HBOS Moneyback account new terms

mrsmcdade

Thank you for all your help and advice everyone, it's reassuring to see I'm not alone in my frustrations.

I use my overdraft as a buffer before pay day, it's never for very long but I would like to know I have the option to use it without shelling out a LOT more than I used to.

The £5 a month is going to be eaten up (and more) by charges now, but at the moment I'm struggling to find another option. I feel a loyalty to HBOS but I'm certainly not interested in one of their new accounts which "rewards" me to switch my mortgage et all to HBOS for a discount, laughable attempt to capture more business IMO!

LuckyGirl78

hey everybody
I think this is out of order! Up to now I have benefited from moneyback account and now I will lose over £100 a year! I was on the phone with the bank and I said to them I don't want to new rules (£1 a day if STILING money fom people not a simplisity, right now I am on 6,9% ovedraft a year). Don't know waht to do, do they have right to just changed what we sign for? What about contract law?
I don't want to loose my benefits, can we do something about it??

LuckyGirl78

What we can do to stop it this robery?? Contract Law would apply?

rb10

LuckyGirl78 wrote: »

What we can do to stop it this robery??

If you don't like it, then switch accounts.

kittiej

Not much hope for me then as I'll be paying the £2 per day :rotfl:

irish_eyes_r_smiling

it's also no coincidence that halifax have decided the moneyback account is first to go!

halifax know the majority of people who have this account don't have it for the credit interest, so meeting the t&c's of the £5 a month won't make no difference what so ever!!


rb10 - as yorkshire boy said in another thread on this subject, all banks are going to follow this lead soon, then what????

regarding the moneyback letter, 1st line says "We're constantly looking at ways to improve our products & services"

little bit further down it then says " We'll no longer be paying interest on your balance or paying you moneyback on your debit card spending" :rotfl: :rotfl:

just naughty really!

what a bunch of testicals!!

Revengeissweet_2

Could this mean that the banks are about to admit that the bank charges are wrong? Hope so, that way I could pay my overdraft off and be better off as I use my overdraft every month.:rolleyes:
One thought I had was to try to change all my direct debits to the end of the month, just before payday then when I do go into my overdraft it will just be for the last day of the month. Not sure how I'd go about it though, as it would be like putting payments off for nearly a month - worth a try though?
Any other ideas anyone??

katymags

Yes, I had letter today confirming they are stopping the cash back on my account and also my interest is not being charged (from 8th Feb) at a rate of £1 per day. MY overdraft of £2500 is used fully with no hope of reducing it for a long time so my monthly interest rate will now be £30 approx instead of £13.

Any ideas on what I can do? Not sure how I will find extra money.

Their letter makes out they are doing you a favour but obviously not - they stand to make a fortune out of this don't they? Considering they are one of the banks that nearly bought the system to its knees, now they are making us pay for it. So cross and also so worried.

cortinadave

It has hit me as well... I have a £1k overdraft and usually hit it about halfway through the month.. up until now on moneyback I've been making £100 ish a year, under the terms of this new account i'd be making £60 and having to give them about £180 so basically I have to give them £100 odd instead of them giving it to me! Gits.

I'm not sure which way to go.. apart from the RAC membership there's not really anything else on the ultimate reward account I would want, so not much point in me paying them for that.. I think I'll have to sign up to the High interest current account which at least gives me an overdraft at a sensible cost, although I'll lose the moneyback

Maybe its time to change banks. Does anyone else do a moneyback style account?

Alfonsobonzo

Thank goodness for this thread. I thought I was taking crazy pills when I read this letter. "Good news! We're giving you £5 a month if you pay your salary into your account"... blah blah blah, bit of small print and then about 6 pages in "oh, we're also going to charge you £1 a day, thanks!"

I'm currently trying to claw my way out of my overdraft but this is really going to set me back. It's disgusting, really. I think I might have a look at that Alliance and Leicester account...