Halifax Reward "disappearing" credit

Grade_A_Reject · 11 February 2009 at 9:21PM

I opened 3 new Reward accounts for my wife on Sunday none of which had any overdraft facility. I sent £100 from my First Direct account into one of them then transferred £10 of this internally into the two other accounts.

I have checked the accounts today and the £100 credit which was showing on Sunday has vanished without a trace (no credit or debit showing) but the two internal transfers are there making the account £20 overdrawn.

I have checked with FD and they have confirmed that the £100 payment was sent correctly to the first account. We're now going to have to pursue this with the Halifax. Does anyone know whether their system would have allowed an internal transfer from an account without an overdraft facility that would have resulted in an overdrawn balance?

rb10 · 11 February 2009 at 9:25PM

Grade_A_Reject wrote: »

I opened 3 new Reward accounts for my wife on Sunday none of which had any overdraft facility. I sent £100 from my First Direct account into one of them then transferred £10 of this internally into the two other accounts.

I have checked the accounts today and the £100 credit which was showing on Sunday has vanished without a trace (no credit or debit showing) but the two internal transfers are there making the account £20 overdrawn.

I have checked with FD and they have confirmed that the £100 payment was sent correctly to the first account. We're now going to have to pursue this with the Halifax. Does anyone know whether their system would have allowed an internal transfer from an account without an overdraft facility that would have resulted in an overdrawn balance?

Just wait a couple of days, it should reappear. See the following, taken from http://forums.moneysavingexpert.com/showthread.html?p=18698175#post18698175

masonic wrote: »

Just to add to previous comments...
My first account was apparently active instantly and received a faster payment about 5 minutes after it was opened, but I couldn't transfer anything out at that point. The following day my transfer 'disappeared' from my statement and available balance for 24 hours, but reappeared the following day, backdated by two days ( ). Since then, I've been able to use the account normally (and my other two seem to be working fine also). So the accounts may not be fully functional from the minute you open them.

Grade_A_Reject · 11 February 2009 at 9:29PM

Just so long as they don't try and charge £5 per day for what was showing as an overdrawn balance until the funds re-appear. I must admit I've never seen transactions disappear from online statements before.

[edit] Just read some of the other Reward threads and it looks like the problem is pretty common on the new Reward accounts.

http://forums.moneysavingexpert.com/showthread.html?p=18695099#post18695099 Post #142

http://forums.moneysavingexpert.com/showthread.html?p=18696027#post18696027 Post #11

http://forums.moneysavingexpert.com/showthread.html?t=1475183&page=4 Post #145

starlet10 · 11 February 2009 at 9:44PM

I think it's a temporary glitch of their online banking. The same thing happened to me on Monday, but on checking my account online this morning, the deposited amounts are showing up in my account again.

withnell · 11 February 2009 at 9:47PM

I also think that with Faster Payments, the payments can be reversed up until the end of the day

rb10 · 11 February 2009 at 9:53PM

Grade_A_Reject wrote: »

Just so long as they don't try and charge £5 per day for what was showing as an overdrawn balance until the funds re-appear. I must admit I've never seen transactions disappear from online statements before.

I'd imagine you should be ok, as in my quote from Masonic, s/he said that the credit was backdated to the original date when it reappeared, so the system would (presumably) calculate the overdraft fees on the basis of the original date.

masonic · 11 February 2009 at 9:53PM

Grade_A_Reject wrote: »

Just so long as they don't try and charge £5 per day for what was showing as an overdrawn balance until the funds re-appear. I must admit I've never seen transactions disappear from online statements before.

From what I've experienced, once the funds reappear there isn't any evidence that they were ever gone. Until I started reading some of these posts, I was seriously starting to question whether I imagined the whole thing! :rotfl:

Grade_A_Reject · 11 February 2009 at 10:15PM

I feel a bit better knowing other people have had the same problem. I broke into a sweat when I saw I'd got an "unauthorised overdraft" on an account that charges £5 a day for the privilege!! :rotfl:

Mikeyorks · 11 February 2009 at 10:56PM

It's always been a mild issue with Halifax before the cement sets on a new account.

I've had significant credits disappear from Websavers and ISAs in the past ... but reappear with all the original data a couple of days later. Initial credits to singleton accounts (internally) ... from joint accounts .... also used to give them problems, but haven't seen that for a while.

Solomon_Broad · 11 February 2009 at 11:37PM

I too have had the "vanishing amounts" problem. I nearly wet my pants earlier when I saw they'd vanished. If other people are having the same problem (the missing money, not the wetting of pants

) I think I can calm down a bit.

Solomon_Broad · 12 February 2009 at 9:18AM

And they're back. :T

I've taken screendumps, just in case.

Halifax Reward "disappearing" credit

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