(New to Lloyds + UK Banking) Is it fairly common to have incorrect location data for in-person transactions? My only other bank comparison right now is Monzo, which seems to do a better job at grabbing merchant logos + (accurate) location data vs Lloyds.
I can see what Lloyds is trying to do though, as they seem to be doing a fuzzy search on a merchant name. The incorrect locations tend to follow the name of the merchant - not necessarily where the merchant is actually located and where I completed the transaction…I don’t see a way to help and report the data either
That’s assuming the merchant actually supplied an address to the processor though.
I call this out with Lloyds specifically as the merchant I am referencing appears as a different name on Lloyds vs Monzo. Monzo gets the location + merchant correct, Lloyds does not get either correct.
Lloyds gives the merchant a different name entirely which is oddly $business + $location (and the location is hours away, and clearly on a map matches to an entirely unrelated business in that town that has the same $business name).
This is why I don’t understand what Lloyds is doing with merchant names and their locations, it seems to be doing a fuzzy search for a business if it doesn’t seem to get provided any/complete data? Which causes the downstream issues such as the transaction being slightly renamed and the location data being incorrect as it’s based on a completely separate business.
Again, I’m new to Lloyds so I’m still trying to get familiar with their services, but I just happen to use my Monzo card and Llloyds card at the same establishment and caught the discrepancy. I wish Lloyds clearly gave a friendly name where they attempted to clean it up, but also gave the raw transactions details - such as the merchant info it received.
The whole system is a bit murky. It’s made more confusing by chains with multiple locations sharing card processors, as well as franchises that use a brand name but trade as a different legal name.
Ultimately, this is crying out for visa, Mastercard, whoever to collect better data from their customers and present it in a usable way to banks like Lloyds and monzo.
Nicely done, not only does it look good, it seems to also capture more detail and, appears that the feedback around the ability to change categories of one transaction have been heard.
If this had budgets and the ability to exclude transactions such as transfers it’d be
Mentioned earlier, but I just moved to the UK. I only joined Monzo as their KYC was a bit easier while I was getting settled and I needed an account quickly. I wouldn’t have even joined unless my sort code with Wise would have been accepted most places (such as a phone plan, and getting standing orders established) …but most places didn’t accept my UK Wise account..and it was becoming tricky to use for everything in the first few weeks arriving.
Ultimately though, I want (need) to build a relationship with a big bank that offers everything, from mortgages to business loans to a human I can speak to. I have a high net worth and I’m attracted to the full offering of an established high street bank, along with all the benefits that come along with being at one. After a lot of research, I narrowed it down to Lloyds, Barclays, and NatWest…but something drew me in to Lloyds so time will tell. Seems like their tech stack is improving as well, and I joined at a good time, something I appreciate and expect from my bank.
To be clear, Monzo is a good bank. Unrelated, but I actually helped them launch in the US and know the team …I’m just not their target client (sadly) as a primary bank.
Would be good if you could get there from the transaction list rather than having to specifically go to spending insights and then find the transaction.
When I was testing the Tide feature for collecting contactless payments with the Iphone, it put the address for merchant (me, sole trader) right on the high street of our town centre yet the account linked is at my home address miles away, and I also got a groceries category.
Pretty odd.
Did Lloyds stop showing pending payments for the credit card? I sure made two transactions this morning that all went through including a faster payments transaction.
The balance updated as expected but the transactions themselves are not there.
What places are these? I have not yet had anyone reject any sort code for me, not even that for Wise as I have previously set up DDs with them and also currently have a DD there for a virtual landline.
The only places I had reject Wise, it was to do with the Wise prepaid card and they reject all prepaid cards no matter the provider.
My Lloyds credit card is still showing pending payments in the app. A couple of days ago they were slow to show up, but they appeared eventually. They are working fine today; I used my card 20 minutes ago and the pending payment is showing correctly.
Why would they want to remove pending payments? It would be a terrible downgrade. The minute they do that, is the minute I stop using my Lloyds credit card. I’d switch to using Barclaycard instead.
Ah, you mean that transactions would still show straightaway, but they’d show as completed payments, rather than pending? That would be good. I thought you meant that pending payments wouldn’t show at all, like HSBC and First Direct credit cards, where they don’t show until the next day.
…I’m just not their target client (sadly) as a primary bank.