Lloyd's bank charges

[icanshootwell]

For several years I have been charged £100 for every 10k worth of overdraft, until now where its jumped 50% for a 12 month period. Call centre won,t do f all about it, they say that,s what it is now, so we are paying the same rates as jo bloggs who has a 2k overdraft facility i presume. This really has wound me right up the cat better watch out. So they save money by taking a business manager away from medium size borrowers and charge me more for it.

 

[matthew]

For several years I have been charged £100 for every 10k worth of overdraft, until now where its jumped 50% for a 12 month period. Call centre won,t do f all about it, they say that,s what it is now, so we are paying the same rates as jo bloggs who has a 2k overdraft facility i presume. This really has wound me right up the cat better watch out. So they save money by taking a business manager away from medium size borrowers and charge me more for it.

Have a look at what you’re paying over base, and more importantly if that tallies with your annual agreement.
I’ve just had that conversation with a call centre and it has escalated to ‘complaints’.
Last October, hidden amongst their 9 page statement paperwork, was note saying ours was going up by over 100%. 2.10 jumped to 5.1 over base. I missed it, but have found it now.

I’ve pointed out that as they pay zilch for the use of my money, so I may have to shift all the accounts we have with them.

Banks are supermarkets for money. End of,

 

[lazy farmer]

For several years I have been charged £100 for every 10k worth of overdraft, until now where its jumped 50% for a 12 month period. Call centre won,t do f all about it, they say that,s what it is now, so we are paying the same rates as jo bloggs who has a 2k overdraft facility i presume. This really has wound me right up the cat better watch out. So they save money by taking a business manager away from medium size borrowers and charge me more for it.

So am I correct in thinking you are now being charged 1 1/2% overdraft facility compared with 1% last year? What has that got to do with the ordinary punter? He has no charges for an overdraft facility but pays much higher interest.

 

[cattlemadpembs]

Just leave Lloyds as fast as you can - they are really dodgy.

 

[matthew]

Just leave Lloyds as fast as you can - they are really dodgy.

And go.... where? Are there any ‘honest’ banks left?

 

[Lawless]

@icanshootwell do you not have an account manager?

 

[icanshootwell]

@icanshootwell do you not have an account manager?

Yes, but it,s a different one every time you ring them up, no single person designated to you.

 

[icanshootwell]

So am I correct in thinking you are now being charged 1 1/2% overdraft facility compared with 1% last year? What has that got to do with the ordinary punter? He has no charges for an overdraft facility but pays much higher interest.

I think you misunderstand, this is a one off fee that they charge you per annum for the amount you borrow. You might not use it buts its there in place if you need it, as i said it used to be £100 per 10k, if you dont use it, you still pay the 100.

 

[Beowulf]

I think you misunderstand, this is a one off fee that they charge you per annum for the amount you borrow. You might not use it buts its there in place if you need it, as i said it used to be £100 per 10k, if you dont use it, you still pay the 100.

That's fairly normal though. An arranged credit line for a business customer will usually have an annual fee (they have to make some money after all, banks are businesses too) and between 1 and 2 percent doesn't seem excessive.

 

[lazy farmer]

I think you misunderstand, this is a one off fee that they charge you per annum for the amount you borrow. You might not use it buts its there in place if you need it, as i said it used to be £100 per 10k, if you dont use it, you still pay the 100.

No I understand it’s an arrangement fee. All businesses pay them ours is with Lloyd’s and varies between 1 and 1.5% depending on advice from above. Currently 1%

 

[icanshootwell]

I probably will end up paying it,(what else can you do) but as i told there call centre, there short term greed is there long term loss, because any future loans, I will be going else where.

 

[matthew]

I tried to find our ‘account manager’ today. That was an hour of my life I won’t get back. Very frustrating.
Arrangement fee? - I get it. Although ours is £175 / £10k.
But Lloyds having a ‘rationalisation’ last October forked up the next bit of an overdraft agreement. The rate over base they charged to individual borrowers, in our case more than doubled making the charge almost 6%.
So, I’ve escalated a complaint.
How can you have an agreement / contract between two parties, when one drives a coach and horses through said agreement?

I need a new bank.
And no berluddy horse of any colour ‘by my side’.

