Can't close dormant account - Lloyds keeping money

LizzyLarner

My husband and I both had Lloyds Bank cash ISAs and a smallish balance was left in both accounts when our local branch turned into a TSB. Lloyds transferred our account to a branch 35 miles away. We wanted to close the accounts but were told that we would have to go to a Lloyds Bank some distance away which wasn't possible. We have continued telephoning and writing to no avail and the accounts are now 'dormant'. We get regular generic letters from Lloyds i.e. Changes to T&Cs etc which prompts me to contact them again. Every time I am told there is nothing they can do unless I am willing to travel. When I explained that I am elderly with mobility issues I was told to let someone have Power of Attorney!!! It was not my fault that the branch moved. My address etc has not changed. If you multiply the amount left in my account by the number of other customers in this situation Lloyds must be holding on to millions of pounds that doesn't belong to them, refusing blatantly not to give it back.

sheramber

Can you close it on online banking?

Make an  official complaint  https://www.lloydsbank.com/contact-us/how-to-complain.html

eskbanker

LizzyLarner said:

We wanted to close the accounts but were told that we would have to go to a Lloyds Bank some distance away which wasn't possible. We have continued telephoning and writing to no avail and the accounts are now 'dormant'.

Their online help includes:

How do I close a savings account or any other account?

Some savings accounts can be closed online. For details of which accounts you can close online and how to close them, view our step-by-step guide.

If your account can’t be closed online, most savings accounts can be closed in branch, by calling us, or by writing to us at Lloyds Bank plc, BX1 1LT. However, some products are subject to early closure charges and others do not permit early closure. See your account conditions to find out more.

When you call or write, are they point blank refusing to close the accounts and release the funds, or are they simply looking to verify your identity in branch because you haven't dealt with them for a long time?  If the latter, that's more understandable but still seems a harsh interpretation of the rules and there should be some way round it, even if it takes a formal complaint to achieve this.

Eyeful

1. Try making a formal complaint to the bank.
2  Try contacting the BBC "Money Box" program and see if the " Money Box effect" takes place?

kuratowski

How about an ISA transfer

Eyeful

kuratowski said:

How about an ISA transfer

Good idea the and their TSB bank do a cash ISA.

LizzyLarner

eskbanker said:

LizzyLarner said:

We wanted to close the accounts but were told that we would have to go to a Lloyds Bank some distance away which wasn't possible. We have continued telephoning and writing to no avail and the accounts are now 'dormant'.

Their online help includes:

How do I close a savings account or any other account?

Some savings accounts can be closed online. For details of which accounts you can close online and how to close them, view our step-by-step guide.

If your account can’t be closed online, most savings accounts can be closed in branch, by calling us, or by writing to us at Lloyds Bank plc, BX1 1LT. However, some products are subject to early closure charges and others do not permit early closure. See your account conditions to find out more.

When you call or write, are they point blank refusing to close the accounts and release the funds, or are they simply looking to verify your identity in branch because you haven't dealt with them for a long time?  If the latter, that's more understandable but still seems a harsh interpretation of the rules and there should be some way round it, even if it takes a formal complaint to achieve this.

I think it is to verify who we are but our details haven't changed. We still live at the same address, have the same emails and phone numbers etc. They could close it by cheque and post it to us but they point blank refuse to. If we can't go in, we can't close it.

LizzyLarner

Eyeful said:

1. Try making a formal complaint to the bank.
2  Try contacting the BBC "Money Box" program and see if the " Money Box effect" takes place?

I have made a formal complaint but am waiting for a reply. There is a delay in responding due to COVID. I will contact the "Money Box" program - good idea, thanks.

LizzyLarner

kuratowski said:

How about an ISA transfer

Because it has been so long now they have 'locked' the account and won't transfer or close or anything. There must be loads of people in this position now so many branches have closed.

LizzyLarner

sheramber said:

Can you close it on online banking?

Make an  official complaint.

I don't do online banking. I am a bit old and not computer savvy. I've struggled to see how to reply to people on here even. I have made a complaint but it is their policy and I keep hitting a brick wall.

colsten

Make a formal complaint. https://www.lloydsbank.com/contact-us/how-to-complain.html