lloyds platinum account

Zammit123

I am new to the forum but cannot find a discussion about Lloyds ending my Platinum account. When I received the letter saying I would end up paying £21 a month for the same account I have had for years, free, I was fuming. As I explained to the the lady at Lloyds bank there is nothing in any  of my paperwork to suggest there was a time limit on this account. So my question to anyone who knows about these things, are they legally allowed to do this please?

Zammit123

I am a person who cannot just take it on the chin. I am now moving banks to First Direct as Martin says it has good customer service, even though it is part of HSBC that does not. I am hoping that a lot of people will do the same and show greedy Lloyds that this is not the way to treat a customer of 40 + years. 

northwalesd

You could try looking at this thread https://forums.moneysavingexpert.com/discussion/6276215/lloyds-gold-added-value-account-pre-2005/p1

(simple answer is, yes they can)

EarthBoy

Zammit123 said:

I am now moving banks to First Direct as Martin says it has good customer service. 

It does if you can get through on the phone, but nobody can at the moment. 

"First Direct in danger of losing its customer-service crown" https://www.thisismoney.co.uk/money/saving/article-9762003/amp/First-Direct-danger-losing-customer-service-crown.html

If you use mobile banking you'll also find that First Direct's app is years behind Lloyds's app.

WillPS

Zammit123 said:

I am new to the forum but cannot find a discussion about Lloyds ending my Platinum account. When I received the letter saying I would end up paying £21 a month for the same account I have had for years, free, I was fuming. As I explained to the the lady at Lloyds bank there is nothing in any  of my paperwork to suggest there was a time limit on this account. So my question to anyone who knows about these things, are they legally allowed to do this please?

Why would they need to define a time limit if there was one? All parts of the terms and conditions of your account are amendable with relevant notice.

You've had years worth of usually chargeable insurances for zero or very little cost. Perhaps reflect on how much value you've had from that in the decade or so these kind of fee waivers have applied to legacy customers but nobody else.

Zammit123

You are right about the years of freebies I have had and I am very grateful for it. But I do not use the service very much, apart from being an AA member that has a yearly payment. But I do not believe in just sitting back and saying nothing. All the years I have been a Lloyds customer I am sure they have made quite a bit of money out of me. They also tried on numerous occasions to get me to pay for my Platinum account without success. So what I am saying is that if you feel upset about a business and feel like you have been wronged then you need to show them that they should take care of loyal customers instead of a cash cow. I do not know much about the app but as I am a pensioner I doubt that I will be using it very much so not too bothered. As far as the phone goes I have called four times and got straight through, so once again no problem. But thank you for the advice it is much appreciated.

WillPS

Zammit123 said:

You are right about the years of freebies I have had and I am very grateful for it. But I do not use the service very much, apart from being an AA member that has a yearly payment. But I do not believe in just sitting back and saying nothing. All the years I have been a Lloyds customer I am sure they have made quite a bit of money out of me. They also tried on numerous occasions to get me to pay for my Platinum account without success. So what I am saying is that if you feel upset about a business and feel like you have been wronged then you need to show them that they should take care of loyal customers instead of a cash cow. I do not know much about the app but as I am a pensioner I doubt that I will be using it very much so not too bothered. As far as the phone goes I have called four times and got straight through, so once again no problem. But thank you for the advice it is much appreciated.

Taking the circumstances the fee waiver was offered on at baseline (min account balance of £2k was it?), it's very unlikely that Lloyds would be able to profit from a customer while offering them insurances that have a market value of £12-20/month. 

Obviously I don't know the ins and outs of your dealings with Lloyds so I can't comment on whether or not you are a "cash cow" for them, but if you did more than the required amount you weren't doing so in return for the free insurances. 

Neil49

As a long time Lloyds customer that does pay for the Platinum package I don't have a lot of sympathy for you. Over the last 10 years you will have had well over £2,000 worth of benefits for free whether or not you took advantage of them.

My greater concern is that you intend to move to within the HSBC group. Given their position regarding China, and Hong Kong in particular, I would hope that you consider moving your loyalty elsewhere. 

Zammit123

Point taken. I never thought of that but on the plus side if I buy anything now I look to see if it is made in China. If it is I put it back or send the item back. Too late for the bank account as it is swapping over now, sorry.