halifax moneyback account

snapdragon69

Oh dear, I have just got the letter, they "are continually looking for ways to improve their service" and so will charge £25 a month for a small overdraft instead of £2.20 ish.:mad: Oh, and lose the MONEYBACK.
They have given a months' notice.

I've just swapped to Abbey/Santander and taken the £100 bonus and 0% overdraft for a year on principal.

mongrel57

I Didn't Look Properly And Have Just Posted A New Thread As I Have Had A Letter Today Stating I Will Not Ecrue Interest After 8th Feb And Will Be Charges A Pound A Day For My Overdraft And Will Only Get 5.00 Per Month This Is So Out Of Order I Cannot Afford Such Fees And Feel They Have Not Given Enough Notice What Can I Do? Help? Panicking Single Mum

miniluke

I too did not see this thread so here is my rant.......

Yes I have had this letter, and I will not be a Halifax customer from 6 February 2009 after 17 years, it is a total disgrace!

Surely this change in terms in not allowed? To change pretty much all of the main terms and the name of the account is not just a change to the terms, it is a change of account entirely.

The £5 credit per month is a joke, I would earn about £100 per year previously. The £1 charge per day is robbery, and if I use my full overdraft limit is will be £2 per day. I only pay about £8 per month at the moment.

I have numerous products with the halifax, and I run my current account within their terms without exception and always have. If this change is due to the bank charges refunds brought about by moneysavingexpert for those people who could not conduct their affairs properly, then thanks a lot!:T

mooomin

mongrel57 wrote: »

I Didn't Look Properly And Have Just Posted A New Thread As I Have Had A Letter Today Stating I Will Not Ecrue Interest After 8th Feb And Will Be Charges A Pound A Day For My Overdraft And Will Only Get 5.00 Per Month This Is So Out Of Order I Cannot Afford Such Fees And Feel They Have Not Given Enough Notice What Can I Do? Help? Panicking Single Mum

Go to your local branch before 8th February and ask them to move you to their standard current account. They will eventually move all accounts onto this new fees structure but you will have a few extra months this way and can work on paying off the overdraft.

When you move to the standard account, make sure that they still pay your Moneyback to you, as I believe they are obliged to do in this case.

If not, as the poster above said you can move your account elsewhere to somewhere with a good rate on the overdraft.

MCGONIS

I received my letter. I will be moving as soon as possible. I have applied to Norwich and Peterborough for a cheque account as they give you a fee free £500 overdraft. I have to say though, I think most banks will move to this way of charging soon. We were warned by this very website that free banking may disappear altogether as a result of the bank charge reclaiming movement. I think this is just the beginning.........

climbatron

Just to add to the existing comments. I too have been a Halifax customer for over 20yrs and was happy enough, Shame to lose the moneyback but in the current climate that's to be expected. The overdraft fees are however robbery. For me debit interest would increase 6000%!!!

Changing the current account isn't really an option for me, as over 20yrs I have a LOT of stuff tied into the account. I called Halifax and they suggested that I can switch to the high interest current account, which has higher credit and debit interest than I pay currently, but it's still way less that £1 per day.

Given an easier option, I too would tell Halifax where to stick it. One other thing, they told me the deadline for changing the account is 6 Feb - some of these posts mention 8th.

Good luck to all of you who switch to another bank.

Grade_A_Reject

adri82 wrote: »

ive got the moneyback account too which has been really great ,for a year i earned 120 pounds and the overdraft rate is just so gr8 but they r taking it off today ,they said they ll give 5 pounds a month if u credit ur account more than 1000 £ a month but the overdraft rates are bad ,using 0-2500 £ u ll get charged 1 pound a day interest so the apr has gone to 16 % from 6 %.
so really really bad

You must do a lot of debit card spending to earn £120?

£100 at 1% requires £10,000 worth of spending. I was under the impression that after £100 moneyback has been earned then the rate dropped to 0.1% so that would require an additional £20,000 worth of spending to get the extra £20.

Mikeyorks

climbatron wrote: »

One other thing, they told me the deadline for changing the account is 6 Feb - some of these posts mention 8th.

The new Reward account is launched on the 9th :-

http://www.hbosplc.com/media/pressreleases/articles/halifax/2008-12-12-Anewapproa.asp?section=halifax

...... presumably the 6th (a Friday) is for those wishing for other than the default switch of Moneyback .....> Reward.

Louise03

I had Halifax Moneyback Account and last year they rang me and asked if I would like to "upgrade" I declined saying I was EXTREMELY happy with MB acc.

Today received my letter saying they were changing my account to the reward account. I am not happy with this. The Moneyback I get £100++
back each year, with the reward account it will be a miserable £5 per month.
Does not benefit me at all because I do not use my overdraft.

loobyloo168

Whats the likely hood that all the halifax accounts are gonna start charging this way. I only ask because at the moment i have the moneyback account, which iv had my letter to say there changing, but i have a natwest account that i was going to close down, but if halifax are going to star charging like this for all accounts ill change over to natwest ??