Lloyds and Halifax consumers left with out 'stability low' textual content signals as overdraft adjustments kick in

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Lloyds, Halifax and Financial institution of Scotland stopped sending consumers textual content signals caution them their stability used to be low within the wake of an enormous shake-up of its overdraft fees as a result of “technical problems”, MoneySavingExpert.com can display.

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A few consumers could have been left unaware they have got long past overdrawn and racked up financial institution fees in consequence and Lloyds Banking Staff, which runs the 3 banks, has admitted its textual content alert gadget nonetheless is not absolutely up and operating.

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The textual content failure follows top adjustments to Lloyds Banking Staff’s overdraft fees in advance this month, with charges scrapped for unarranged overdrafts and a brand new unmarried price of 1p an afternoon according to £7 borrowed on organized overdrafts.

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For complete lend a hand, see our Reduce Overdraft Prices information.

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What went mistaken?

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Lloyds Banking Workforce considerably modified its overdraft fees on 2 November – see complete main points beneath. However a few days after the adjustments kicked in, its textual content carrier – which sends signals to consumers approximately low balances and overdraft charges – used to be hit through a technical glitch.

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Previous to the overdraft adjustments, consumers needed to choose in to obtain textual content signals, at the same time as considering the fact that 2 November, any consumer who is given their financial institution their cell phone quantity will have to have won a textual content caution if their stability used to be low.

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But a Lloyds Banking Staff spokesperson informed MoneySavingExpert.com that the majority of present account consumers weren’t despatched any textual content signals for approximately weeks after the issue first emerged – despite the fact that that they had explicitly opted in to obtain them.

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The banking workforce’s new textual content carrier that allows you to paintings for any consumers who is given their cellular quantity in spite of everything started running for a few consumers in advance this week, however others should wait longer for signals to start out running.

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The spokesperson to begin with stated: “Due to a technical factor we now have been not able to ship consumers day by day textual content messages which give an alert in terms of their present account stability.”

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After which introduced: “The brand new textual content carrier will start this week for a few consumers and we will be able to be rolling this out to all consumers over the approaching weeks.

“Along with textual content signals consumers can view their account main points on our cellular app, on-line, seek advice from us in department or provide us a name.”

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Martin Lewis

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‘I used to be surprised to peer I were overdrawn’

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We first heard approximately the issue from Halifax consumer Mark, who informed us: “I logged into my checking account and reviewed my transactions – I used to be surprised to peer I were overdrawn.

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“I hardly ever move overdrawn and once I do I had textual content signals arrange so I may just repair it the similar day fighting any fees from accruing.”

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Mark stated he had prior to now had a textual content from Halifax on 1 November alerting him to the adjustments and confirming he can be notified if he went overdrawn.

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He introduced: “Clearly having now not won any textual content I referred to as the Halifax and it seems that they switched off all textual content notifications as they have been having prime problems on the grounds that they have got modified their overdraft fees.”

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If I went overdrawn and did not get a textual content, will my financial institution waive the fees?

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Mark effectively complained – his account used to be credited for the fees he’d incurred for going overdrawn, his per thirty days praise bonus which he might have misplaced for going overdrawn and a few repayment.

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So for those who have been depending on a textual content to alert you a few low stability or that you simply have been into your overdraft, and consider you’ve got now been charged because of now not being alerted, ask your financial institution to study the prices. For those who disagree with its solution you’ll be able to hotel an professional grievance and if essential increase to the Monetary Ombudsman.

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A Lloyds Banking Workforce spokesperson advised us lawsuits from consumers can be checked out on a case-through-case foundation, however could not ensure the financial institution may waive the fees.

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Should you consider you will have been unfairly charged, tell us at information@moneysavingexpert.com.

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Lloyds and Halifax customers left without 'balance low' text alerts as overdraft changes kick in

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What have been the overdraft adjustments?

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Lloyds Banking Workforce predicted approximately 18 million consumers shall be at an advantage or unaffected via the adjustments to its coverage this month, however million may well be worse off. This is the brand new overdraft charging construction:

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  • Organized overdraft charges at the moment are a flat 1p in line with day for each and every £7 borrowed. So say you are £500 overdrawn you are to begin with charged £zero.seventy one in keeping with day, however as charges at the moment are introduced on your stability day by day, they compound from day 1, that means you’ll be able to pay £22.forty seven per 30 days and £340 consistent with yr (even though you do not spend to any extent further).
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  • Lloyds and Financial institution of Scotland consumers will now not pay £6/mth overdraft utilization charges.
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  • Halifax consumers will now not pay the £1, £2 or £three in keeping with day charges that have been on many aged bills.
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  • There are now not any unarranged overdraft charges and fees.
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  • There at the moment are no charges for ignored bills.
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  • Rate-loose buffers on many bills were lowered to £6.ninety nine.
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