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New Person here....and the badly behaved LTSB!!


PLC
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Hello forumers!!

 

This looks like a good resource of information on this forum.

 

This is my first post...I came across it after this morning.

 

This morning without warning, LTSB decided to close my business account. They said they had sent a letter to me, explaining that they didn't like the way the account was being handled and were closing the account. I never received this letter.

 

I was thinking of changing banks anyway...but not kind of forced into it now...on a day on which I should have been doing business, I know have to look for a new bank account.

 

The account in question has about 3-4K a month on average going through it...but over December and January (my business is training)...there was no money to go in. They sent me a letter telling me there were concerned about my turnover, but nothing about closing the account.

 

I don't have an overdraft....so it's a hassle more than anything.

 

Has anyone else every experienced this,...and what did they do about it?

 

Kind regards

 

PLC

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Hi PLC.

 

Have you incurred any charges in the past for unpaid items and unauthorised overdraft interest?

 

Els

BANK CHARGES CAMPAIGN CONTINUES - PLEASE SIGN THIS PETITION

 

Aktiv Kapital £300.00 SETTLED IN FULL

Capital One £741.47 SETTLED IN FULL

Citi Cards £1221.00 SETTLED IN FULL

LTSB(personal) £3854.28 SETTLED IN FULL

LTSB(business) £7487.97 SETTLED IN FULL

 

What poor education I have received has been gained in the University of Life

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Hi PLC

 

I had similar with LTSB. They 'mislaid' £6000 from my business account. I was not happy with the way our business manager handled the situation. Cheques I had written 'bounced' my suppliers put me on stop. I asked the bank to honour my cheques as they admitted it was a banking error that they had 'lost' my money. They refused and it took more than 4 weeks to 'find' the £6000. I could not trade for the four weeks and subsequently went into liquidation putting 9 people out of work!

 

I complained to LTSB about the business manager. Within a week she closed my account for another business I had that was running smoothly. Then closed my husbands personal account and tried to close mine. I complained again and was told that she was in her right to do this as it was not a very profitable account. Not profitable for the banks perhaps as it was run ok.

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one at Christmas....but other than that...it's been well over 2 years.

PLC

 

In that case it appears you are of no use to LTSB as you are not making them any money.

 

They said they had sent a letter to me, explaining that they didn't like the way the account was being handled and were closing the account. I never received this letter.

 

I would ask them for a copy of that letter and demand to know exactly what it was about the account management that made it necessary for them to close it.

 

Els

BANK CHARGES CAMPAIGN CONTINUES - PLEASE SIGN THIS PETITION

 

Aktiv Kapital £300.00 SETTLED IN FULL

Capital One £741.47 SETTLED IN FULL

Citi Cards £1221.00 SETTLED IN FULL

LTSB(personal) £3854.28 SETTLED IN FULL

LTSB(business) £7487.97 SETTLED IN FULL

 

What poor education I have received has been gained in the University of Life

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Thank you both for your replies? Much appreciated?

 

Did you Wino have any problems opening another account, as a result of how LTSB behaved? I am just wondering as I am meeting two banks tomorrow to try and open a new bank account. I have no need for borrowing facilities as I am a service delivery type business....so not many suppliers and no need to buy stock of anything?

 

Regards

 

PLC

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Just been on the phone again to LTSB....(This just takes up so much time).

 

They said, they cannot issue a copy of the original letter, once it has been issued from their system. And other than verbally over the phone they won't committ as to why the they felt the account was mishandled.

 

I find it unbelievable, that they should behave like this. Not just did they issue something which they obviously never got a reply from me, because I never got the letter but surely controls should have kicked in for them to say...hey we never heard from this chap...we better telephone...or I am being to simple.

 

PLC

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Thank you both for your replies? Much appreciated?

 

Did you Wino have any problems opening another account, as a result of how LTSB behaved? I am just wondering as I am meeting two banks tomorrow to try and open a new bank account. I have no need for borrowing facilities as I am a service delivery type business....so not many suppliers and no need to buy stock of anything?

 

Regards

 

PLC

 

 

I went to Barclays and made an appointment to see a business manager.

I told him what LTSB had done and he said it seems common practice for LTSB to close peoples accounts down if the bank isn't making enough money out of them. I was the 5th person that week to tell him the same story. Barclays gave me an account no problem:)

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surely controls should have kicked in for them to say...hey we never heard from this chap...we better telephone...or I am being to simple.

 

PLC

 

That would be called 'customer care' or 'service', phrases which do not appear in the LTSB manual.:rolleyes:

 

There appear to be no reasons why another bank would deny you an account. You should get the same sort of reception as Wino. Watch out for suggestions of 'other products' though, e.g. insurance, loans, savings, etc.

 

Els

BANK CHARGES CAMPAIGN CONTINUES - PLEASE SIGN THIS PETITION

 

Aktiv Kapital £300.00 SETTLED IN FULL

Capital One £741.47 SETTLED IN FULL

Citi Cards £1221.00 SETTLED IN FULL

LTSB(personal) £3854.28 SETTLED IN FULL

LTSB(business) £7487.97 SETTLED IN FULL

 

What poor education I have received has been gained in the University of Life

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Watch out for suggestions of 'other products' though, e.g. insurance, loans, savings, etc.

 

Els

 

 

Oh I got all that. He spent an hour trying to convince me to change mortgage, insurance open separate accounts for this and that. I left with just the account I went in for and no extras;)

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Oh I got all that. He spent an hour trying to convince me to change mortgage, insurance open separate accounts for this and that. I left with just the account I went in for and no extras;)

 

He should have known....you should never monkey with a wino!;)

 

Els

BANK CHARGES CAMPAIGN CONTINUES - PLEASE SIGN THIS PETITION

 

Aktiv Kapital £300.00 SETTLED IN FULL

Capital One £741.47 SETTLED IN FULL

Citi Cards £1221.00 SETTLED IN FULL

LTSB(personal) £3854.28 SETTLED IN FULL

LTSB(business) £7487.97 SETTLED IN FULL

 

What poor education I have received has been gained in the University of Life

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Oh I got all that. He spent an hour trying to convince me to change mortgage, insurance open separate accounts for this and that. I left with just the account I went in for and no extras;)

 

Thanks again Wino and Els.

 

I will make sure I only take the basic account...I have no need or other products. Although I do want a business manager who is allocated to my account and not a faceless telephone number.

 

With the one bounced cheque at just after Christmas...the account has been overall very good.

 

The phone calls I have had today to other banks, when i tell then i was with Lloyds TSB...they just say, it's not the first time....Lloyds TSB are just not interested in small businesses.

 

Got 4 appointment for tomorrow and Thursday.

 

RBS

CLYDESDALE...favouring at the moment....

BARCLAYS

NATWEST

 

Any other recommendations...apart from Lloyds?

 

PLC

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Well done PLC, looks like you should be OK.

 

It really does make one wonder if LTSB are actively trying to get out of business banking (or even banking!) with the recent stories on this forum.

 

Good luck with your appointments and keep us posted.

 

Els

BANK CHARGES CAMPAIGN CONTINUES - PLEASE SIGN THIS PETITION

 

Aktiv Kapital £300.00 SETTLED IN FULL

Capital One £741.47 SETTLED IN FULL

Citi Cards £1221.00 SETTLED IN FULL

LTSB(personal) £3854.28 SETTLED IN FULL

LTSB(business) £7487.97 SETTLED IN FULL

 

What poor education I have received has been gained in the University of Life

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Where I slipped up was I didn't ask for free banking. I thought it was just in your first year of business that you got that but it's not. So make sure you ask the question. Try and get two years not just one. Worth a try ;)

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