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200,000 Lloyds, Halifax and Bank of Scotland customers to get payouts after admin blunder - MSE News
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Former_MSE_Naomi
Posts: 519 Forumite
Around 200,000 Lloyds, Halifax and Bank of Scotland customers are owed payments of £30 each on average, due to administrative errors dating back to 2012 which may have led to them not switching to better products...
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'200,000 Lloyds, Halifax and Bank of Scotland customers to get payouts after admin blunder'
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'200,000 Lloyds, Halifax and Bank of Scotland customers to get payouts after admin blunder'
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What's this all about?
Is my Lloyds Current account not at 5% interest anymore? :shocked:Retired 1st July 2021.
This is not investment advice.
Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."0 -
quirkydeptless wrote: »What's this all about?
Is my Lloyds Current account not at 5% interest anymore? :shocked:
If you had money in a savings earning account, and they lowered the interest rates, then they should have written to you to tell you of the new rate and allow you to move the money out of the account. However, in these cases they did not write to the customers telling them the rates were being lowered, and as such the rate drops have been ruled as unenforceable and they have to compensate the customers with the interest that they would have earned if the rate stayed the same.(Although I could be wrong, I often am.)0 -
Around 200,000 Lloyds, Halifax and Bank of Scotland customers are owed payments of £30 each on average, due to administrative errors dating back to 2012 which may have led to them not switching to better products
...Lloyds says it's written to affected customers this month, and that customers won't need to do anything to receive the money....
Did any MSE'ers receive one of the letters that Lloyds claim to have sent out this month? What sort of accounts were affected?
I've had current accounts and some savings accounts with all three of these banks and have heard nothing.
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Seeing as it says "savings accounts", I guess the blunder relates to those accounts which were paying 0.3% or something low, so unlikely for MSEers to have held these.0
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When I log in this morning I can't access all the info about my B o S and Halifax accounts. Anyone else? There is an apology.0
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Yes, seems all of Lloyds banking group affected Halifax, BOS and Lloyds.0
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I can't log in to Halifax, but I can log in to Lloyds and BoS.
While logged in to BoS I can see my Halifax account as usual.
I haven't tried to transact on Halifax but I can see recent transactions.0 -
If the bank can't follow the rules on notification of a rate drop, why does the FCA then trust them to write to their (LBG's) own determination of 'affected customers' instead of informing all customers which type of accounts were/are affected?
PS I just logged into HFax no prob..12:10pm0 -
If you are referring to the MSE article, read it and then have another guess...Seeing as it says "savings accounts", I guess the blunder relates to those accounts which were paying 0.3% or something low, so unlikely for MSEers to have held these.
"The majority of the affected customers of the banks – which are all part of Lloyds Banking Group – weren't told about interest rate changes to their savings or current accounts, meaning they may not have switched to better deals elsewhere. And the banking group is now paying out a total of £6 million to those affected."0 -
My wife has got a letter relating to a cash ISA and a promise that a cheque is on its way.
Oddly I had a cash ISA about the same time but no letter has arrived, must dig back.0
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