Events | 2009.07.17
Questions Of Cash: 'Lloyds blunder left my account £11m in the red'
Q. Lloyds withdrew £11,520,000 from my savings account in January to place on a three-day fixed-term money market deposit without my knowledge or consent. According to a note from Lloyds, the transaction was as the result of a telephone instruction – which was not from me. My entire savings were wiped out and my account balance turned into a deficit of £11,500,000. My savings account has no overdraft facility. I only found out about the transaction at the end of January when a copy of the transaction note from the bank\'s trading and sales team came through the post. As it was a Saturday, there was no one to answer my calls, but I eventually got through to the bank\'s helpline, which promised the matter would be resolved within three working days. The following Monday, £11,520,946.85 was deposited into my account – and then the same sum was withdrawn and £11,520,000 deposited. I phoned my bank relationship manager and explained the situation. I was promised no penalty or interest charges would be made. The following week an interest charge of £24,918.64 was withdrawn from my account for an "unauthorised withdrawal". After several emails and phone calls, the amount charged was refunded to my account. I later received a letter saying that, as all monies had been recovered, the bank would treat the matter as closed unless I replied by 21 April. It ignored my request for an explanation and assurances it would not recur and that my credit rating would not be affected. In reply, I demanded a reasonable settlement for the stress, anxiety, time spent and inconvenience caused. Lloyds\' recovery team offered a goodwill payment of £250. CH, Hampshire.
For more information, please visit
http://www.independent.co.uk/money/spend[...]16311m-in-the-red-1751377.html
