Halifax Overdraft New Charges

north

[What did come from the conversation was the realisation that if you go 1p overdrawn, for 1 day, you will be charged £1. This is an interest rate of 1000% the guy in the branch told me. Maybe Halifax should set up in Zimbabwe!]

This is incorrect - maybe you should ask again because when I called they told me I wouldn't pay anything until I was £10.01 overdrawn!

rb10

north wrote: »

[What did come from the conversation was the realisation that if you go 1p overdrawn, for 1 day, you will be charged £1. This is an interest rate of 1000% the guy in the branch told me. Maybe Halifax should set up in Zimbabwe!]

This is incorrect - maybe you should ask again because when I called they told me I wouldn't pay anything until I was £10.01 overdrawn!

That is correct. The first £10 is free.

north

[That is correct. The first £10 is free]

intersting...wasn't this a bit of a gripe on Watchdog the other night which is why I called - looks like Martin or Watchdog didn't do their homework properly?

rb10

north wrote: »

[That is correct. The first £10 is free]

intersting...wasn't this a bit of a gripe on Watchdog the other night which is why I called - looks like Martin or Watchdog didn't do their homework properly?

I haven't seen that Watchdog programme, but if that was what they said, then they have misunderstood how the account works. However, it wouldn't surprise me if Watchdog/Martin had been wrong on this bit, as the article on this site (written by Martin) is completely incorrect when it comes to the buffer zone.

The article (http://www.moneysavingexpert.com/news/banking/2009/10/how-to-beat-halifaxs-overdraft-chagres) says:

No more buffer zone for most customers. In the past, many customers had a buffer zone meaning if you went overdrawn by up to an agreed amount you didn't pay anything. Most will lose this.

When in reality,

* those customers who previously had an interest free overdraft will continue to have an interest free overdraft of the same size (this is people with an Ultimate Reward Account, it's £300 free overdraft)
* those customers who previously had no interest free overdraft will now have a £10 free buffer zone.

It shows that it's important not to rely on the information given to you by third parties (i.e. MSE & Watchdog). Check with Halifax for yourself before believing what you read.

north

[Check with Halifax for yourself before believing what you read.]

I did but I suspect there were other inaccuracies too

MDE

north wrote: »

[What did come from the conversation was the realisation that if you go 1p overdrawn, for 1 day, you will be charged £1. This is an interest rate of 1000% the guy in the branch told me. Maybe Halifax should set up in Zimbabwe!]

This is incorrect - maybe you should ask again because when I called they told me I wouldn't pay anything until I was £10.01 overdrawn!

Interesting! It would seem Halifax staff aren't (or certainly, weren't) aware of this when the letters initially came out- as he was in agreement with me over the point and actually agreed that it was pretty disgusting!

opinions4u

those customers who previously had no interest free overdraft will now have a £10 free buffer zone.

rb10, do you have a link / reference to this information to confirm it, or is this merely a concession that isn't mentioned in the T&Cs?

While I have no reason to disbelieve a reliable poster such as yourself it would be good to see an official confirmation from HBOS.

never-in-doubt

rb10 - do you work for HBOS or just an avid fan?

logie28

just swapped to alliance and Leicester. got £100 for opening new account plus £25 to me and partner because she referred me.. not bad!
never had a bank charge only had a £250 OD and never used it every month.
I think the charges are disgusting.

Bail them out , show loyalty and manage your finances, guess what the Halifax do?
Shaft you... that little bit EXTRA!!!

jb66

logie28 wrote: »

just swapped to alliance and Leicester. got £100 for opening new account plus £25 to me and partner because she referred me.. not bad!
never had a bank charge only had a £250 OD and never used it every month.
I think the charges are disgusting.

Bail them out , show loyalty and manage your finances, guess what the Halifax do?
Shaft you... that little bit EXTRA!!!

quidco.com give you £50 too for signing up