Not about charges!

[scoobydoo]

My sister was bought out by her partner as a result of a separation. She has no clue about money and despite me trying to help her ( I gave up in the end) she just left the lump sum in an account with lloyds that paid some interest to her current account to help with her rent.

I recently found her in tears because apparently a while ago the account became obsolete and she says whe recieved no letter and she has been getting no interest on the account. All of a sudden they called her at work to tell her. She just thought it was because of the recession and low interest rates that she had no interest on it.

I have done her a letter - but does anyone one think there is ANY chance that they will trf the monies into another acount and backdate the interest?

Has this happened to any other posters?

She has been into the branch for financial advice before so she really trusted them.

[Tools]

Re: Not about charges!

Lloyds should have written to inform her of any changes to the account, whether it be that the account type no longer exists or that the credit interest rate had changed.

You say she had separated from her partner, is it possible that the letters had gone to a previous address, i.e. do the bank have her current address if it has changed?

[scoobydoo]

Re: Not about charges!

No - she has only had this account since she moved into rented so they have only had one registered address. She says she did not get a letter but I am not sure if that is true.

[Tools]

Re: Not about charges!

She may have received it but not have taken notice of it, sometimes they come through as "bumf" that just gets thrown in the bin.

[scoobydoo]

Re: Not about charges!

yes I think that might have been what happened and because she was not on a very good rate anyway she did not click what had happened. She has very little confidence and wont go in and talk to them - so all we can do is plead that she did not receive the letter .

Dont hold out much hope but have to try something as she is still losing interest now.

To xxxx bank


From xxxxxx


Reference Account number xxxxxx


Date xxxx



I am referring to a recent call that I received at work concerning the above account. I have been very distressed to discover that I am earning no interest on this account that has a considerable sum of money invested in it. I have received no correspondence notifying me of this change and because I am not versed in financial matters I just assumed that my drop in income was due to low interest rates caused by the recession.

I have in the past visited your branch to discuss my financial situation and my investments and you were aware of how vitally important the income on this account was . I trusted that you would be offering me the best account for my funds at all times, so now to find out that I could have been earning more interest over the last few months is very upsetting. I am a single mother trying to survive in very difficult circumstances and I have delayed in writing to you because I have been extremely angry about the situation you have put me in.

Please accept this letter as an official complaint as to how I have been treated. If you do not resolve this matter to my satisfaction I am afraid that after XXX years I will have to take my funds elsewhere.


Yours sincerely

[Emerald]

Re: Not about charges!

How much do you estimate she has lost in interest? You can check the historical rates here http://www.lloydstsb.com/rates_and_c..._link_page.asp

It is unlikely she will get anywhere as the bank will not take responsibility for moving her money, somewhere along hte line she will have been notified of changes.

[charitynjw]

Re: Not about charges!

How the hell can an account which has a substantial sum in it become 'dormant' !
I bet the thieving sb's are making plenty of dosh for themselves out of this poor person's money!!

cnjw

:censored:

[scoobydoo]

Re: Not about charges!

well as she has not a clue about money - her ex used to sort it all out - I do feel they are taking the p***

Especially as she had been in to see them about investing the funds - we are talking about £100000 here

[Emerald]

Re: Not about charges!

How the hell can an account which has a substantial sum in it become 'dormant' !

It's not dormant - it will be not available to new customers and the interest rate will have dropped to next to 0 - although t hat is true of a lot of accounts in the last year anyhow.

I bet the thieving sb's are making plenty of dosh for themselves out of this poor person's money!!

cnjw

:censored:

Scooby if your sister actually saw an advisor then they should have a plans and her attitude to risk form on file somewhere which may show thier recs and intentions whne 'helping'her

[scoobydoo]

Re: Not about charges!

Thanks Emerald I had not thought of that. will keep that in mind depending on the reply.

[Guest]

Re: Not about charges!

Why is the money still with Lloyds? If she moves it, or at least attempts to, I should imagine she would suddenly become a very important customer and they would be tripping over themselves to help.

Have her write to them informing them that she is closing her account and that they will shortly be receiving instructions from her regarding where they are to transfer the funds, or have them prepare a draft, again instructions to follow.

My guess is, very soon after sending this, she will be contacted.

[scoobydoo]

Re: Not about charges!

basically because although she is my sister she is very different to me - she is too frightened to invest the funds elsewhere or make any decsion about what type of account is best for her. I actually went through it all with her and opened some accounts on line so she could get better interest taking into account some in a long term account,some with easy access etc. It was a waste of time as she never sent her ID off to finish the proccess.

As far as this is concerned she is more likely to burst into tears whereas I would go in with all guns blazing.

I dont think she has actually sent the letter yet so I will take your advice , and try again to get her to open other account.

TBH I dont hold out much hope in getting a result but I am sure not giving up without a fight.