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  • FIRST POST
    • Jaith
    • By Jaith 17th May 17, 10:47 AM
    • 14Posts
    • 8Thanks
    Jaith
    Can Monthly Account Fees be Haggled?
    • #1
    • 17th May 17, 10:47 AM
    Can Monthly Account Fees be Haggled? 17th May 17 at 10:47 AM
    We have a Halifax joint account with decent benefits (travel insurance etc.) but they've have recently raised their fee to £12 per month. Nationwide has a much better looking offering with similar benefits for £10 per month but effectively £3.75 per month after their in-credit interest it accounted for.

    The question is - can I haggle the Halifax charge down? I haven't read about people doing it; I'll try either way but it would be nice to know if others have managed too.
Page 1
    • PeacefulWaters
    • By PeacefulWaters 17th May 17, 11:29 AM
    • 6,428 Posts
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    PeacefulWaters
    • #2
    • 17th May 17, 11:29 AM
    • #2
    • 17th May 17, 11:29 AM
    No you can't.
    • eskbanker
    • By eskbanker 17th May 17, 12:35 PM
    • 4,817 Posts
    • 4,547 Thanks
    eskbanker
    • #3
    • 17th May 17, 12:35 PM
    • #3
    • 17th May 17, 12:35 PM
    Why not switch to Nationwide, potentially taking advantage of their 'refer a friend' incentive on the way? The Current Account Switching Service makes this process very straightforward and if "Nationwide has a much better looking offering with similar benefits" at a lower cost then why wouldn't you take them up on it....
    • takman
    • By takman 17th May 17, 1:51 PM
    • 2,286 Posts
    • 1,899 Thanks
    takman
    • #4
    • 17th May 17, 1:51 PM
    • #4
    • 17th May 17, 1:51 PM
    We have a Halifax joint account with decent benefits (travel insurance etc.) but they've have recently raised their fee to £12 per month. Nationwide has a much better looking offering with similar benefits for £10 per month but effectively £3.75 per month after their in-credit interest it accounted for.

    The question is - can I haggle the Halifax charge down? I haven't read about people doing it; I'll try either way but it would be nice to know if others have managed too.
    Originally posted by Jaith
    If you have money sitting in an account earning no interest then you should open a Nationwide account anyway as a second account to get 5% on it, even if you choose to stay with Halifax.
    • michaels
    • By michaels 17th May 17, 1:52 PM
    • 18,883 Posts
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    michaels
    • #5
    • 17th May 17, 1:52 PM
    • #5
    • 17th May 17, 1:52 PM
    Nationwide refer a friend is great, £100 for you and the referer. I have successfully referred people from here and hukd with 100% success rate. Look on the referrals board for more info.
    Cool heads and compromise
    • Chalkius
    • By Chalkius 17th May 17, 11:17 PM
    • 48 Posts
    • 15 Thanks
    Chalkius
    • #6
    • 17th May 17, 11:17 PM
    • #6
    • 17th May 17, 11:17 PM
    You won't be able to haggle the fee down. They can't offer it to you at a certain price and to others at a higher one in this sort of case(unless you're staff and they do a staff discount). Those are the account fees and it's up to you to decide if it's worth it to you or not. Most things like this are automatic so there simply won't be any way to do it for you even if they wanted to. If you get a particularly generous advisor you might ask if they'll be willing to credit you the difference for a few months as a gesture of goodwill but I really wouldn't count on it.
    • PeacefulWaters
    • By PeacefulWaters 18th May 17, 10:24 AM
    • 6,428 Posts
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    PeacefulWaters
    • #7
    • 18th May 17, 10:24 AM
    • #7
    • 18th May 17, 10:24 AM
    If you get a particularly generous advisor you might ask if they'll be willing to credit you the difference for a few months as a gesture of goodwill but I really wouldn't count on it.
    Don't put staff in this situation. You'll get them sacked.
    • agrinnall
    • By agrinnall 18th May 17, 10:42 AM
    • 17,695 Posts
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    agrinnall
    • #8
    • 18th May 17, 10:42 AM
    • #8
    • 18th May 17, 10:42 AM
    Don't put staff in this situation. You'll get them sacked.
    Originally posted by PeacefulWaters
    Do you have any evidence for this? If the advisor has the authority to make a credit to offset charges I can't see why they would be sacked as long as they follow the appropriate procedures. And if they do it without the necessary authority then they deserve to be sacked.
    • PeacefulWaters
    • By PeacefulWaters 18th May 17, 11:08 AM
    • 6,428 Posts
    • 7,872 Thanks
    PeacefulWaters
    • #9
    • 18th May 17, 11:08 AM
    • #9
    • 18th May 17, 11:08 AM
    Do you have any evidence for this? If the advisor has the authority to make a credit to offset charges I can't see why they would be sacked as long as they follow the appropriate procedures. And if they do it without the necessary authority then they deserve to be sacked.
    Originally posted by agrinnall
    Well I dont have access to my former employer's guidance notes these days, but throwing a bit of petty cash the way of a customer because they ask for a discount on a product fee that isn't discountable would be gross misconduct.

