Lloyds Bank confirms 'you won't be able' as online account service removed

Lloyds Bank has addressed criticism regarding a looming change to its online banking settings. A customer voiced concerns about a service being ended. The change to customer accounts is set to take effect imminently. An account holder took to social media to express their frustration about the Lloyds policy shift. They said: "It appears Lloyds Bank is driving customers away from online banking. In coming weeks, the ability to rename accounts online will disappear and accounts will go back to their original names. "They say we will still be able to view or edit account nicknames in the app. No explanation." Lloyds provided some clarification regarding the change. The savings institution explained: "To keep you informed, the option to rename accounts in Online Banking is being removed. This means any accounts previously renamed online will return to their original names. "You won't be able to rename them online going forward." However, the customer remained dissatisfied with this response. They countered: "This is unhelpful. People running a business use online banking, not the app. They have more than one account. "They want to quickly see the account to use by looking at its unique name, not figure out account numbers. Why is this change happening?" Lloyds responded to set out the rationale behind the account change. The banking group said: "The change is to simplify how accounts are displayed and improve consistency across Online Banking and the app." If you're considering switching banks, there are numerous switching incentives worth exploring. Nationwide Building Society is currently providing £175 when you transfer to a new or existing FlexDirect, FlexAccount or FlexPlus account. Meanwhile, you could receive £200 for switching to First Direct or £500 for transferring to HSBC. Santander is also hoping to attract new customers with a £180 incentive, while NatWest will pay you £200 to make the move.