Lloyds Gold Added Value account pre 2005

MSE_Helen_K

Thanks for your discussion on this topic. We've now published a news story on this with a few more details: 

Thousands of Lloyds Gold, Platinum and Premier packaged bank account holders with free membership will now have to pay between £15 and £28 to keep using the services from October. And for some, this fee will be taken automatically, so you need to act before 1 September if you don't want to pay...

Read the full story:

'Thousands of Lloyds Gold, Platinum and Premier packaged bank account customers with free membership to be charged up to £28/mth fee'

If you haven’t already, join the forum to reply.

johnbanks1948

Hi
Has anyone been in touch with lloyds and manged to get this overturned? If so what tactics did you use

WillPS

johnbanks1948 said:

Hi
Has anyone been in touch with lloyds and manged to get this overturned? If so what tactics did you use

What do you mean by 'overturned'? There is no scope for a personal deal here, they are removing the fee waiver across the board. If you want to keep the benefits, you have the option of paying the fee from October.

frugalfran

We too have had a Gold account for 30+ years and planned to 'downgrade' to either classic or club before the date, but just got a letter re the travel insurance saying a fee would be automatically deducted at the beginning of August, so we phoned and said we didn't need the insurance - we have a better deal elsewhere - and also 'downgraded' to Club with immediate effect.  So beware if your travel insurance is due soon that you 'downgrade' before that is debited.

jp130194

WillPS said:

johnbanks1948 said:

Hi
Has anyone been in touch with lloyds and manged to get this overturned? If so what tactics did you use

What do you mean by 'overturned'? There is no scope for a personal deal here, they are removing the fee waiver across the board. If you want to keep the benefits, you have the option of paying the fee from October.

Been with them for 30 years but wasn't happy with them charging me. Went to local branch and spoke to chap and for the first time in 30 years was the first person who didn't seem interested.....bad move. After a few days rang and made a phone appointment to speak to personal banker. Slightly more sympathetic but couldn't do anything. I even told him that Lloyds were going to charge me £21 when I could get the same package at Halifax for £17 and both are in the same group. Nothing could be done... Have closed account with Lloyds and gone to Co-Operative very similar package for £15...... Loyalty is irrelevant !!!!

WillPS

jp130194 said:

WillPS said:

johnbanks1948 said:

Hi
Has anyone been in touch with lloyds and manged to get this overturned? If so what tactics did you use

What do you mean by 'overturned'? There is no scope for a personal deal here, they are removing the fee waiver across the board. If you want to keep the benefits, you have the option of paying the fee from October.

Been with them for 30 years but wasn't happy with them charging me. Went to local branch and spoke to chap and for the first time in 30 years was the first person who didn't seem interested.....bad move. After a few days rang and made a phone appointment to speak to personal banker. Slightly more sympathetic but couldn't do anything. I even told him that Lloyds were going to charge me £21 when I could get the same package at Halifax for £17 and both are in the same group. Nothing could be done... Have closed account with Lloyds and gone to Co-Operative very similar package for £15...... Loyalty is irrelevant !!!!

Halifax Ultimate Reward can be had be had for £12/month with a bit of fenagling, plus a switching bonus at the moment.

You're correct that this all has nothing to do with loyalty, if it did then Lloyds would have continued to offer the account and waiver over the last decade. As it stands you've had thousands of pounds worth of insurances from LBG for 0 or very little cost thanks to holding a retired product. That's something you wouldn't have got anywhere else. Don't look back in anger.

AndyPK

Yes it was nice while it lasted. 

I knew it was going to end one day.  Just a shame it was this year! 

BubblesOFun

I too have been with Lloyd’s since late 70s, and changed to a gold account early 90s. On signing up for this account with benefits there was no mention of a fee being introduced in the future although I queried this at the time. Their reply was definitely no charges would be incurred for as long as I held this account. True to their word I have never paid any fees whatsoever, until this news hit me last week.

The ad says “ on your side” but I certainly don’t feel that anymore about Lloyd’s.  The complaint team were not willing to listen and were rather rude. 

Loyalty for this length of time should be factored in.
I am now faced with the likelihood of changing banks after this which I certainly didn’t want to do.
I will be drawing all of my money out and going elsewhere.

WillPS

BubblesOFun said:

I too have been with Lloyd’s since late 70s, and changed to a gold account early 90s. On signing up for this account with benefits there was no mention of a fee being introduced in the future although I queried this at the time. Their reply was definitely no charges would be incurred for as long as I held this account. True to their word I have never paid any fees whatsoever, until this news hit me last week.

The ad says “ on your side” but I certainly don’t feel that anymore about Lloyd’s.  The complaint team were not willing to listen and were rather rude. 

Loyalty for this length of time should be factored in.
I am now faced with the likelihood of changing banks after this which I certainly didn’t want to do.
I will be drawing all of my money out and going elsewhere.

I wouldn't be willing to listen to your argument that you were told something in a branch in the early 90s either, to be honest. No bank will ever tell you that an account product will remain unchanged in perpetuity, although they will make plenty of statements to suggest they would of course (see TSB's 'unlike other banks' promises around interest rates which wouldn't be taken away for one example).

Whatever it is that was said to you, they stayed true to it for 25-30 years which is a damn good innings by a 'commitment' or 'promise' which any bank has made. For the last decade or so you have enjoyed a waiver which has been unavailable for customers who don't already have it, however "loyal" they may be.

The current account market of 2021 is radically different to the market of 30 years ago and I think it's entirely fair for Lloyds to bring their legacy accounts in line with that. You will not find a non-specialist current account with a selection of insurances and no monthly fee any more.

AndyPK

Had a letter today to say the interest rate on my credit card was increasing.