Beware Lloyds International!
Discussion
Frankly, and I'd add I ran my own IFA business for 25 years before selling, I am appalled at the way the above are now comporting themselves. For example, having sold a car I was in funds that I wanted to put on short term deposit; spring forward their advisor with their not-too-bad offer of 2.42% annual rate on an instant access account. Not bad, you day, - and you are right just until you read the small print. It is an instant access account as long as you don't withdraw, since any withdrawal no matter how small leads to a nil interest rate during that month on the toal balance. So, a balance of £100,000, so £100 per month interest, is nullified for a £25 withdrawal. Not one person told me about this - I had to read the small print and find it out for myself.
Travel insurance; wonderful to have "for free" but look very carefully at the terms. If you are abroad and settle the bill with anything except yuour Lloyds card you have no right to claim. So your Lloyds card is for some glitch in the system refused - you are hung drawn and quartered with no comeback. Read the small print very carefully as I have done. It is a 27 page booklet, and you have to delve deep to find that medical expenses expire on the 66th birthday. A lot of use to us retired people.
The transfer to new current accounts, currently taking place; my advisor said that in effect I should now be hyaving the new "International current account and savings". Read through the documentation and you must agree you have an income of over £50,000 (I don't) and that you will"deposit at least £25,000 with Lloyds International within three months of opening the account". No mention of this on the phone.
Their stockbroking service; I've used their nominee service for 11 years without problem. Now though, without telling me, you have to do a CHAPS trtansfer to your stockbroking account before trading. Before they just debitied your current account, so now you have to pay fees for transferring money from your current to trading account.
I've tried looking elsewhere, but it seems they are all as bad as each other. I advise all of you to be extremely careful in dealing with offshore banks nowadays. They all seem to be a bunch of crooks.
Travel insurance; wonderful to have "for free" but look very carefully at the terms. If you are abroad and settle the bill with anything except yuour Lloyds card you have no right to claim. So your Lloyds card is for some glitch in the system refused - you are hung drawn and quartered with no comeback. Read the small print very carefully as I have done. It is a 27 page booklet, and you have to delve deep to find that medical expenses expire on the 66th birthday. A lot of use to us retired people.
The transfer to new current accounts, currently taking place; my advisor said that in effect I should now be hyaving the new "International current account and savings". Read through the documentation and you must agree you have an income of over £50,000 (I don't) and that you will"deposit at least £25,000 with Lloyds International within three months of opening the account". No mention of this on the phone.
Their stockbroking service; I've used their nominee service for 11 years without problem. Now though, without telling me, you have to do a CHAPS trtansfer to your stockbroking account before trading. Before they just debitied your current account, so now you have to pay fees for transferring money from your current to trading account.
I've tried looking elsewhere, but it seems they are all as bad as each other. I advise all of you to be extremely careful in dealing with offshore banks nowadays. They all seem to be a bunch of crooks.
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