Lloyds Tsb Charge You For Using Your Debit Card!

jonesMUFCforever

You could make the same argument about cashing on a credit card. They all charge!

baysieboy

ejones999 wrote: »

You could make the same argument about cashing on a credit card. They all charge!

You're completely wrong - with a credit card they are advancing money so it is fair to make a charge. With a Debit card you are simply sourcing your own funds.

advantix

IMHO they are charging you for a "foreign currency" transaction when you are buying Euros. They are not charging you for the "normal" use of your debit card when you purchase a pound of bananas. As has been stated, if you do not want to pay this "foriegn currency" fee then i suggest you get the cash out first and THEN purchase the Euros with cash.

And in answer to your question, forgetting the Ts & Cs, YES i do think it is a fair and equittable charge. There are more processing actions required to be done when purchasing currency than if you are purchasing bananas in GBP on your card. I always avoid this charge by withdrawing cash from the counter and then buying the foriegn currency.

Biggles

daveboy wrote: »

This is MSE remember ejones999 - the place where people moan and whinge when they didn't read the terms conditions....and then when someone mentions it they have the nerve to say "maybe I should have read all the dross the bank sends out"!

It's obviously also the place where people don't bother to read all the other threads about not buying foreign currency on debit cards!

YorkshireBoy

I've never paid a fee when buying foreign currency (in the UK) on my Yorkshire Bank Maestro card.

If it's standard across all Maestro cards then maybe OP should consider YB, HSBC (and First Direct), and the RBS group...but these also have T&C's to read, and understand!

gt94sss2

YorkshireBoy wrote: »

If it's standard across all Maestro cards then maybe OP should consider YB, HSBC (and First Direct), and the RBS group...but these also have T&C's to read, and understand!

I think its a standard charge by every VISA debit card - caused by the way VISA charge the banks - the only exception might be the Nationwide debit card who I think might absorb the cost.

As you say, Maestro/Switch debit cards don't have this particular charge..

Regards
Sunil

daveboy

Charges are made for using your debit card for normal purchases, such as food shopping in a supermarket for instance.

Only it is built into the prices of the items you pay for, therefore you don't see it, and think it costs nothing.

I trust baysieboy is now busy moving his account to another bank which will also charge him in this situation. If you are, read the Ts & Cs this time!

efallai

dzug wrote: »

Rubbish. They ARE providing a service. They are looking after your money, which costs them. They are giving it back to you, which costs them.

OK they offset those costs by lending the money out at interest but that doesn't have to mean that there are not things they can quite legitimately charge you for.

I've got to say that I disagree with this - I would judge that they make far more money on lending yours out and charging sometimes extortionate interest on it, than it does to say authorise your debit card transactions in a month, or the maintenance costs of ATMs (considering they always seem to be out of order!)

You make it sound like the banks are doing us a favour by "looking after" our money - if they had no customers, they'd have no business and would make no profit!

I think baysieboy has learnt their lesson and will either be moving banks or withdrawing cash prior to buying currency in the future

PBA

efallai wrote: »

buying currency

Sorry to quote you specifically, but it's this term that's causing the confusion. When you get currency from a bureau de change you're not "buying" currency in the same way you buy a pound of bananas in the supermarket, you're getting a cash advance in a foreign currency. It's the fact that you're getting a cash advance on the card that's invoking the charge. To avoid the charge you need to have got sterling cash from your bank to take to the change bureau.

jonesMUFCforever

efallai wrote: »

I've got to say that I disagree with this - I would judge that they make far more money on lending yours out and charging sometimes extortionate interest on it, than it does to say authorise your debit card transactions in a month, or the maintenance costs of ATMs (considering they always seem to be out of order!)

You make it sound like the banks are doing us a favour by "looking after" our money - if they had no customers, they'd have no business and would make no profit!

I think baysieboy has learnt their lesson and will either be moving banks or withdrawing cash prior to buying currency in the future

Turn your last paragraph but one round and you would get - no banks - no debit or credit cards - no cheques - no electronic payments - no standing orders or direct debits - reducing you to stone age bartering.
All of the above can be had for FREE if you play by the rules.