Pre contractual information for bank accounts ?

[Amethyst]

Re: Pre contractual information for bank accounts ?

Just found this i missed before on the Lloyds account charges

Returned items

Where you do not have enough available funds to make a payment and we do not agree to grant or extend an Unplanned Overdraft, you will not be able to make that payment. We will write to tell you we have declined your request.

We charge a return item fee of £20 for each unpaid item, which covers considering the request, dealing with the other bank and telling you about this service. We will charge you up to a maximum of three returned item fees a day.

Control
Where you do not have available funds to make a payment and we do not treat the payment as a request for an Unplanned Overdraft, you will not be able to make that payment. We will write to notify you of this and you will be charged a returned item fee (we will charge up to a maximum of three fees a day). The returned item fee will be reduced to £10 for each returned item because you have Control added to your account.

This is as well as what i found out earlier

Fee
Amount
Description
Monthly fee
£15
You will pay this fee if you have an Unplanned Overdraft at any time during your monthly billing period (even if your next monthly billing period is only a few days away).
We will charge you a maximum of one monthly fee in a monthly billing period.
Daily fee
Unplanned Overdraft balance is:
Less than £25 - £6 a day
£25 to £100 - £15 a day
More than £100 - £20 a day

You will pay a daily fee for using an Unplanned Overdraft. The amount of the fee will be worked out at the end of each day (including weekends and bank holidays) on the balance of your Unplanned Overdraft.
We will charge you a maximum of 10 daily fees in a monthly billing period.

So REALLLLLLLLLLLLLLLLLY clear lol

[Amethyst]

Re: Pre contractual information for bank accounts ?

Tel
(084) 5722 4499
Our ref
EPIC/ENQ/E/64532
Fax
(020) 7211 8877
Date
16 July 2009
Email
enquiries@oft.gsi.gov.uk

Dear Ms Amethyst

Thank you for your email of 30 June regarding the Personal Current Account (PCA) market study. My apologies for not responding sooner.

You may be aware that one of the findings from the market study identified low levels of transparency, particularly on charges (which make up a significant proportion of the cost of a PCA). The OFT concluded that PCA providers should do more to make charges more prominent so customers can predict and control the charges they may incur.

In light of this the OFT have been discussing with banks and other stakeholders ways in which consumers can have the information they need to assess PCA cost. A report will be published shortly outlining our proposals to remedy low transparency of information.

You will be aware that following the Competition Commission's (CC) inquiry into banking in Northern Ireland, banks were required to provide:

• ·easy to understand terminology and descriptions of PCA services
• ·explanations of the levels of charges and interest rates and how and when they are applied
• ·information on statements
• ·a summary and breakdown of charges and interest, and
• ·advance notification of charges and debit interest incurred

The OFT supports those banks who are committed to implementing these remedies across the UK.

Onto the matter basic bank accounts, we would be happy to receive any information you have about the experiences of people who have recently opened basic accounts. The OFT believes basic bank accounts are important for those who do not have access to more conventional accounts due to their financial circumstances.

Yours sincerely

Ms Adenrele Ogayemi on behalf of Mr Sadrul Islam
Enquiries and Reporting Centre

[Amethyst]

Re: Pre contractual information for bank accounts ?

My Lloyds Basic Account comes with a Visa Debit card. You can only use the card to withdraw cash from a Lloyds Bank ATM. As there isn't a Lloyds in my town it seems to me to be a way to get me to use the debit card facility rather than withdraw and use cash ,thus knowing exactly where I am at, and theres no ability to check my balance at any other ATM. So kind of pushes you to use Visa Debit thus incurring charges by going under shop floor limits doesn't it ?

[calamity jane]

Re: Pre contractual information for bank accounts ?

My Lloyds Basic Account comes with a Visa Debit card. You can only use the card to withdraw cash from a Lloyds Bank ATM. As there isn't a Lloyds in my town it seems to me to be a way to get me to use the debit card facility rather than withdraw and use cash ,thus knowing exactly where I am at, and theres no ability to check my balance at any other ATM. So kind of pushes you to use Visa Debit thus incurring charges by going under shop floor limits doesn't it ?

I thought that with Basic Accounts you could use you card to withdraw money at the Post Office.

http://www.postoffice.co.uk/portal/p...diaId=19600183




CJ

[Amethyst]

Re: Pre contractual information for bank accounts ?

Will try that tmw. Interesting. Also Lloyds have not informed me that this is the case.

I have tried the Post Office ATM and that doesnt accept the card.

Just going back through the paperwork they have given me. The card carrier doesnt mention post office at all despite listing everywhere you can use it (shops, online, bills, phone, cashback at supermarkets, Lloyds ATM, Abroad in shops that accept visa. no mention in any of the leaflets either.

[calamity jane]

Re: Pre contractual information for bank accounts ?

Will try that tmw. Interesting. Also Lloyds have not informed me that this is the case.

I have tried the Post Office ATM and that doesnt accept the card.

Just going back through the paperwork they have given me. The card carrier doesnt mention post office at all despite listing everywhere you can use it (shops, online, bills, phone, cashback at supermarkets, Lloyds ATM, Abroad in shops that accept visa. no mention in any of the leaflets either.

Any luck with the Post Office Amethyst?


CJ