Lloyds TSB recently (within the last few months) made an extremely
significant change to their T&C which leads me to suspect they may have
liquidity or even solvency issues which may be about to rear their ugly
The change enables them, they claim, - inter alia -to decline any payment
instruction the customer makes, effectively freezing the account. They
can do this, they claim, basically if they feel like it. They need give
no reason and they will not be liable for any consequential damage
suffered as a result. THIS IS IN ADDITION to the usual clauses against
fraud, misrepresentaton, money laundering, terrorism and so forth which
remain included in the revised T&C.
The only possible reason I can think of for such a sweeping change is if
they are anticipating a run on the bank following the publication of
exceptionally bad results or such like. Perhaps they're heavily exposed
Here's the clause, tell me what you think:
Is it even enforceable???
- posted 5 years ago