Halifax Overdraft Help Please

jwmachon

Hi All,

At the moment I have an overdraft with Halifax for £2,800 which i would like to keep it expires in March 2009, However since changing my job in August 2008 my od limit as been reducing last month the guarenteed amount was 2,000 and today its £1,250 how do they calculate this. I have never had a problem with Halifax could the below be the cause:

I know get paid into a RBS account as i work for them and must use there bank account when my money goes into it i transfer it from there into my halifax account however it shows as a transfer not as salary payment would this be the cause and its just taking my partners wage into account which goes straight into the halifax account.

Hope somebody can help

Many Thanks,

Jonny

staffie1

Have you asked them...?

jwmachon

not yet will be popping into branch next thursday

crazyfj

My overdraft was up in November, my limit on line was sitting at zero.

Got a letter and the Halifax confirmed that it would remain. Now my on line limit changes from low to stupid high amounts almost every two weeks

McKneff

Have you had your letter/literature regarding overdrafts with the Halifax recently. They all change in February where a set rate per day is charged instead of interest. There are also changes to the cashback debit cards

rb10

anniehanlon wrote: »

Have you had your letter/literature regarding overdrafts with the Halifax recently. They all change in February where a set rate per day is charged instead of interest. There are also changes to the cashback debit cards

No, the changes are only to the cashback debit cards. If you don't have a Moneyback account, then nothing will change to your account during February.

cifpower

anniehanlon wrote: »

Have you had your letter/literature regarding overdrafts with the Halifax recently. They all change in February where a set rate per day is charged instead of interest. There are also changes to the cashback debit cards

They only change at the moment for Moneyback customers and new applicants. Holders of the High Interest and Current Account will be migrated over to the new Reward account but no timetable has been laid out yet.

opinions4u

jwmachon wrote: »

At the moment I have an overdraft with Halifax for £2,800 which i would like to keep it expires in March 2009, However since changing my job in August 2008 my od limit as been reducing last month the guarenteed amount was 2,000 and today its £1,250 how do they calculate this

They performance score your account and overall relationship with them. Paying in reduced amounts will reduce the risk they will take on overdraft.

I know get paid into a RBS account as i work for them and must use there bank account when my money goes into it i transfer it from there into my halifax account however it shows as a transfer not as salary payment would this be the cause and its just taking my partners wage into account which goes straight into the halifax account.

Any automated transfer will be taken in to account. If the amount has reduced then this could be the reason why your recommended overdraft limit is going down.

Ultimately, now is as good a time as any to get yourself off relying on an overdraft.

YorkshireBoy

jwmachon wrote: »

I know get paid into a RBS account as i work for them and must use there bank account when my money goes into it i transfer it from there into my halifax account however it shows as a transfer not as salary payment

In my Halifax experience they don't care whether it's a BACS Direct Credit (ie wages/benefits) or a BACS/FP transfer. I only usually pay in the £1,000 necessary to achieve the higher in credit interest rate, yet have an overdraft facility of £10,000 available to me (if I want it). The reason for this, I believe, is the total throughput on my account. For example, all my credit card stoozing activities and savings account transfers go through my Halifax current account.

Have you time (before DD's/SO's etc leave the Halifax account) to 'cycle' the salaries, ie send them out of Halifax and back in again? This might give the impression there's more coming in than there actually is.

As opinions4u says though, with the pending changes to your account (later this year) you need to get this overdraft down.

jwmachon

sorry yorkshire boy i dont get quite what you mean, i dont use all the overdraft however i do like it to be there

YorkshireBoy

jwmachon wrote: »

sorry yorkshire boy i dont get quite what you mean

At the moment, all Halifax are seeing is, say, £2,000 coming into the account each month. Shifting this out (to another account) and back again (giving the impression there's £4,000 per month coming in) might just kid their systems into thinking you're worth a bit more on the overdraft facility.

Clear(er)?