Club Lloyds Monthly Fee Waiver Minimum Deposit changing to £2,000

Bridlington1

rich_S2000 said:

Sorry, a bit new to this so apologies if this is a dumb question. I too have received notification that the minimum amount paid into my Lloyds Classic account to avoid the £3 monthly fee will increase from £1500 to £2000. As my total income paid in is more than £1500 but less than £2000, I now face the prospect of having to pay the monthly fee......unless.....Does Lloyds exclude money paid out of the Classic account to another account and then paid back in? I have a Halifax account that might mean I could juggle payments between them. Advice please.

There's no exclusions. You could just transfer £2k from the Lloyds current account into an easy saver then transfer it back again a few seconds later each month if you wanted to. This will meet the £2k monthly funding requirement. It doesn't have to be in one go either, so you could do 4 lots of £500, 20 lots of £100 etc.

I've got over half a dozen different accounts with minimum monthly pay ins across various banks and I never pay my income into any of them. I just send £1.5k round them all in a loop once a month.

Section62

UKSBD said:

rich_S2000 said:

Sorry, a bit new to this so apologies if this is a dumb question. I too have received notification that the minimum amount paid into my Lloyds Classic account to avoid the £3 monthly fee will increase from £1500 to £2000. As my total income paid in is more than £1500 but less than £2000, I now face the prospect of having to pay the monthly fee......unless.....Does Lloyds exclude money paid out of the Classic account to another account and then paid back in? I have a Halifax account that might mean I could juggle payments between them. Advice please.

Yes, you can juggle money about, but it cant be a transfer from a Lloyds account

Why not?  It works for me.

UKSBD said:

I imagine a lot of people will be in a similar situation and wont really know what to do or because it's only £3.00 wont even bother doing anything.

Lloyds hitting the low paid and nice little bonus for Lloyds

This was claimed/suggested earlier in the thread and demonstrated to be wrong.  There is no linkage between what people earn and whether or not they have to pay the fee.

If people "wont even bother" to understand the change in the terms and conditions and take action accordingly, then it is possible a packaged/fee charging current account like Club Lloyds isn't a suitable financial product for them and they should consider switching to a different account.  The holders of this type of account need to familiarise themselves with the T&Cs and keep their continued use of the account under review.  That applies to all banks (and Nationwide BS), not just Lloyds.

dul50n

CuriousGirl said:

dul50n said:

Does anybody have any idea why Lloyds sent me a letter today saying that I can continue to pay in a reduced amount of £500 to get my £3 maintaining the account fee waived, but if my eligibility changes after 1st April I will need to pay in £2,000 per month?

What is the eligibility criteria that allows me to pay in £500 in the first place I've been paying in £1,500 per month for years and I've gone back through my inbox and I can't find any letter telling me I'm eligible to pay in a reduced amount of £500?

Completely baffled, but I really can't be bothered trying to get any sense out of customer services, that way lies madness

Have you ever worked for LBG? I received an identical letter yesterday but it did not surprise me. Many years ago I used to be a LBG employee and as a staff member along with their benefits I was allowed a reduced amount of £500 for Club Lloyds ( back then it required a monthly payment of £1k to avoid the fee). 
 
After leaving my employment I went in to a nearest branch and spoke to them to ensure no staff benefits was carried forward.  They checked and told me that a staff flag had been removed.  But I guess it was not the case for the Club Lloyds account. 







 

No, no connection there at all

My wife received exactly the same letter and she has no connection either

Looks like I'll have to speak to customer services but I really don't want to

I seem to spend too much time these days speaking to customer service representatives that don't seem to know anything about the institution they're representing or the products they sell  

molerat

Slinky said:

AmityNeon said:

infoadict said:

Do internal transfers between Club Lloyds accounts count? I have 2 - a sole and a joint. Currently I pay the £1,500 individually.

Yes they do. The same also applies to Halifax and Bank of Scotland.

Is that also the case for Santander 123 and their Edge account do you know please?

No,  with Santander it must be from an external source.

phillw

molerat said:
No,  with Santander it must be from an external source.

I always assume it has to be from an external source, so that I don't have to educate customer service staff who make up reasons for why I got charged if their systems go wrong & I don't get caught out if they change their mind.

PRAISETHESUN

GTR_King said:

If you transfer money out to any bank (Halifax included) that will work & count to the £2000

To be pedantic, it's the transfer back to Lloyds that is important for meeting the requirements. You can transfer as much money out of your account to Halifax (or wherever you want really) but if £2k doesn't come back into the Lloyds account, the requirement hasn't been met.

anna42hmr

UKSBD said:

rich_S2000 said:

Sorry, a bit new to this so apologies if this is a dumb question. I too have received notification that the minimum amount paid into my Lloyds Classic account to avoid the £3 monthly fee will increase from £1500 to £2000. As my total income paid in is more than £1500 but less than £2000, I now face the prospect of having to pay the monthly fee......unless.....Does Lloyds exclude money paid out of the Classic account to another account and then paid back in? I have a Halifax account that might mean I could juggle payments between them. Advice please.

Yes, you can juggle money about, but it cant be a transfer from a Lloyds account

I imagine a lot of people will be in a similar situation and wont really know what to do or because it's only £3.00 wont even bother doing anything.

Lloyds hitting the low paid and nice little bonus for Lloyds

Unless they are changing this in the new terms, nothing stopping the money being transferred between lloyds accounts, moms been bouncing £1500 between two lloyds current accounts for years and she's always had the £3 fee waived.

Patrington

mab3000 said:

Just received a letter notifying me about this. Also telling me the interest rate is rising to 1.5% on balances up to £3999.99 and 3% from £4000 to £5000 from the 31st Jan 

Has anyone had confirmation from Halifax that they'll.be following this interest rise?

AmityNeon

Patrington said:

mab3000 said:

Just received a letter notifying me about this. Also telling me the interest rate is rising to 1.5% on balances up to £3999.99 and 3% from £4000 to £5000 from the 31st Jan 

Has anyone had confirmation from Halifax that they'll.be following this interest rise?

I’m not sure why Halifax would considering their Reward account doesn’t currently follow Club Lloyds rates, and their £5 Reward isn’t interest.

kaMelo

UKSBD said:

rich_S2000 said:

Sorry, a bit new to this so apologies if this is a dumb question. I too have received notification that the minimum amount paid into my Lloyds Classic account to avoid the £3 monthly fee will increase from £1500 to £2000. As my total income paid in is more than £1500 but less than £2000, I now face the prospect of having to pay the monthly fee......unless.....Does Lloyds exclude money paid out of the Classic account to another account and then paid back in? I have a Halifax account that might mean I could juggle payments between them. Advice please.

Yes, you can juggle money about, but it cant be a transfer from a Lloyds account

I imagine a lot of people will be in a similar situation and wont really know what to do or because it's only £3.00 wont even bother doing anything.

Lloyds hitting the low paid and nice little bonus for Lloyds

I'm sorry you have such a low expectation of peoples abilities, that lots of people walk about in a daze, incapable of reading, understanding or just generally doing anything about anything. As for hitting the lowest paid, that's just complete nonsense, (unless of course they are one of those in a daze)

Upping the minimum monthly deposit is, at worst, a minor inconvenience.