halifax moneyback account

YorkshireBoy

loobyloo168 wrote: »

Whats the likely hood that all the halifax accounts are gonna start charging this way.

From the Halifax press release (referenced earlier in the thread)...

It is intended that all Halifax accounts will move to a daily overdraft charging structure like this in 2009.

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

I suppose the more important question is "will NatWest, and other banks, adopt the same approach?"

Nick_C

Shame. I got £104 in May 2007, £120 in May 2008, and am due £103 currently. However, I am amazed this deal lasted as long as it did. Money back works on credit cards because Visa and MC charge high commission to retailers - as much as 2.75% for small retailers. However, debit card commission is between 16p and 60p per transaction. Halifax must have been losing hand over fist on this.

They were also quite inept in giving money back on crazy transactions. I used by debit card to buy £15K of National Savings certs, and got over £100 cash back! And I get got cash back for paying my Post Office credit card using my debit card at Post Office counters!

The £5 a month is still a good deal, provided you never overdraw, and I'll be sticking with this account and be very glad of the £60 a year.

The overdraft charges though are punitive - £30 charges if you are accidentally overdrawn by £10 for a month - totally ridiculous.

Still a good account though for people that never ever need to go overdrawn.

cos_2

I called in to my local branch today to order a cheque book (remember them?:p) and the cashier then went on to explain about the change to my account. It was kind of fun as I'd read all the bumph and was able to second-guess her explanations - we both had a laugh.

But, as I was about to thank her, she flashed the pamphlet about the Ultimate Reward account and started a mini sales pitch. £12.50 a month from me to them as opposed to £5 a month the other way?

No thank you, ma'am!

Have to say the staff were really helpful and cheery - can't be easy when there are jobs on the line. Well done to them.:beer:

cloudstrife_2

Thanks Cos, its not easy at times, I begun getting anyone with a Moneyback card passed to a Banking Adviser just to make sure the customer knows exaclty whats going to happen before it does and so they can find out what the options are.

HICA and Current Accounts are going the same way, so everyone will be on new Reward Acc or exsisiting Ultimate Reward by the end of the year. Sales-pitches - no doubt prompted by those 'higher' up the ranks?!

Cloud

Grade_A_Reject

I quite like the account name....only one letter away from being the Halifax Retard Account.

Mikeyorks

Louise03 wrote: »

Does not benefit me at all because I do not use my overdraft.

In which case they're giving you £75pa gross (the £5 / month net) without even having to spend a penny. And you just switch your cashback to a CC ... and win both ways?

kerri_gt

I got my letter yesterday from the Halifax and whilst I plan to get out of my overdraft permanently this year, paying £30 - £31 a month is not going to help.

I got the sales pitch for the Ultimate Reward Account... ummm, £12.95 a month :eek: no ta! I was going to switch to the High Interest Current Account but apparently because I am already named on my joint account of the same type, I can also have a single one. This left thier Std Current account which carries a delightful 19% APR on their overdraft!

I explained to the woman on the phone that I would look at taking my business elsewhere after 24yrs of happy banking with the Halifax (and prev The Leeds before they were taken over) and they couldn't even offer me any incentive to stay! apparently 24yrs of business is worth nothing to them :mad: You'd think that in this econimic climate the banks would want our business.

So, I have grabbed the £100 and 0% interest on my overdraft for 12mths with A&L and will be switching all my DD, salary payment etc to them. Plus I got £25 cashback from Greasypalm with a click though (found out I could have earned £50 with TopCashBack.com though after the event :mad: )

I wonder how many more customers will be leaving the Halifax when they make the moneyback account obsolete?

Just one question though - as good as 1% cashaback is, do you think it actually has encouraged you to spend more on your card than you perhaps might if you were paying with cash?

rb10

kerri_gt wrote: »

I was going to switch to the High Interest Current Account but apparently because I am already named on my joint account of the same type, I can also have a single one. This left thier Std Current account which carries a delightful 19% APR on their overdraft!

Hmmm, something's been missed out of the first sentence here. Did you mean to type 'I can't also have a single one'? As that fits with what you go on to say.

If so, that's incorrect. See the T&Cs here: http://www.halifax.co.uk/HelpCentre/pdf/1_336608-3.pdf , special condition (b) page 23:

b)Up to two account holders on an “either to sign” basis only. You can hold one High Interest Current Account in your sole name and one in joint names.

edtheduck_2

hi
got my letter yesterday...pretty miffed. :mad:
my debit interest is currently under £20 per mth and will now jump to £60, so needless to say, i applied to a & l last night, got approved and am leaving halifax. the difference is just too much to let them away with imho.
the new overdraft isnt as high as i'd like, but it will make/force me pay off the remaining o/d balance to halifax at about £30 per month - hopefully they wont as for it all to be repaid once they discover all my dd's, salary etc have gone.

dazzaofdagenham

is it just the Cashback accounts that are being changed ?

I have a standard current account with the Halifax and wondering if that was gonna get changed?

Darren