Lloyds TSB cut their charges! Er, in six month's time.

24 June 2010

monkey bank manager

The bosses at Lloyds TSB are wearing their good guy badges today after announcing a cut in their unauthorised overdraft charges, following complaints from customers about the size of them. Well done Lloyds TSB! (we’re being sarcastic at this point).

Daily fees for unauthorised overdrafts, will be cut from between zero to £10 from their cuurent level of between £6 and £20 – also, the maximum number of charges that can be applied in any month is dropping from ten to eight.

Their returned item fee of £20 (applied when a payment is bounced) is being halved, and LTSB are bringing in a fee-free, interest-free "buffer" zone of £10, which will cover planned or unplanned overdrafts.

Unfortunately, the changes won’t come into effect until December, because it’s obviously the sort of thing that will take months and months to implement isn’t it? (we’re being sarcastic AGAIN here).

Mike Regnier, personal current account director for Lloyds TSB, said that the move to reduce charges was in response to complaints from customers, braying: “By far the biggest proportion of complaints in my mail bag is about unauthorised overdraft fees.”

Really? We honestly thought it would be about the amount of time that black horse in their logo has to spend up on its hind legs (we’re being sarcastic and silly now).

TOPICS:   Complaints   Banking

9 comments

  • Waldo P.
    LloydsTSB have been pressured into lowering their charges for unauthorised overdrafts and so, to pay for this, will be introducing a £5 monthly 'usage fee' for use of AUTHORISED overdrafts on top of the 18.9% interest already charged. So basically, people who can't manage their money properly are rewarded at the expense of those that can. "Good guy badges"??? Well done BitterWallet for a thoroughly researched article (I'm being sarcastic at this point).
  • Phil
    As Waldo Ponce said. I'm going to be screwed £5 when a bill comes out a day early and I stray £10 into my overdraft (rather than the 50p interest I currently pay) Thanks lloydstsb. Guess I'm looking for a new bank.
  • Mark
    I like that on the radio this morning they claimed they were responding to public demand by introducing this monthly fee and reducing unauthorised overdraft fees. No Lloyds, while I can believe the public demanded that you stopped screwing people for unexpectedly going a little overdrawn, I doubt many people suggested you replaced this with a £5 montly usage fee for everyone. Money-grabbing bastards - I'm glad I took my business elsewhere a few years back.
  • Bazinga
    Don't spend money you haven't got and you won't use your overdraft!
  • Junkyard
    Oh, that's a *really* interesting article (I'm being completely sincere at this point).
  • Phil
    Bazinga - Your either really dull, an idiot or rich. I don't regularly exceed my overdraft and as it is an agreed amount I don't see the issue with using it. I actually have a £2000 ex-student OD but have only ever used £10 of it in the last year - I don't see why I should then be paying out a further £10 for doing so!
  • rorschach
    I work for Lloyds TSB and can reveal that although the £10 buffer does not officially go live until December we have been told we CAN waive charges for customers who are in that buffer zone WITH IMMEDIATE EFFECT. So if any of you fall foul of that over the next few months, ask your branch to waive them. They will.
  • Junkyard
    @ Rorschach - having had many dealings with Lloyds in the past, it doesn't surprise me in the least to find you working for them. No offence. :)
  • kamilla
    I made £3 overdrafts and now lloyds charges £45 for that , i went to the bank branch manager wouldnt talk to me he only said there is nothing we can do for you , is there anything i can do about t it ? Plaease someone answer me. Thank You

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