 

[lazy farmer]

I tried to find our ‘account manager’ today. That was an hour of my life I won’t get back. Very frustrating.
Arrangement fee? - I get it. Although ours is £175 / £10k.
But Lloyds having a ‘rationalisation’ last October forked up the next bit of an overdraft agreement. The rate over base they charged to individual borrowers, in our case more than doubled making the charge almost 6%.
So, I’ve escalated a complaint.
How can you have an agreement / contract between two parties, when one drives a coach and horses through said agreement?

I need a new bank.
And no berluddy horse of any colour ‘by my side’.

Are you owner occupiers?

 

[matthew]

Are you owner occupiers?

Yes.
No mortgage, all paid off. And only occasional o/d needed.
But principles is principles. And if this had happened when we were to the wire and growing our business with the aid of o/d facilities, it could have proved fatal.

 

[matthew]

Headline news tonight:
‘Lloyds boss give up final salary pension perk”.
Hallelujah.

 

[Sonoftheheir]

Yes I questioned this, gone from 1% fee to 1.5%. What can you do? If you want the facility you have to pay it.

Also lost our face to face manager last year with a call centre replacement. Not good.

 

[Highland Mule]

Yes.
No mortgage, all paid off. And only occasional o/d needed.
But principles is principles. And if this had happened when we were to the wire and growing our business with the aid of o/d facilities, it could have proved fatal.

Out of curiosity, what level O/D would you have open, roughly?

 

[Farma Parma]

No diff here been with Lloyds Group not them directly, one they bought into for nearly 50years & never had a bad debt once with them.
been thru some rough & good times ive only seen the last 28ish years mind, previous family, uncles etc before that.
arrangement fee much the same 1.5% of what your borrowing. was the same last few years that.
But whats far more annoying is the hike up of the rates. 7.5% over base.
Needless too say i'll be moving before this time next year.
Also no face to face manager anymore, a team of Agri specialists...
atleast you got to speak to someone who would come to the farm once a year & had a couple of hours to get to know you, see the place etc etc
& had there phone number & nothing was too much hassle
ive got email address's of folks who do get back to you on a one to one basis but there just youngsters.
Such a shame but am looking elsewhere are they all this bad now??? 5 figure OD by the way & reduced it for this year.
only use it for some of the year, but you need it sometimes thats the trouble, esp when you have no control over that sham of an RPA
dont get me started on them. all nearly as corrupt as current lot trying to run our country.
Tenant Farmer by the way but have assets to cover the small OD many times over.

Edited i had the interest rate wrong.... it was 5% overbase in Oct18 picked the wrong letter up.
Good job i wont be using it very much

 

[endeavour]

Although sympathising with the posters on this thread the demise of all banks perceived honesty and openness has been ongoing for many years, starting with the change to monthly or even daily charging of loan/od facilities from the previous quarterly charging( going back a bit) a realisation of nearly 1% extra on stated br+. This was followed with annual agreement charges for od wether used or not, hardly playing the game, but remember if you do not agree the terms vote with your feet,an agreement on charges is a vital part of any business and essential to those who are heavily borrowed. Been there and fought against bank trying to alter terms mid term of mortgage and od agreements, when all is said and done dealing with a bank is no different to any other trading agreement.

 

[mo!]

No diff here been with Lloyds Group not them directly, one they bought into for nearly 50years & never had a bad debt once with them.
been thru some rough & good times ive only seen the last 28ish years mind, previous family, uncles etc before that.
arrangement fee much the same 1.5% of what your borrowing. was the same last few years that.
But whats far more annoying is the hike up of the rates. 7.5% over base.
Needless too say i'll be moving before this time next year.
Also no face to face manager anymore, a team of Agri specialists...
atleast you got to speak to someone who would come to the farm once a year & had a couple of hours to get to know you, see the place etc etc
& had there phone number & nothing was too much hassle
ive got email address's of folks who do get back to you on a one to one basis but there just youngsters.
Such a shame but am looking elsewhere are they all this bad now??? 5 figure OD by the way & reduced it for this year.
only use it for some of the year, but you need it sometimes thats the trouble, esp when you have no control over that sham of an RPA
dont get me started on them. all nearly as corrupt as current lot trying to run our country.
Tenant Farmer by the way but have assets to cover the small OD many times over.

Edited i had the interest rate wrong.... it was 5% overbase in Oct18 picked the wrong letter up.
Good job i wont be using it very much

50 years! There's your problem.