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Old 04.03.2011, 23:09
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If you have an account LloydsTSB you may be in for a shock

Hi,

I have lived in Switzerland for over 20 years and I have kept a bank account in the UK but it was offshore in Guernsey. It has worked like a normal account and I was very happy.

Now I get a letter from them saying your account is going to change to a Premier International Account which means if you do not have £2500 sitting in the account doing nothing they will charge you £20 a month for having the account!! It is absurd and they say if you don't like you have to close the account or move to a savings account where the minimum balance is £10,000 !!!

I assume this is way of closing a lot of accounts but it does seem a disgusting way of doing business.

Have fun

Martin
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Old 04.03.2011, 23:24
peterg
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Re: If you have an account LloydsTSB you may be in for a shock

This happened a couple of years ago with First Direct. Not sure of they actually implemented it but they said they would make monthly charges if customers didn't have a certain minimum in their accounts. I've never gone below the limit, so can't be sure if they went ahead.

My UK background, with its culture of free banking, understands your outrage, but an annoying voice counters, saying that there is a sound business case for trying to weed out semi-dormant accounts.

Maybe we should keep our cash under the mattress, and avoid all charges? OK, so it would expose us to the risk of loss/theft/fire etc; and it would be a bit annoying having to walk down to the post office to pay bills rather than online; and it would be boring having to count our cash every month and write up all our transactions in a notebook rather than being sent a neat monthly statement...

Hmm. Maybe it isn't so outrageous an idea?
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Old 04.03.2011, 23:40
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Re: If you have an account LloydsTSB you may be in for a shock

Hi,

the problem is that this an active account which I use every month and I transfer money to. It is not dormant at all. I have no problem paying reasonable charges but £240 a year is absurd. Nothing to do with free banking but dramatically increasing the cost 400% of having an account is ridiculous.

It is just a damn nuissance that I now have to look for an alternative account after 30 years of banking with Lloyds.

Have fun
Martin
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Old 05.03.2011, 00:16
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Re: If you have an account LloydsTSB you may be in for a shock

Thanks for the heads-up, will close my account then...
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Old 05.03.2011, 00:30
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Re: If you have an account LloydsTSB you may be in for a shock

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Hi,

the problem is that this an active account which I use every month and I transfer money to. It is not dormant at all. I have no problem paying reasonable charges but £240 a year is absurd. Nothing to do with free banking but dramatically increasing the cost 400% of having an account is ridiculous.

It is just a damn nuissance that I now have to look for an alternative account after 30 years of banking with Lloyds.

Have fun
Martin
They're not increasing the cost, they're politely telling you they'd rather not have you as a client any more.
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Old 05.03.2011, 00:41
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Re: If you have an account LloydsTSB you may be in for a shock

Closed my accounts at Lloyds when they wanted £40 to transfer some money to Switzerland. I felt that was worthy of Dick Turpin...
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  #7  
Old 05.03.2011, 21:37
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Re: If you have an account LloydsTSB you may be in for a shock

I wonder if this practice is being taken up by most of the banks as of from the 1 April 2011 if you have a UBS a/c and live in the UK you have to pay 30chfs a month (unless you keep 50,000 chfs in it)...
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Old 06.03.2011, 21:03
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Re: If you have an account LloydsTSB you may be in for a shock

As I always recommend, go for Postfinance, unglamorous, reliable and very cheap!
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Old 06.03.2011, 21:58
Ittigen
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Re: If you have an account LloydsTSB you may be in for a shock

I have been told NatWest are sympathetic, but for how long?
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Old 06.03.2011, 22:08
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Re: If you have an account LloydsTSB you may be in for a shock

All UK banks are rip offs compared to European banks I have never seen such blatant rip offs as in UK banks. They are a disgrace and should be avoided. Be happy and leave Lloyds they are a shit bank constantly trying to rip off its customers ask the millions who got a unplanned overdrafts without asking for it.
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Old 06.03.2011, 22:24
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Re: If you have an account LloydsTSB you may be in for a shock

S.O.P. with banks. Dormant accounts cost more than they generate.
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  #12  
Old 07.03.2011, 00:35
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Re: If you have an account LloydsTSB you may be in for a shock

Hi,

well this not a dormant account and I have been with them for over 20 years. Generally I have found them better than UBS. I am going to call them tomorrow...let us see what they say.