    I can think of two former colleagues who were sacked for waiving product fees when they had no authority to. And a third one who was sacked and then reinstated at a lower grade in similar but slightly more complex circumstances.

    The FCA also take a dim view on "under the counter" deals.

    Would a shop assistant keep a job for selling shoes off half price when there's no sale on?
    Last edited by PeacefulWaters; 18-05-2017 at 11:10 AM.
    • pmduk
    • By pmduk 18th May 17, 12:02 PM
    • 7,247 Posts
    • 5,222 Thanks
    pmduk
    Well I dont have access to my former employer's guidance notes these days, but throwing a bit of petty cash the way of a customer because they ask for a discount on a product fee that isn't discountable would be gross misconduct.
    Originally posted by PeacefulWaters
    Your previous employer may have forbidden this, however it doesn't follow that ALL banks do. As long as the employee follows the procedures laid down by the bank there would be no question of misconduct.
    • michaels
    • By michaels 18th May 17, 1:39 PM
    • 18,883 Posts
    • 86,868 Thanks
    michaels
    Barclaycard were well known for having a policy of offering customers of good standing a £50 bung if they called up to close their account.
    Cool heads and compromise
    • Jaith
    • By Jaith 21st May 17, 12:33 PM
    • 14 Posts
    • 8 Thanks
    Jaith
    Thanks for the replies. Seems it's as I imagined, just doesn't really happen.

    I disagree with those who suggest it wouldn't make sense for the banks to do it though. To my mind it's like any other consumer service of which many will be haggled down: get customers in at a high profit margin, then lower the fee to retain those who would leave, providing they remain profitable - or in some cases at a loss, just to keep the customer base for future revenue...

    I guess it's just the norms of the industry (retail banking is old, and perhaps not very innovative), or maybe current accounts aren't very profitable in the first place.

    Why not switch to Nationwide, potentially taking advantage of their 'refer a friend' incentive on the way? The Current Account Switching Service makes this process very straightforward and if "Nationwide has a much better looking offering with similar benefits" at a lower cost then why wouldn't you take them up on it....
    Originally posted by eskbanker
    Correct - simply my laziness, I'd be happy to pay slightly more to stick with Halifax to avoid DD switches, new cards, changing online payment methods etc. But when the difference works out around £100 over a year, I'm indeed going to switch.
    Last edited by Jaith; 21-05-2017 at 12:37 PM.
    • michaels
    • By michaels 21st May 17, 5:01 PM
    • 18,883 Posts
    • 86,868 Thanks
    michaels
    Thanks for the replies. Seems it's as I imagined, just doesn't really happen.

    I disagree with those who suggest it wouldn't make sense for the banks to do it though. To my mind it's like any other consumer service of which many will be haggled down: get customers in at a high profit margin, then lower the fee to retain those who would leave, providing they remain profitable - or in some cases at a loss, just to keep the customer base for future revenue...

    I guess it's just the norms of the industry (retail banking is old, and perhaps not very innovative), or maybe current accounts aren't very profitable in the first place.



    Correct - simply my laziness, I'd be happy to pay slightly more to stick with Halifax to avoid DD switches, new cards, changing online payment methods etc. But when the difference works out around £100 over a year, I'm indeed going to switch.
    Originally posted by Jaith
    It does seem odd fiven how much banks spend to recruit new customers that they won't invest any in retaining them. As you say mobile phone companies, broadband and tv companies etc - and even credit card companies - all have retention offers.

    Don't forget the referral bonus.
    Last edited by michaels; 21-05-2017 at 5:03 PM.
    Cool heads and compromise
    • robatwork
    • By robatwork 21st May 17, 5:14 PM
    • 3,711 Posts
    • 4,063 Thanks
    robatwork
    Well I dont have access to my former employer's guidance notes these days, but throwing a bit of petty cash the way of a customer because they ask for a discount on a product fee that isn't discountable would be gross misconduct.

    I can think of two former colleagues who were sacked for waiving product fees when they had no authority to.
    Originally posted by PeacefulWaters
    These staff member knew they didn't have the authority to do that, so why did they do it?

    Was it in the days that staff made commission by getting a quota of deals through/accounts opened?

    To OP - banks don't discount, they won't even haggle on mortgage fees
    • jonesMUFCforever
    • By jonesMUFCforever 21st May 17, 7:49 PM
    • 23,753 Posts
    • 10,976 Thanks
    jonesMUFCforever
    Banks would not haggle over product fees because of sites like this!
    Can you imagine the complaints if somebody on here were boasting that they had half price packaged account and they were refused.

    Since the financial crisis and misselling fiasco all bank products are now heavily regulated to make sure that they will not be liable for any future misselling claims.

    I agree other companies do try and retain customers but they are not regulated in the same way as banks.
    What goes around - comes around
    give lots and you will always receive lots
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