.00 and a credit of £3.00?

Same query with Halifax rewards (not ultimate)

I ask because the accounts usually have a penny in for me, as I have them for the rewards/linked savers. My main account is elsewhere. If the fees are debited, I'll need to top them both up to enable this.

Thank you

The fee is deducted from your balance then re-credited straight away (usually around 2nd/3rd of the month). It isn't necessary top the balance up though. If I were you I'd just get a £50 OD with Lloyds then let the fee get charged into that if you're worried about going into an unarranged OD, plus makes it an ideal account for writing smaller valued cheques from.

Halifax just never charges the fee, or at least I've never noticed it being charged.

That's really helpful to know - thank you.

interest free OD wise, does Lloyds hard search when you request the £50 OD please? Just if they do, not sure if it's worth trying or not given I have no 'regular income'. I do have currently £900 across my savings accounts with Lloyds themselves (excl BoS and Halifax), so I'm not sure if they consider that or not.

Their Club Lloyds overdraft page says:

• Your interest rate will be based on how you manage any accounts you have with us and on the credit information we hold about you

So I don't think they check CRAs, but I'm unsure. It implies they only use information they already have.

Would it be worth putting some funds in my CA before applying for the OD, or is this unlikely to make a difference?

They won't do a hard search for an OD. I am living proof of that. I doubt very much that moving funds into the CA will make any difference to your application. I would just go onto the apply section in online banking and see what limit they say you are likely to get. You don't have to proceed from there if you don't want to so I see no harm in checking.

You will still get 0% on the first £50 regardless of whether the interest rate on the rest is 5% or 5000% so I wouldn't let that part bother you.

Just applied for £50 and I was declined.

The application process said ‘ We do not record a credit search for this application, but using an arranged overdraft increases your overall level of borrowing and may affect your credit score. All arranged overdrafts are subject to application and repayable on demand…’, so I thought it was worth a try anyway.

I think they just couldn’t claim they’d responsibly lent to someone with no regular income - maybe after the exams I should get a part time job with a few hours a week of work so I have some income I can report. That said, cannot think of any jobs I’d want to do that aren’t full time.

I think the lack of an income is certainly at play here. I've had a part time job since I was 16 and did paper rounds for 3 years before that so I've always had an income, albeit a low one, as far as the banks are concerned.

A part time job would be a wise move IMHO. If nothing else it's an income and makes valuable work experience for a CV. The way I see it just go for any job that's part time, even if you hate it. Try asking local newsagents etc if you could do a few hours a week even if they don't have any jobs advertised. That's how I got my most recent job.

ForumUser7

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Is it the case that if we are eligible to have it waived, the fee is never charged in the first place, or is it the case that Club Lloyds (standard) charges the fee, and then credits the same fee back into the account please?

I.e. on the statement, will it show nothing fee wise, or would it show a charge of £3.00 and a credit of £3.00?

Same query with Halifax rewards (not ultimate)

I ask because the accounts usually have a penny in for me, as I have them for the rewards/linked savers. My main account is elsewhere. If the fees are debited, I'll need to top them both up to enable this.

Thank you

The fee is deducted from your balance then re-credited straight away (usually around 2nd/3rd of the month). It isn't necessary top the balance up though. If I were you I'd just get a £50 OD with Lloyds then let the fee get charged into that if you're worried about going into an unarranged OD, plus makes it an ideal account for writing smaller valued cheques from.

Halifax just never charges the fee, or at least I've never noticed it being charged.

That's really helpful to know - thank you.

interest free OD wise, does Lloyds hard search when you request the £50 OD please? Just if they do, not sure if it's worth trying or not given I have no 'regular income'. I do have currently £900 across my savings accounts with Lloyds themselves (excl BoS and Halifax), so I'm not sure if they consider that or not.

Their Club Lloyds overdraft page says:

• Your interest rate will be based on how you manage any accounts you have with us and on the credit information we hold about you

So I don't think they check CRAs, but I'm unsure. It implies they only use information they already have.

Would it be worth putting some funds in my CA before applying for the OD, or is this unlikely to make a difference?

They won't do a hard search for an OD. I am living proof of that. I doubt very much that moving funds into the CA will make any difference to your application. I would just go onto the apply section in online banking and see what limit they say you are likely to get. You don't have to proceed from there if you don't want to so I see no harm in checking.

You will still get 0% on the first £50 regardless of whether the interest rate on the rest is 5% or 5000% so I wouldn't let that part bother you.

Just applied for £50 and I was declined.

The application process said ‘ We do not record a credit search for this application, but using an arranged overdraft increases your overall level of borrowing and may affect your credit score. All arranged overdrafts are subject to application and repayable on demand…’, so I thought it was worth a try anyway.

