Packaged Account Fees

[di30]

Re: Packaged Account Fees

I think I should post up the pages i have because some dates differ what the bank given the FOS.
I shall have to check on statements as well.

[di30]

Re: Packaged Account Fees

On my statements charges list...... From 2007-2009 @ £25 a month Premier
................................................Fr om Nov 2005 - 2007 @ £15 a month Platinum (I think)
................................................Ju ne 2004 - 2005 @ £10 a month (Gold)
................................................19 97 - 2004 @ £8.00

[di30]

Re: Packaged Account Fees

Thank you.

We are taking this from 1997 as joint account holders, my hubby had his own separate account until we put them together in 1997.
I will re-dig info and post up on dates etc shortly :-)

[EXC]

Re: Packaged Account Fees

I could ask MSE Wendy for the T&Cs of the relevant accounts, they've probably got them. But I'd need to know what type of accounts you had and what periods you had them.

[di30]

Re: Packaged Account Fees

I wonder if a google search will help on Lloyds TSB fee free verses Packaged accounts?

[di30]

Re: Packaged Account Fees

Right ok, did ask but was just received this reply lol, nothing about the info to demonstrate lol........been given until 25th of this month so that's ok.....

Dear Mr and Mrs

Thank you for your email. Your comments have been noted and attached to your file.

I would be grateful if you could provide me with any further information you would like me to consider before 25 October 2013.

If you require an extension to this deadline, please let me know.

Yours sincerely


Adjudicator

[di30]

Re: Packaged Account Fees

Have left a message on Adjudicator answer-phone, hope they get back but will also leave an email as well lol....

[di30]

Re: Packaged Account Fees

Good idea, I shall try ringing now, as I will need something to work by to know if we would have saved or not, cheers.

[EXC]

Re: Packaged Account Fees

From reading the e-mails again the adjudicator seems to be taking the default position that you did save money overall by having a packaged account but offering you the chance to prove otherwise. As you probably don't have the information to demonstrate that, how about asking him to ask the bank for the information as they would have it.

[di30]

Re: Packaged Account Fees

Ok but what I don't understand is that in order to calculate the savings on the overdraft rate he'd have to know the difference between the rate of the packaged and free accounts and also your level of usage of the overdraft over the period as I assume the rates actually payable are dependent on it.

Thanks again EXC I appreciate it. I have to admit I do find it confusing as i'm not sure what a fee free account would benefit, I do know or think I know that some benefits are automatic like ID theft etc.

I had separate insurances with Lloyds since about 1997 all the way up to about 2003 house insurance etc, contents etc, then taken out another one elsewhere as it benefitted with lots of benefits, so did not require the main of the benefits package.

The fact that we fell into difficulties in 2007 as where my hubby then worked closed down and went into liquidation just days before xmas, (the year they moved us on automatically to Premier) top account, and finally it went to collections) so with going over the overdraft which led to excessive fees, I way paying not far off £100 a month fees with the monthly account fee of £25.
Not sure how we would be saving there and as this happened, they failed in their duty because the account fee was potentially causing the account to incur charges, therefore unaffordable......


As you know when a business close down. your left with no wages whatsoever to enter into the account, we had lots of problems with lloyds from then on.

[EXC]

Re: Packaged Account Fees

Ok but what I don't understand is that in order to calculate the savings on the overdraft rate he'd have to know the difference between the rate of the packaged and free accounts and also your level of usage of the overdraft over the period as I assume the rates actually payable are dependent on it.

[di30]

Re: Packaged Account Fees

Had another email this morning.......(thanks EXC)

Dear Mr and Mrs

Thank you for your email.

You are still able to forward further information at this point and I am happy to review any further information you provide.

If, for example, by having the packaged account you saved £30 a month as you had a preferential overdraft rate, and the monthly account fee was £10, then this account would have saved you £20 a month. The packaged account would therefore have been more financially beneficial than a free account.

I hope this clarifies things, if you have any further questions please let me know.

Yours sincerely

Adjudicator

[EXC]

Re: Packaged Account Fees

Found pages 3, 4,5 and 6 of account charges and interest etc, as not too sure where to be looking in the paperwork in regards of the preferential rates etc, but as well as the final account being £25 a month (Premier), charges were excessive for obviously going into the overdraft, for example as well as the monthly £25 overdraft interest as shown as £55.67, £45.54, £52.87, £50.87, £48.44 and more, so rather high.

Is that anything to do with what the Adjudicator states?

The adjudicator states ''a preferential rate on your overdraft'' which to me is the total cost of your arranged overdraft (interest and charges), as opposed to any fees and interest for unauthorized overdrafts.

So I think he's asking you to compare what you actually paid for your overdraft on your packaged accounts compared to what you would have paid if you'd have had a free account, for which you'd need to find out the overdraft rates for both types of accounts and factor in your actual overdraft usage to arrive at the figures.

So if you saved x amount on the overdraft rates on the packaged accounts (compared to a free account) he'd want to compare that with what you paid in packaged account fees to establish whether you saved money or suffered detriment overall.

I take it you had an arranged overdraft and used it because if you didn't you wouldn't have saved anything and he should be upholding your complaint on that basis.

But if I were you I would take him up on his offer to discuss this in more detail and call him on his direct line to be sure.

[di30]

Re: Packaged Account Fees

Found pages 3, 4,5 and 6 of account charges and interest etc, as not too sure where to be looking in the paperwork in regards of the preferential rates etc, but as well as the final account being £25 a month (Premier), charges were excessive for obviously going into the overdraft, for example as well as the monthly £25 overdraft interest as shown as £55.67, £45.54, £52.87, £50.87, £48.44 and more, so rather high.

Is that anything to do with what the Adjudicator states?

[EXC]

Re: Packaged Account Fees

You're very welcome Di - just hope I'm right!