Lloyds: No overdraft fees for muslims

subbytna · 30 Apr 2014 at 14:57

It's an incessant knawing away of the basics of this country. 10 years ago this wouldn't have happened. I can't imagine how things will have changed 10 years in the future

Can you imagine the uproar if we asked for a non sharia account in a muslim country?

D.P. · 30 Apr 2014 at 15:12

subbytna said:
It's an incessant knawing away of the basics of this country. 10 years ago this wouldn't have happened. I can't imagine how things will have changed 10 years in the future Can you imagine the uproar if we asked for a non sharia account in a muslim country?

I know, 10 years ago we didn't have any of this. No 3D TVs, (and they were in good old 480P, nice analogue signal as well), no one had fancy "induction ' hobs mounted in their "granite kitchen" counter. What is Britain coming to when there is both an Italian restaurant and a British pub on the same street, who wants all this foreign yuck? Not to mention the Chinese take away next to the fish and chip shop I saw.
Urrrrg, why do business see the need to operate in diverse markets, why the heck can't they all just sell the exact same thing they have since my great great grandparents were born. Going down the sewers this country. What next, is Tescos going to start selling all these foreign things like frozen pizzas or french wine. Disgusting the way people accept these things.

jh30uk · 30 Apr 2014 at 15:13

Storm3y · 30 Apr 2014 at 15:14

D.P. said:
I know, 10 years ago we didn't have any of this. No 3D TVs, (and they were in good old 480P, nice analogue signal as well), no one had fancy "induction ' hobs mounted in their "granite kitchen" counter. What is Britain coming to when there is both an Italian restaurant and a British pub on the same street, who wants all this foreign yuck? Not to mention the Chinese take away next to the fish and chip shop I saw.
Urrrrg, why do business see the need to operate in diverse markets, why the heck can't they all just sell the exact same thing they have since my great great grandparents were born. Going down the sewers this country. What next, is Tescos going to start selling all these foreign things like frozen pizzas or french wine. Disgusting the way people accept these things.

^ This

Fenris · 30 Apr 2014 at 15:15

So many people in this thread just looking for a reason for outrage, it's hilarious.

The account is literally just a Cash account without interest, you can't have an arranged overdraft and in the (according to their T&Cs) VERY unlikely event of an unarranged overdraft, you will still have to pay fees for the duration you are overdrawn.

I don't know where the greesy tabloid journalists are getting the "free overdraft" garbage from because Lloyd's website T&Cs pretty clearly states the account is not eligible for an overdraft of any sort.

In short, it's a really **** account.

d_brennen · 30 Apr 2014 at 15:21

LOAM said:
Shock horror as a bank creates a bank account that's attractive to potential customers.

Or a sandwich company makes sandwiches that a wider range of their customers can enjoy

Skeeter · 30 Apr 2014 at 23:07

subbytna said:
It's an incessant knawing away of the basics of this country. 10 years ago this wouldn't have happened. I can't imagine how things will have changed 10 years in the future Can you imagine the uproar if we asked for a non sharia account in a muslim country?

Halifax moved to Sharia/Muslim friendly current accounts 5 years ago...

They just didn't market at at Muslims, so ~~idiots~~ people like you didn't rant about them.

ocmanus · 1 May 2014 at 08:00

d_brennen said:
Or a sandwich company makes sandwiches that a wider range of their customers can enjoy

+1
It makes me laugh to think that any business has customer needs/interests as their first priority. IMO their first thought is; How can we make more money? And then it's how can we achieve that goal?

Belly · 1 May 2014 at 10:00

Could someone please give me examples of what this means in real terms (I'm just a country boy).

Does it mean: two guys (one Muslim who adopts Sharia Law, the other, an Atheist) open separate free banking accounts and each deposit £200 on the 1st day of the month.

The next day they both write cheques for £300 and are overdrawn by £100.

At the end of the month the Atheist gets a bank statement stating that he is overdrawn by £100 and has incurred charges interest etc and as at the end of the month (date of statement) and owes the bank £110 and the other guy would get a bank statement saying his account was overdrawn and he only had to pay back £100?

Thanx

NickK · 1 May 2014 at 11:50

Johnnytoxic said:
Lloyds should not have separate Islamic accounts. What the hell is happening.

Its beyond stupid.

http://www.lloydsbank.com/legal/current-accounts/islamic-account.asp

http://www.telegraph.co.uk/finance/...-drops-overdraft-fee-on-Islamic-accounts.html

There are already a lots of accounts that provide this facility.

Now this seems to be pointing out the fact that they're not being charged OD fees. The simple logical reason is that the account does not have an OD facility. Infact mine didn't and it was only that in the past I asked for it that it has one now - not that it gets used.

Also you will note that no islamic person will have a post-paid phone account because it constitutes as credit (although a company phone may).

I have no problem with people having an account that satisfies their beliefs - as long as it's not positively or negatively discriminating.

PS I have a very dim view of religion.. but see my last point.

pitchfork · 1 May 2014 at 11:53

Internationally run business makes a product that appeals to a group of society in order to make more money shocker.

Seriously, if you don't agree your bank should cater to muslims or black people or anything then go bank elsewhere. It's your choice, go to a British run credit union or a building society or something.

Just put down that you're a Muslim on the application and you too can have this.

NickK · 1 May 2014 at 11:56

Belly said:
Could someone please give me examples of what this means in real terms (I'm just a country boy).

Does it mean: two guys (one Muslim who adopts Sharia Law, the other, an Atheist) open separate free banking accounts and each deposit £200 on the 1st day of the month.

The next day they both write cheques for £300 and are overdrawn by £100.

At the end of the month the Atheist gets a bank statement stating that he is overdrawn by £100 and has incurred charges interest etc and as at the end of the month (date of statement) and owes the bank £110 and the other guy would get a bank statement saying his account was overdrawn and he only had to pay back £100?

Thanx

The difference is this.

For the non-islamic account - the bank will honour the cheque with a transfer of funds by using credit, placing the account in OD and therefore occurring fees.

For the islamic account - the bank will not honour the cheque, no funds will be transferred as the account will not being allowed to use credit. Therefore the account remains at 200 and no fees occur - except for the bounced cheque.

The restriction here is that the account must have enough money to cover any fees caused by the failed transaction.

Think of it like a pre-paid phone account.

Belly · 1 May 2014 at 12:08

Thanx NickK