Parachute Account - Lloyds TSB & Upgrading

[dolly]

Opened a current account with Lloyds TSB yesterday and gained a bit of useful info for anyone wanting to open a parachute account.

 

Basically if you are not credit worthy enough for a full current account, you get offered a cash-account. It doesn't have a solo / electron card, just a cash card, but you can do internet banking, DD's and Standing Orders.

 

The big difference I think though is that there is a genuine chance of your account being upgraded to a full account after 6-12mths. Basically he told me that they have their own scoring system on a scale of 1-9, with 9 being the biggest risk (think I have got that the right way round) and if you operate your account well, not getting charges (!!!), paying money in etc, then your 'risk' number gets lower. Once it gets to a certain level the computer automatically will let you upgrade to a fully functioning account. You can do this via internet banking as there is a tab on there to see if you are eligible yet.

 

My husband has been with TSB for years and his credit record is far from perfect - by their own terms, he should not have a Credit Card as he has a CCJ registered against him and yet just last week he applied and got one...with a hefty credit limit too.

 

Just wanted to make people aware of it as I know it is not one that gets mentioned a lot.

 

Hope that helps some people.

[sazz]

I applied & was accepted for the cash account (I was knocked back for a current account surprise surprise!), and was a bit miffed to find out that you can't add Paypal to the account to transfer money into the cash account.

 

I didn't want to fund my Paypal account from the cash account, just take out the £300 that's stuck in Paypal with me not being able to use it!

[dolly]

 

I didn't want to fund my Paypal account from the cash account, just take out the £300 that's stuck in Paypal with me not being able to use it!

 

Really??? Wow, I had NO idea about that. I wonder why that is? Is there no other account you can transfer it to, anyone that you trust?

[barracad]

I didn't want to fund my Paypal account from the cash account, just take out the £300 that's stuck in Paypal with me not being able to use it!

 

As long as you have the account number and sort code, you should be able to add it to Paypal.

 

Click on Profile > Bank Accounts > Add.

 

Fill in the relevant details, click 'Add Bank Account'.

 

After you've done that, it will ask you to confirm the account. No need to do that unless you want to use it to put money into Paypal. If you want to use it to transfer money from Paypal to your account it should let you do it straight away.

[Tinkerbelle]

Opened a current account with Lloyds TSB yesterday and gained a bit of useful info for anyone wanting to open a parachute account.

 

Basically if you are not credit worthy enough for a full current account, you get offered a cash-account. It doesn't have a solo / electron card, just a cash card, but you can do internet banking, DD's and Standing Orders.

 

The big difference I think though is that there is a genuine chance of your account being upgraded to a full account after 6-12mths. Basically he told me that they have their own scoring system on a scale of 1-9, with 9 being the biggest risk (think I have got that the right way round) and if you operate your account well, not getting charges (!!!), paying money in etc, then your 'risk' number gets lower. Once it gets to a certain level the computer automatically will let you upgrade to a fully functioning account. You can do this via internet banking as there is a tab on there to see if you are eligible yet.

 

My husband has been with TSB for years and his credit record is far from perfect - by their own terms, he should not have a Credit Card as he has a CCJ registered against him and yet just last week he applied and got one...with a hefty credit limit too.

 

Just wanted to make people aware of it as I know it is not one that gets mentioned a lot.

 

Hope that helps some people.

 

Wonder if ALL banks do this? Anyone her work for A&L and can give us any further info?

[callumsgran]

You can put it in mine if you like? lol!!!

[sazz]

Hahaha!!! Tis all mine (Well, rent money!)

 

I asked at my branch and on their customer service tele number. I asked because you get a charge back of £14 from Paypal if your bank rejects the bank details, so thought it best to check first before adding the details.

 

In all honesty tho, it was an indian call centre I got thru to and she said no, went into the branch the next day to be told you can't as well

 

One miffed and STILL skint student...

Bah

[dolly]

I also have a cardcash account from years back (as well as a full current account) so I am going to give it a go with my paypal account and will let you know the outcome. At the moment Paypal are transferring the two amounts to my bank account so if they go in I would assume that everything is ok.

[barracad]

I asked because you get a charge back of £14 from Paypal if your bank rejects the bank details

 

That's only if you confirm the account and try to set it up for direct debits.

