Halifax Reward

cannonball_2

Fedz wrote: »

You're bound to get people that are of the opinion I'm alright Jack 'cos they don't live within their OD and others who live within their OD that are going to have to pay dearly.

Personally I have the opinion of banks shouldn't be doing this as it's morally unfair given the position the economy's in and people who can least afford this are going to be the hardest hit and banks know this so are in effect making the situation worse and harder for people, they profiteer of peoples misery.

Banks can make severe mismanagement with lending and when the going gets tough they get tax payers money to the tune of billions to bail them out and the government happily does this but, when it's customers / tax payers make the very same mistake you don't see the government jumping in to help the individual.

Treat like with like and the government should pull the rug from under failing banks and swipe the smug face of 'em, that's exactly what banks do to customers

Talk about profiteering from people's misery :rolleyes:

imho a great post Fedz, well said. HBOS have been really great to me over the years but their accounts are not for me anymore it seems. This is a real shame, I just think this it is unfair really to a great lot of people in tough times. Ill be ringing them in the morning.

PROLIANT

Interesting thread, spot the numpty...:wall:
Anyway, I hold a Halifax Bank of Scotland High Interest Current Account with a £100 overdraft facility, I may on the odd occasion use the overdraft and this is very rarely, usually to assist with cash-flow through out the 5 week months, just to clarify does this mean that I will be charged or not because from reading this thread I get the impression that if you pay in more than £1000 per month you are not subject to the £1/per day fee, is that correct?

[Deleted User]

PROLIANT wrote: »

Interesting thread, spot the numpty...:wall:
Anyway, I hold a Halifax Bank of Scotland High Interest Current Account with a £100 overdraft facility, I may on the odd occasion use the overdraft and this is very rarely, usually to assist with cash-flow through out the 5 week months, just to clarify does this mean that I will be charged or not because from reading this thread I get the impression that if you pay in more than £1000 per month you are not subject to the £1/per day fee, is that correct?

It looks to me like you would be charged £1 for each day you use the overdraft. You'd get a £5 credit each month though.

YorkshireBoy

PROLIANT wrote: »

is that correct?

No. Post #12 contains a worked example (where the £5 funding payment offsets some/all of the charges), and post #2 has a link to the Halifax press release.

PROLIANT

So, my understanding is that if I use my O/D for 7 days until pay day, I will be charged £7 - £5 credit so worst case it will cost me £2 for a week? Not too bad given the fact the bank is giving me the facility to use and other tools such as a Visa Debit and Cheque book if required, pretty reasonable in comparison to a typical pay-per month facility from their other accounts, which cost about £12 per month.

ShelfStacker_3

PROLIANT wrote: »

So, my understanding is that if I use my O/D for 7 days until pay day, I will be charged £7 - £5 credit so worst case it will cost me £2 for a week? Not too bad given the fact the bank is giving me the facility to use and other tools such as a Visa Debit and Cheque book if required

Quite bad considering overdraft interest in that scenario would come to only a few pence, and pretty much everyone gives away debit cards and cheque books as standard.

PROLIANT

ShelfStacker wrote: »

Quite bad considering overdraft interest in that scenario would come to only a few pence, and pretty much everyone gives away debit cards and cheque books as standard.

Yes but as you are aware all banks will be charging customers for banking facilities in the very near future, your employer has already started have they not?
I mean if they will give me a free O/D then sound but I have to pay a small fee for the privilege then so be it, an overdraft is there as a buffer, you know as a just in case mechanism so your cash flows better, well that is my interpretation of the situation, some would not agree but they most probably live in their overdraft 24/7, time to manage our better no?

bert&ernie

This product looks great for those that never use an overdraft and those that regularly exceed their limit (for short periods). Everyone in between seems to get a pretty raw deal.

That said, we need to consider that some banks charge arrangement fees for setting up and renewing an overdraft. Undoubtedly, this will be a good account for some people. However, I think you need to look carefully at your circumstances to be sure its right for you. As I have said previously, my main concern is how consumers can easily compare the cost of overdraft borrowing with different providers - the EAR now seems complete unfit for purpose.

ShelfStacker_3

PROLIANT wrote: »

Yes but as you are aware all banks will be charging customers for banking facilities in the very near future, your employer has already started have they not?

Not as far as I know...

ShelfStacker_3

bert&ernie wrote: »

This product looks great for those that never use an overdraft and those that regularly exceed their limit (for short periods). Everyone in between seems to get a pretty raw deal.

That's my main objection. Those who occasionally use their overdraft in an emergency will get hammered - those who are right up to their limits all the time will get massively reduced bills. Basically, it rewards the irresponsible.