Have fun
Martin
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Old 07.03.2011, 10:02
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Re: If you have an account LloydsTSB you may be in for a shock

They're asking you for £2.5k to keep an offshore account which isn't really very much if you really need an offshore account.

Just think of it as a rainy day fund
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Old 07.03.2011, 15:26
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Re: If you have an account LloydsTSB you may be in for a shock

The credit suisse also started charging much more for accounts which
are owend by people out of switzerland since it cost them allot more to run. All the legal fees and making sure its not used for tax avasion and and and...

p.s if you had it there for 30 years im not sure how public you want to discus this problem...

you never know we might have someone from the swiss tax office on the forum
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Old 07.03.2011, 16:07
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Re: If you have an account LloydsTSB you may be in for a shock

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The credit suisse also started charging much more for accounts which
are owend by people out of switzerland since it cost them allot more to run. All the legal fees and making sure its not used for tax avasion and and and...

p.s if you had it there for 30 years im not sure how public you want to discus this problem...

you never know we might have someone from the swiss tax office on the forum
That makes my quote of the day! Credit Suisse are charging more for
overseas account holders because of legal fees and..... it may be being used for tax evasion??? oooohhhh that must come as quite a shock to them! Incidentally as they don`t pay interest on those accounts and the fact that clients are still happy to pump in billions, they may have an inkling. Call me an old cynic, but didn`t a former employee of Credit Suisse just get some hospitality from the US Authorities?
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Old 07.03.2011, 16:12
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Re: If you have an account LloydsTSB you may be in for a shock

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They're asking you for £2.5k to keep an offshore account which isn't really very much if you really need an offshore account.

Just think of it as a rainy day fund
I'm sure donations would be gratefully received - just think of it as a rainy day fund.
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Old 07.03.2011, 16:40
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Re: If you have an account LloydsTSB you may be in for a shock

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I assume this is way of closing a lot of accounts but it does seem a disgusting way of doing business.
Clearly you're not one of the ones they deem they would like to take along "For the journey"
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Old 07.03.2011, 18:34
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Re: If you have an account LloydsTSB you may be in for a shock

Hi,

it is a current account and not savings acccount so it is one where the average balance is very low....no worries with the tax authorities.

The situation gets weirder. I spoke to them today. All they currently seem to be offering is that if the account they have "upgraded" me to is no longer suitable that I should close the account.

Out of curiousity I wondered if I could a UK onshore account. However, it looks like I cannot as I have not been resident in the UK for last 20 years !!!

How on earth do people who have lived out of the uk for more than a year and have closed their on shore accounts open an account. 12 months seems quite a long time to not have an account.

Have fun
Martin
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Old 07.03.2011, 18:42
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Re: If you have an account LloydsTSB you may be in for a shock

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Out of curiousity I wondered if I could a UK onshore account. However, it looks like I cannot as I have not been resident in the UK for last 20 years !!!

How on earth do people who have lived out of the uk for more than a year and have closed their on shore accounts open an account. 12 months seems quite a long time to not have an account.
You can apply for an account at other other offshore banks. RBS, HSBC and Citibank were willing to take us after Lloyds TSB closed our account. We need direct debits, so our Swiss £ account wasn't enough.
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  #20  
Old 07.03.2011, 18:54
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Re: If you have an account LloydsTSB you may be in for a shock

I had the same issue with a Barclays offshore account in the Isle of Man. However the proposed charges were not nearly so high as you mention. Thankfully I had kept my onshore account open.

I am sure that most of us opened an offshore account to avoid paying tax twice on the interest. However, now it is a realively simple process to reclaim tax paid on UK earned interest. You just need to complete a form once a year.

The golden rule is do not close you UK onshore Bank account!
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