I think they just couldn’t claim they’d responsibly lent to someone with no regular income - maybe after the exams I should get a part time job with a few hours a week of work so I have some income I can report. That said, cannot think of any jobs I’d want to do that aren’t full time.

I think the lack of an income is certainly at play here. I've had a part time job since I was 16 and did paper rounds for 3 years before that so I've always had an income, albeit a low one, as far as the banks are concerned.

A part time job would be a wise move IMHO. If nothing else it's an income and makes valuable work experience for a CV. The way I see it just go for any job that's part time, even if you hate it. Try asking local newsagents etc if you could do a few hours a week even if they don't have any jobs advertised. That's how I got my most recent job.

Perhaps, just seems a shame to do a job I may hate but I get what you mean.

To confirm, as I'm ineligible for the AOD, it is worth keeping at least £3 in my club lloyds account so they can take the fee and refund it? I wouldn't want it to not go through, and then be cancelled/downgraded or something

PloughmansLunch

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Is it the case that if we are eligible to have it waived, the fee is never charged in the first place, or is it the case that Club Lloyds (standard) charges the fee, and then credits the same fee back into the account please?

I.e. on the statement, will it show nothing fee wise, or would it show a charge of £3.00 and a credit of £3.00?

Same query with Halifax rewards (not ultimate)

I ask because the accounts usually have a penny in for me, as I have them for the rewards/linked savers. My main account is elsewhere. If the fees are debited, I'll need to top them both up to enable this.

Thank you

The fee is deducted from your balance then re-credited straight away (usually around 2nd/3rd of the month). It isn't necessary top the balance up though. If I were you I'd just get a £50 OD with Lloyds then let the fee get charged into that if you're worried about going into an unarranged OD, plus makes it an ideal account for writing smaller valued cheques from.

Halifax just never charges the fee, or at least I've never noticed it being charged.

That's really helpful to know - thank you.

interest free OD wise, does Lloyds hard search when you request the £50 OD please? Just if they do, not sure if it's worth trying or not given I have no 'regular income'. I do have currently £900 across my savings accounts with Lloyds themselves (excl BoS and Halifax), so I'm not sure if they consider that or not.

Their Club Lloyds overdraft page says:

• Your interest rate will be based on how you manage any accounts you have with us and on the credit information we hold about you

So I don't think they check CRAs, but I'm unsure. It implies they only use information they already have.

Would it be worth putting some funds in my CA before applying for the OD, or is this unlikely to make a difference?

They won't do a hard search for an OD. I am living proof of that. I doubt very much that moving funds into the CA will make any difference to your application. I would just go onto the apply section in online banking and see what limit they say you are likely to get. You don't have to proceed from there if you don't want to so I see no harm in checking.

You will still get 0% on the first £50 regardless of whether the interest rate on the rest is 5% or 5000% so I wouldn't let that part bother you.

Just applied for £50 and I was declined.

The application process said ‘ We do not record a credit search for this application, but using an arranged overdraft increases your overall level of borrowing and may affect your credit score. All arranged overdrafts are subject to application and repayable on demand…’, so I thought it was worth a try anyway.

I think they just couldn’t claim they’d responsibly lent to someone with no regular income - maybe after the exams I should get a part time job with a few hours a week of work so I have some income I can report. That said, cannot think of any jobs I’d want to do that aren’t full time.

I think the lack of an income is certainly at play here. I've had a part time job since I was 16 and did paper rounds for 3 years before that so I've always had an income, albeit a low one, as far as the banks are concerned.

A part time job would be a wise move IMHO. If nothing else it's an income and makes valuable work experience for a CV. The way I see it just go for any job that's part time, even if you hate it. Try asking local newsagents etc if you could do a few hours a week even if they don't have any jobs advertised. That's how I got my most recent job.

Perhaps, just seems a shame to do a job I may hate but I get what you mean.

To confirm, as I'm ineligible for the AOD, it is worth keeping at least £3 in my club lloyds account so they can take the fee and refund it? I wouldn't want it to not go through, and then be cancelled/downgraded or something

I've only ever once had the club fee taken and paid back the next day, in many years it's refunded pretty much straightaway as long as the account terms are met. I think you'll be ok as long as cleared funds are in by the end of the day, but leaving a minimum balance of £3 will be an additional safety net.

Bridlington1

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Is it the case that if we are eligible to have it waived, the fee is never charged in the first place, or is it the case that Club Lloyds (standard) charges the fee, and then credits the same fee back into the account please?

I.e. on the statement, will it show nothing fee wise, or would it show a charge of £3.00 and a credit of £3.00?

Same query with Halifax rewards (not ultimate)

I ask because the accounts usually have a penny in for me, as I have them for the rewards/linked savers. My main account is elsewhere. If the fees are debited, I'll need to top them both up to enable this.

