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  • FIRST POST
    • Fireflyaway
    • By Fireflyaway 14th Feb 18, 2:21 PM
    • 1,734Posts
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    Fireflyaway
    Bit shocked by Lloyds
    • #1
    • 14th Feb 18, 2:21 PM
    Bit shocked by Lloyds 14th Feb 18 at 2:21 PM
    Just wanted to let everyone be aware. I had a text from the bank today stating that money had been taken out of my savings account and paid into a current account which was overdrawn ( by 4).

    I know banks can do this but I have a savings account for everyday use. It can't go overdrawn, can't have direct debits, or standing orders and only has a cash card. If there is 100 in there I'm confident in a weeks time there will be 100 in there.

    I feel out of control now. I could have been somewhere needing petrol only to find what I thought was in the account wasn't.

    I know this is my fault, I just wanted to let everyone know so you don't get caught out. From now on I will be taking cash out and keeping it at home.
Page 1
  • National Debtline
    • #2
    • 14th Feb 18, 2:28 PM
    • #2
    • 14th Feb 18, 2:28 PM
    Hi Fireflyaway


    Thanks for sharing this. It does also show why it is so important for others with unaffordable debts to bank somewhere they don't owe money.


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • darrenrobson
    • By darrenrobson 14th Feb 18, 2:43 PM
    • 18 Posts
    • 611 Thanks
    darrenrobson
    • #3
    • 14th Feb 18, 2:43 PM
    • #3
    • 14th Feb 18, 2:43 PM
    I didn't realised that saving accounts can go overdrawn. Thank you for the share
    • Fireflyaway
    • By Fireflyaway 14th Feb 18, 3:05 PM
    • 1,734 Posts
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    Fireflyaway
    • #4
    • 14th Feb 18, 3:05 PM
    • #4
    • 14th Feb 18, 3:05 PM
    I didn't realised that saving accounts can go overdrawn. Thank you for the share
    Originally posted by darrenrobson
    Hiya no my savings account didn't go overdrawn, my current account did but Lloyd's helped themselves to my savings to pay it back.

    If you are experiencing debt, definitely go to another bank so all your income is safe.
    • marliepanda
    • By marliepanda 14th Feb 18, 3:10 PM
    • 5,621 Posts
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    marliepanda
    • #5
    • 14th Feb 18, 3:10 PM
    • #5
    • 14th Feb 18, 3:10 PM
    Hiya no my savings account didn't go overdrawn, my current account did but Lloyd's helped themselves to my savings to pay it back.

    If you are experiencing debt, definitely go to another bank so all your income is safe.
    Originally posted by Fireflyaway
    I imagine in Lloyds eyes you 'helped yourself' to 4 of their money by going over your overdraft limit, so they took it back from money you held with them.

    Im sure thats preferable to a fee for going into it?
    • Fireflyaway
    • By Fireflyaway 14th Feb 18, 5:06 PM
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    Fireflyaway
    • #6
    • 14th Feb 18, 5:06 PM
    • #6
    • 14th Feb 18, 5:06 PM
    I don't mind paying it back / being charged or whatever. That's standard. Its the fact it was taken from an account where I was counting on every penny being there and with no warning. I literally could have been stuck with no money for petrol.
    • marliepanda
    • By marliepanda 14th Feb 18, 5:13 PM
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    marliepanda
    • #7
    • 14th Feb 18, 5:13 PM
    • #7
    • 14th Feb 18, 5:13 PM
    I don't mind paying it back / being charged or whatever. That's standard. Its the fact it was taken from an account where I was counting on every penny being there and with no warning. I literally could have been stuck with no money for petrol.
    Originally posted by Fireflyaway
    I see what you're saying but at some point you must have spent 4 more than what your other account has, so really you just need to pay closer attention to all your accounts to make sure you have money for petrol?

    Also, I obviously don't know for certain but I imagine it is in the terms of your account somewhere that they can do this. I know nobody ever reads the massive terms and conditions, but you should (no i dont either...)
    • enthusiasticsaver
    • By enthusiasticsaver 14th Feb 18, 5:22 PM
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    enthusiasticsaver
    • #8
    • 14th Feb 18, 5:22 PM
    • #8
    • 14th Feb 18, 5:22 PM
    Was the overdraft unauthorised? I am assuming it was and this is preferable to having a 20 fee for unauthorised overdraft. I think banks have always had these powers. When I used to work in a bank about 20 years ago it was common for bank officials to transfer money from savings accounts to current accounts when they went overdrawn. They had to tell the account holder though. It is probably in the terms and conditions somewhere.

