Lloyds tsb overdrawn charges, are they trying to bankrupt me??

wheres_my_money_going

Hello all and apologies for my first post being a moan!.

Ive just had my bank statement from Lloyds tsb, and I have just been hit with a £120 overdrawn fee, for going out of my overdraft limit by £30 for 7 days!!!, and they never informed me I had gone overdrawn :mad: :mad: :mad: . Ive been in my local branch and they reckon the charge is correct and the manager will call me regarding the charge, well like I thought they havent got in touch yet, so I feel they are avoiding me.

So much for fair charges etc etc, its daylight robbery!. I wouldnt class LLoyds tsb as a responsible lender, charging like that, I would have preferred them to refuse the direct debit, as it would have been £100 cheaper for me!.

Help!!, any advice is appreciated, I have got their account charges leaflet and am willing to quote their responsible lending statement to them, and tell them it wasnt responsible of them to accept the direct debit at that cost. so what other advice can you give me, to avoid this bank mugging me of my money.

Lynxette

I'm afraid I have no advice, expect to tell you that you are not alone.

Lloyds often fail to inform me when I have gone over my overdraft - Or inform me weeks (or even months!) later. When I challenged it in-bank, I was informed that it "was not policy to regularly inform customers if they go overdrawn." Apparently if I do get a letter, it is part of their 'curtosy' service and not a requirement! Hardly responsible lending!

continualdiamond

All i can give you is some words of encouragement, though my situation was a bit different.

However i managed to get back just over £600 (like my sig says) from Lloydstsb, BUT i was not using my bank account at the time. I stopped using it and it had a £3000 overdraft with it, i had about £300 left of it.

I opened a new bank account in order to set up a DMP and in the time it took to set it up they put charge after charge of my account, mainly OD interest to begin with, but then with no wage going it, it went over its £3000 limit and got hit with £215 charge for being over the OD limit month after month.

No amount of talking on the phone to anyone helped, so i sent them a complaint letter, like you said about the 'responsible lending' bit, i did quote that in my letter.

It took about a month to hear anything back, but i got a very big surprise to be told the charges WERE fair, but due to my finanical problems they were refunding the whole lot.

wheres_my_money_going

So its not just me then who has experienced these heavy handed charges!.

I am adamant I am going to get the fee reduced as £120 + £11 interest is simply over the top for an overdrawn ammount of £30 for 7 days without being notified. Responsible banking etc etc etc, it is clearly not. Its obviously the bank thinking of profit margins and share dividends etc. I would have been better going to a loan shark and risking a broken arm or two to cover the overdrawn ammount.

beanielou

But surely you must have known you were going overdrawn?
Do you not use internet banking?
Are you not near a cashpoint to be able to check your balance?

wheres_my_money_going

I never knew I was going overdrawn, and also never expected it. If I had been aware I would have had the ammount covered.

Do you honestrly think that £120 + £11 interest is a fair charge to pay??

TangledMemories_2

I bank with Lloyds and I am aware they now offer a txt service which notifies you if you're about to go overdrawn. I also receive weekly txts telling me my balance and last 6 transactions.

This came in very useful when I was working away and couldnt get near the Net...only to find someone had kindly stolen £400 out of our account. I give Lloyds their due...they have been extremely informative and diligent when recovering our money. 1 week later we had it all back.

wheres_my_money_going

I am aware of the weekly text service, I used to have it untill they started charging for it. Its a shame though they cant text or call for free when you go overdrawn, as they have a habit of constantly calling me & the missus trying to sell us there products etc. Wheras a free overdrawn call or text would be far more benificial to the customer instead of calls selling services. Mind you if they did that they wouldnt try to get away with charging £120 for an overdrawl of £30, which I do not think is a reasnable or fair ammount.

Jeekah

Hi, I am really sorry as I have no advice to add to this but I just wanted to say that Lloyds TSB and their charges were one of the reasons my then BF got so deep into financial trouble many years ago. It was his fault he got into debt but Lloyds compounded the situation by charging him so much it was impossible to recover from. It will not be until the end of this year that he will be free from it.

hootie63

if you think thats bad on friday 4th paypal tried to take £2.77 out of my account but i only had 9p in until tuesday 8th when my money was going into my account . so what happens this morning i open my post to a letter from the TSB saying they are charging me £39 for unplaned overdraft of £2.68 . im so annoyed what a rip off this is . £15 is the unplanned overdraft fee plus a daily fee of £6 = £39 even though this is over a weekend peroid when most branches are closed . i have been out of work for 18mths because of a operation on my back so only get £125 every 2 weeks so spoke to there telephone service and all i got was you should watch your bank account and make sure enough money is in . well that is just plain and utter rip off from the unhelp bank . she said you should of got a letter say to put your account in order before the charge kicks in but i didnt . does anybody think it would be an help going into my branch or am i going to hit the TSB wall

barnaby-bear

hootie63 wrote: »

if you think thats bad on friday 4th paypal tried to take £2.77 out of my account but i only had 9p in until tuesday 8th when my money was going into my account . so what happens this morning i open my post to a letter from the TSB saying they are charging me £39 for unplaned overdraft of £2.68 .

My bank (different one) lets you have a free pre-authorised overdraft limit of £100 so this type of thing doesn't happen. It's unauthorised overdrafts they charge fees on. I keep the authorised one as a buffer.