Halifax Reward

Solomon_Broad · 11 February 2009 at 7:31PM

I opened one of these accounts last night, and transferred the £1000 into the account. I checked later, and it showed as received.

I've just checked it now, and there's no record of any transactions at all. :eek: Is anyone else having this problem?

rb10 · 11 February 2009 at 8:09PM

Solomon_Broad wrote: »

I opened one of these accounts last night, and transferred the £1000 into the account. I checked later, and it showed as received.

I've just checked it now, and there's no record of any transactions at all. :eek: Is anyone else having this problem?

See one of the other Halifax Reward threads at http://forums.moneysavingexpert.com/showthread.html?p=18696027#post18696027 for someone who's had exactly the same issue.

Devushka · 12 February 2009 at 11:49PM

I have the Halifax MoneyBack Current Account and do most of my banking online. Recently (8th of February 2009), I logged in to my online account to be greeted by a very brief notice, stating that Halifax have changed my account. Apparently, I will no longer receive money back for use of my debit card, instead they propose £5 debit every month if the account receives at least £1000 monthly. all very well there, as my salary gets paid into this one. However, another big change I am shocked by is the new Arranged Overdraft charges - as previously quoted: £1 per day if overdrawn by up to £2500, £2 per day if overdrawn over £2500. This notice came with immediate effect and I had no warning or opportunity to consider my options. I am currently overdrawn by £750, as have been on maternity leave with little pay, and will take a while before I am "in the black" again. In the meantime, I am having to pay £30 per month!
Surely, this arrangement is not right? Can Halifax just do this? What are my options? I already have a joint Ultimate Reward Account with my partner, and Halifax staff tell me those two now are the only options, and that overdraft charges are the future of the banking world. Can I switch with my overdraft? Can you suggest a better account for me? Thank you.

rb10 · 12 February 2009 at 11:53PM

Devushka wrote: »

I have the Halifax MoneyBack Current Account and do most of my banking online. Recently (8th of February 2009), I logged in to my online account to be greeted by a very brief notice, stating that Halifax have changed my account. Apparently, I will no longer receive money back for use of my debit card, instead they propose £5 debit every month if the account receives at least £1000 monthly. all very well there, as my salary gets paid into this one. However, another big change I am shocked by is the new Arranged Overdraft charges - as previously quoted: £1 per day if overdrawn by up to £2500, £2 per day if overdrawn over £2500. This notice came with immediate effect and I had no warning or opportunity to consider my options. I am currently overdrawn by £750, as have been on maternity leave with little pay, and will take a while before I am "in the black" again. In the meantime, I am having to pay £30 per month!
Surely, this arrangement is not right? Can Halifax just do this?

They are allowed to change the T&Cs of any account, provided that they give you prior notice, which, in this case, they did, as you had a letter explaining the changes at the start of January.

The letter detailed the new overdraft charges, and explained how you can avoid them - i.e. convert the account to one of their other current accounts before 8th February, or pay off the overdraft before 8th Feb.

emweaver · 13 February 2009 at 12:12AM

does anyone know if you have to keep the £1000 in overnight or can you transfer it in then back out the same day?

opinions4u · 13 February 2009 at 7:47AM

emweaver wrote: »

does anyone know if you have to keep the £1000 in overnight or can you transfer it in then back out the same day?

While I cannot give an absolutely definitive answer to the question, my gut reaction is that the money doesn't have to stay in overnight.

My main reason for saying this is that the trigger is almost certainly driven by cash, cheque, internal or automated receipts going in to the account, and nowhere on their web site can I find anything saying it has to remain in overnight. Hence if they refused to pay and somebody challenged it, the Ombudsman would rule against Halifax. Still not received my t&c booklet though!

It will also be triggered by a different part of their computer systems than the one that triggers card issuance on new accounts. That will require you to have at least £100 in overnight!

apt · 13 February 2009 at 8:20AM

Occasionally I have put money into a Halifax current account that requires £1000 funding and transferred it immediately and have never had a problem with that. Also shows up on money paid in and out on the monthly statement.

derrick · 13 February 2009 at 1:09PM

apt wrote: »

Occasionally I have put money into a Halifax current account that requires £1000 funding and transferred it immediately and have never had a problem with that. Also shows up on money paid in and out on the monthly statement.

Mine, (HICA as was), did the same, money in and out on same day, interest added at the current rate monthly.

Transferred money into new Reward account via BACS, it arrived yesterday, but did not get around to transferring out again until today, however I will try the same day in and out next month.

emweaver · 13 February 2009 at 1:39PM

Thinking about it, Ive answered my own question if it works the same as it did when it was called the cashback account. We get paid weekly and half of the money is transferred out the same day .

bevally · 14 February 2009 at 5:23PM

Just to let everyone know (sorry if already posted.... have skim read ALL the pages!!!!) I opened a Reward account today, in branch, & got £50.00 for switching accounts! The £50.00 was paid in immediately! Apparently only available for opening in branch!
Hope this helps someone
:beer:

Halifax Reward

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