    Keep your savings in a different bank to the one you have your current account but I would always leave a buffer in your current account anyway to stop going overdrawn due to miscalculations or whatever.
    Debt free and mortgage free and early retiree. Living the dream

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    • Fireflyaway
    • By Fireflyaway 14th Feb 18, 5:29 PM
    • 1,734 Posts
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    Fireflyaway
    • #9
    • 14th Feb 18, 5:29 PM
    • #9
    • 14th Feb 18, 5:29 PM
    It was unauthorised yes. Yes its in the terms and conditions. It just made me scared to think I could have been stuck somewhere with no money. I think I will be moving my non bills money to another bank to be on the safe side.
    • Iwanttobefree
    • By Iwanttobefree 14th Feb 18, 5:48 PM
    • 1,320 Posts
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    Iwanttobefree
    Lloyd's are great. They recently returned a DD for something like 8 that my wife had coming out (usually came out on the 12, for some reason this month they took it on the 9th) as she had 2 too little available funds, and then charged her 20 for the privilege.

    Amounts and dates made up as cant remember and wifes not here, but it was along those lines, charges would take us much more OD than the 2 she was short.
    I went to the doctor the other day, Lady Doctor, She says

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    • Fireflyaway
    • By Fireflyaway 14th Feb 18, 6:15 PM
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    Fireflyaway
    I do admit I'm not great with money but I agree with Iwanttobefree- some charges are so disproportionate. It can make a small mistake into a spiralling debt problem.
    • blitzboy
    • By blitzboy 15th Feb 18, 2:28 PM
    • 449 Posts
    • 248 Thanks
    blitzboy
    ....money had been taken out of my savings account and paid into a current account which was overdrawn ( by 4).

    .... I could have been somewhere needing petrol only to find what I thought was in the account wasn't.....

    .
    Originally posted by Fireflyaway



    I'm confused. The money was moved from your savings account. Why would you be buying petrol from your savings account? Surely your example would only be relevant if the transfer was the other way around?


    I can't see what the issue is to be honest, you borrowed without authorisation so they reclaimed it.
    • luvsmoothies
    • By luvsmoothies 15th Feb 18, 2:48 PM
    • 522 Posts
    • 344 Thanks
    luvsmoothies
    This isn't anything new from banks: had this happen to me by NatWest in the 1980's
    • AstroTurtle
    • By AstroTurtle 15th Feb 18, 2:50 PM
    • 142 Posts
    • 518 Thanks
    AstroTurtle
    It was unauthorised yes. Yes its in the terms and conditions. It just made me scared to think I could have been stuck somewhere with no money. I think I will be moving my non bills money to another bank to be on the safe side.
    Originally posted by Fireflyaway

    So you would have been stuck with no money had they not moved the funds across because the alternative would of been to decline your transaction and not let you have the unauthorised transaction? Therefore putting you in the same situation except with an overdraft fee?


    I'm a bit shocked by your over-reaction to frankly a decent service.
    • owen_money
    • By owen_money 15th Feb 18, 4:54 PM
    • 458 Posts
    • 552 Thanks
    owen_money
    I don't mind paying it back / being charged or whatever. That's standard. Its the fact it was taken from an account where I was counting on every penny being there and with no warning. I literally could have been stuck with no money for petrol.
    Originally posted by Fireflyaway
    100 on petrol? Thats quite a lot
    One man's folly is another man's wife. Helen Roland (1876 - 1950)
    • iolanthe07
    • By iolanthe07 17th Feb 18, 3:10 PM
    • 5,011 Posts
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    iolanthe07
    The best thing is to keep a little float in your current account. Even 50 would be a useful cushion if you're not very good at keeping a spreadsheet.
    I used to think that good grammar is important, but now I know that good wine is importanter.
    • Fireflyaway
    • By Fireflyaway 17th Feb 18, 6:26 PM
    • 1,734 Posts
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    Fireflyaway
    I'm confused. The money was moved from your savings account. Why would you be buying petrol from your savings account? Surely your example would only be relevant if the transfer was the other way around?


    I can't see what the issue is to be honest, you borrowed without authorisation so they reclaimed it.
    Originally posted by blitzboy
    Because I would have withdrawn the cash using my cash card. I pay for almost everything in cash.
    • Fireflyaway
    • By Fireflyaway 17th Feb 18, 6:30 PM
    • 1,734 Posts
    • 1,884 Thanks
    Fireflyaway
    So you would have been stuck with no money had they not moved the funds across because the alternative would of been to decline your transaction and not let you have the unauthorised transaction? Therefore putting you in the same situation except with an overdraft fee?


    I'm a bit shocked by your over-reaction to frankly a decent service.
    Originally posted by AstroTurtle
    No not quite correct. The 4 over limit was not a transaction I had made, it was interest for using my authorised overdraft. I'm not charged overdraft fees for going over limit just interest.
    • Fireflyaway
    • By Fireflyaway 17th Feb 18, 6:31 PM
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    Fireflyaway
    100 on petrol? Thats quite a lot
    Originally posted by owen_money
    100 was just to illustrate the point.
    • -taff
    • By -taff 18th Feb 18, 4:34 PM
    • 7,406 Posts
    • 5,486 Thanks
    -taff
    You have an overdraft at an agreed limit that you are paying interest on when you go over that agreed limit?
    You might want to post an SOA so people here can help you get out of your overdraft.
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