 

You should be able to just add an account without confirming it, see my previous post.

[dolly]

That's only if you confirm the account and try to set it up for direct debits.

 

You should be able to just add an account without confirming it, see my previous post.

 

But you are allowed DD's from the cardcash account anyway, so I can't see why TSB have a problem with it?

[barracad]

But you are allowed DD's from the cardcash account anyway, so I can't see why TSB have a problem with it?

 

In that case I have no idea why Sazz thinks the account can't be used for Paypal unless there's something she hasn't mentioned here.

[Ihatebanks]

I have cash account card with black donkey no problems withdrawing funds from paypal

Account does allow DD and SO but card can only be used at LTSB cashpoint or over counter only, BTW our nearest cashpoint is 15 miles away and quite often is "Out of Order" do you think they would credit travelling expenses:p

[laurajayne]

I can confirm on the Lloyds TSB thing...

 

I opened a cash account, which wasn't the most fantastic, as I only had a card that could be used in their cash machines...and I live in a tiny village so tha didn't help.

 

Had the account about a year when I got asked to join their select account. Got a current account at long last, with a visa electron, so getting there!

 

Laura

[dolly]

Just had this response I sent via internet banking email:

 

Dear Dolly

 

Thanks for your e-mail about whether or not we accept payments from paypal.

 

We do in fact accept payments in this way. However in order to find out the process on how to set up the payments you would need to contact paypal directly as it is their process.

 

I hope this information is helpful to you.

 

If there's anything else we can help you with, please don't hesitate to let us know.

 

Many Thanks

 

Jennifer Ramsay

Customer Support

Lloyds TSB

 

 

[sazz]

Nope, not any more info I can give you, but I called again yesterday during the day and spoke to someone again.

 

I explained that I wanted to add my cashaccount with LLoyds to my Paypal account. I only wanted to add it to transfer funds FROM Paypal, I don't want to fund the Paypal account. I told her that I'd been told twice I couldn't, but neither of the members of staff I spoke to didn't actually know who Paypal were, hence the reason for asking on here when I saw this thread.

 

I called yesterday after speaking to you guys and explained what I wanted to do again. She said she wasn't sure as it was a basic account only, so she would check with someone for me. She put me on hold and came back stating that I couldn't use this account with Paypal as it's a basic cash account. I said that I only wanted to transfer funds INTO LLoyds, not take funds FROM Lloyds to Paypal. I also asked how come I could have DD and benefits paid into the account but not Paypal transfers as they work on the same principle! She then asked me if I'd thought about upgrading to a current account, which would let me use Paypal transfers. I told her I'd applied originally for the Student current account but was declined & offered the cash account, which I took. (Parachute!)

 

I honestly have no idea now!! I think I'll just add it & try it. I just find it strange as I have a First Direct DD for insurance and benefits getting paid in, so how come I can't give LLoyds money from Paypal? You think they'd want funds going into the account!!

[barracad]

Sazz I think they are just saying no because they don't have a clue what Paypal is.

 

I suspect they are typing 'Paypal' into their computer and "computer says no".

 

Just add the account to Paypal - I'm 99.99% sure it will work - there's no reason why it won't.

[dolly]

Just wanted to bump this to say have had paypal money paid into this account no problems at all

[callumsgran]

Dolly my dear, please help! what did you put in 'brief details of claim' and 'value' on the court claim? its for nationwide tomorrow!

[dolly]

Just going to pick eldest brat up from school - will send you a PM when I am back

Value is the total, including the 8% interest (but not the court costs as that automatically puts it in)

[sarahickerton]

I have a barclays- cash card account- no current- have been refused god knows how many times- becoming very frustrating! ....i was also told here that after six months if i operated my account well i could have a current acccount- so i go back in six months- but refused- and i have BEVER gone overdrawn0- and have a large wage paid in every month- plus other monies i get from freelance work....so i think i might go and swap- and go to LLoyds!!

Just bit of info for you all.

[callumsgran]

Thanks for that Sarah, we'll all bear that in mind!

[steveandluc]

Wonder if ALL banks do this? Anyone her work for A&L and can give us any further info?

 

Most banks have their own internal credit rating systems for existing customers. Experian etc charge per search so it's cheaper for them to do it in-house where possible.

 

They don't like parting with money ;-)