Thank you

The fee is deducted from your balance then re-credited straight away (usually around 2nd/3rd of the month). It isn't necessary top the balance up though. If I were you I'd just get a £50 OD with Lloyds then let the fee get charged into that if you're worried about going into an unarranged OD, plus makes it an ideal account for writing smaller valued cheques from.

Halifax just never charges the fee, or at least I've never noticed it being charged.

That's really helpful to know - thank you.

interest free OD wise, does Lloyds hard search when you request the £50 OD please? Just if they do, not sure if it's worth trying or not given I have no 'regular income'. I do have currently £900 across my savings accounts with Lloyds themselves (excl BoS and Halifax), so I'm not sure if they consider that or not.

Their Club Lloyds overdraft page says:

• Your interest rate will be based on how you manage any accounts you have with us and on the credit information we hold about you

So I don't think they check CRAs, but I'm unsure. It implies they only use information they already have.

Would it be worth putting some funds in my CA before applying for the OD, or is this unlikely to make a difference?

They won't do a hard search for an OD. I am living proof of that. I doubt very much that moving funds into the CA will make any difference to your application. I would just go onto the apply section in online banking and see what limit they say you are likely to get. You don't have to proceed from there if you don't want to so I see no harm in checking.

You will still get 0% on the first £50 regardless of whether the interest rate on the rest is 5% or 5000% so I wouldn't let that part bother you.

Just applied for £50 and I was declined.

The application process said ‘ We do not record a credit search for this application, but using an arranged overdraft increases your overall level of borrowing and may affect your credit score. All arranged overdrafts are subject to application and repayable on demand…’, so I thought it was worth a try anyway.

I think they just couldn’t claim they’d responsibly lent to someone with no regular income - maybe after the exams I should get a part time job with a few hours a week of work so I have some income I can report. That said, cannot think of any jobs I’d want to do that aren’t full time.

I think the lack of an income is certainly at play here. I've had a part time job since I was 16 and did paper rounds for 3 years before that so I've always had an income, albeit a low one, as far as the banks are concerned.

A part time job would be a wise move IMHO. If nothing else it's an income and makes valuable work experience for a CV. The way I see it just go for any job that's part time, even if you hate it. Try asking local newsagents etc if you could do a few hours a week even if they don't have any jobs advertised. That's how I got my most recent job.

Perhaps, just seems a shame to do a job I may hate but I get what you mean.

To confirm, as I'm ineligible for the AOD, it is worth keeping at least £3 in my club lloyds account so they can take the fee and refund it? I wouldn't want it to not go through, and then be cancelled/downgraded or something

The way I see it a job isn't meant to be enjoyable. As long as it earns you some money and is doable take it until you can get something a bit better. A job being enjoyable is certainly a nice luxury to have but certainly not an essential one.

It's not necessary to leave £3 in the account, indeed I certainly haven't left anything int the account in the past unless I've had cheques that were due to go out. I appreciate this isn't much of a recommendation though given that LBG aren't too keen on me these days.

SamDude

Can someone remind me if the £2000 monthly deposit for a Club Lloyds account can be from my Halifax account (e.g. another LBG account) or if it has to be from another bank or salary etc?

WillPS

SamDude said:

Can someone remind me if the £2000 monthly deposit for a Club Lloyds account can be from my Halifax account (e.g. another LBG account) or if it has to be from another bank or salary etc?

Yep. Can even be a transfer from another Lloyds Bank account you have, there is no stipulation that the funds must come 'from outside' (as there is with Natwest Group, Santander, Barclays and others).

nomad79

Old thread i know but to clarify, as I read the T’s&C’s if i pay in £2k in a month, then withdraw in the same month leaving effectively minimal or nothing in the account, the £3 is waived?

Also, if I deposit £1k then withdraw, then repeat (within the same month), it has the same effect?

changearound1

nomad79 said:

Old thread i know but to clarify, as I read the T’s&C’s if i pay in £2k in a month, then withdraw in the same month leaving effectively minimal or nothing in the account, the £3 is waived?

Also, if I deposit £1k then withdraw, then repeat (within the same month), it has the same effect?

Correct. The 2k can be made up of as many in/out payments as you like.

ColdIron

nomad79 said:

Old thread i know but to clarify, as I read the T’s&C’s if i pay in £2k in a month, then withdraw in the same month leaving effectively minimal or nothing in the account, the £3 is waived?

Yes. You can, and probably should, withdraw immediately instead of letting your money languish at a low rate

Also, if I deposit £1k then withdraw, then repeat (within the same month), it has the same effect?

Yes again

nomad79

Thanks for the replies, just signed up. Easy peasy. I have a month to run on the £1.99 deal as id upgraded phone so spotting this is great timing!