Halifax Ultimate Reward Account Cancellation

andy768

Hi,
I recent spoke to Halifax regarding mortgages, as part of this they were telling me all about the Ultimate Reward Account and "all its great features". I wasn’t overly interested and I was in a rush to leave so they said they would fill in the bits for me and I would have to come in and sign all the paper work to open it at a later date.
A few days later all the material came through the post for me, all ready and set up (without me contacting them at all). This annoyed me as I have no intention of using the account, but then I realised I was likely credit checked for this account. I have no interest in it and wish to cancel but I am wondering how to get rid of it with the least impact on my credit file - does it look suspicious closing an account days after opening?
Thanks

Paul_Herring

andy768 wrote: »

but then I realised I was likely credit checked for this account.

1) Unless you're making lots and lots of applications to things that do require a credit check, a single check is unlikely to hurt your 'score' that much.

2) This looks to be a current account. Unless you've requested an overdraft, the only check they're likely to do on you is an identity check, not a credit check, which isn't visible to anyone except you.

mooomin

Ultimate Reward is a current account that charges you monthly for assorted "benefits". You should close it before a monthly charge comes off the account. I think this charge is £10 or £12.

If you haven't asked/signed for it, it could have been missold to you if the adviser hasn't identified that you had a need for one or more of the benefits as I believe due to the insurances offered it is an FSA regulated product. (I'm sure that some wise person will be able to confirm though!)

You may have been credit searched even if you didn't ask for an overdraft, as this account is a Visa Debit Card product, and would likely involve a credit check as it's not one of the Halifax basic bank accounts.

sutton111

andy768 wrote: »

Hi,
I recent spoke to Halifax regarding mortgages, as part of this they were telling me all about the Ultimate Reward Account and "all its great features". I wasn’t overly interested and I was in a rush to leave so they said they would fill in the bits for me and I would have to come in and sign all the paper work to open it at a later date.
A few days later all the material came through the post for me, all ready and set up (without me contacting them at all). This annoyed me as I have no intention of using the account, but then I realised I was likely credit checked for this account. I have no interest in it and wish to cancel but I am wondering how to get rid of it with the least impact on my credit file - does it look suspicious closing an account days after opening?
Thanks

As the post said before one search will not harm your "credit score" it will only be detrimental if you have multiple searches at once.

You could simply downgrade the account to the normal account and then you could just leave it open and use it when you want.

It cost £12.50 per month. My Parents have this account and they like it.

If you want some more info here's the link to the particular website http://www.halifax.co.uk/bankaccounts/ultimatereward.asp.

Jaybee24uk

I had this account for a year.

Never used any of the services untill last week when we needed an RAC man. I forgot it was part of the account untill my brother reminded me! So save us a £40 call out charge.

andy768

Well I rang to cancel only to be told I couldn't cancel until I had signed a form to confirm. Bear in mind that they that I didnt sign anything to open the account in the first place. All very strange.

Kavanne

andy768 wrote: »

Well I rang to cancel only to be told I couldn't cancel until I had signed a form to confirm. Bear in mind that they that I didnt sign anything to open the account in the first place. All very strange.

It's the same for Natwest and RBS packaged accounts.

Fire_Fox

You aren't ringing to cancel. You are ringing to rectify an error by their member of staff in setting you up an account you did not request.

Twister84

If you didn't express a need, then it shouldn't have been brought up, unless it had something to do with mortgages. I know that RBS currently have a mortgage sale, and that there are some discounts/preferential rates available to packaged account holders, so it might have been something similar.

But if they've opened it without your consent, then I would contact the branch and have a word.

opinions4u

Have you simply asked them to close the account?

Or have you submitted a complaint for mis-selling on the grounds that you never asked for or signed for the account?

If it's the latter, you should expect a far quicker and more helpful response.

scooby359

flying_fresian wrote: »

If you haven't asked/signed for it, it could have been missold to you if the adviser hasn't identified that you had a need for one or more of the benefits as I believe due to the insurances offered it is an FSA regulated product. (I'm sure that some wise person will be able to confirm though!)

There are insurance aspects to it, but the sale is "non-advised". This means the bank staff don't have to identify your needs as the person selling it shouldn't be recommending it. The bank still has to make clear what is included, and go through the features and exclusions of the product and insurances, so that you as a customer can decide if it's suitable.

If they didn't go through the features and exclusions of the insurances, and all the other associated bits (telling you who underwrites the various insurances, that it's covered under the Financial Services Compensation Scheme, how to claim, complain and cancel) then it has been missold and you might want to complain.

It's also credit checked as the account has an overdraft, Visa Debit card, and possibly Cheque Guarantee depending on your credit status.

I've also heard of branches selling it to customers by asking them to sign a form, telling them the info about the account will come through shortly by post, and if they don't like it, they can ring up to cancel. Very naughty!!