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Halifax £1 per day charge for using authorised overdraft? Will others follow?
Comments
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I take it that if I leave BOS now, this wont invalidate any claim I have with them for unfair fees ?
Maybe best to just leave £1 in the account to be safe...
Why are you leaving HBOS? They've been charging customers "unfair" fees like all the other banks. They're only implementing this in response to the claims and the other banks will follow.
Just playing devils advocate here but; We as the tax payer we own a large chunk of the bank. We bailed them out. So, do we expect favours in return such as lower interest rates on debt or do we want them to be a highly profitable and strong organisation that can be sold off in the future for a healthy profit?0 -
Why are you leaving HBOS? They've been charging customers "unfair" fees like all the other banks. They're only implementing this in response to the claims and the other banks will follow.
Just playing devils advocate here but; We as the tax payer we own a large chunk of the bank. We bailed them out. So, do we expect favours in return such as lower interest rates on debt or do we want them to be a highly profitable and strong organisation that can be sold off in the future for a healthy profit?
Agreed- but I cant get access to enough funds to pay off my overdraft, until Jan next year (when my new job starts) Im about £1,000 in debt at the moment on the card (mostly from two family weddings this year), and dont want to get charged the £24 in december, or what ever it works out as...
... so ive been looking at my financies over the last few day, and there are three or four accounts look better options in any case.
Agreed that other banks will follow.... just hopefully most will give the same amout of warning, and these wont kick into until next year...Total - £340.00
wins : £7.50 Virgin Vouchers, Nikon Coolpixs S550 x 2, I-Tunes Vouchers, £5 Esprit Voucher, Big Snap 2 (x2), Alaska Seafood book0 -
The thing that bugs me is the reason why this has happened is because of all these people that have been reclaiming their bank charges!! :mad:
People knew the charges when they opened the accounts, yet after clocking them up for years they jump on the bandwagon and exploit a loophole to get that money back....
Net result... all of us now have to face these increasing bank charges!
It was completely inevitable that the current way of doing things would have to change, and this is what happens! :rolleyes:0 -
Agreed- but I cant get access to enough funds to pay off my overdraft, until Jan next year (when my new job starts) Im about £1,000 in debt at the moment on the card (mostly from two family weddings this year), and dont want to get charged the £24 in december, or what ever it works out as...
You are going to get charged about £13 on the £1000 for those days anyway so does another £11 really make a difference? Especially when you are staring a new job in January...... so ive been looking at my financies over the last few day, and there are three or four accounts look better options in any case.
Now, that's a proper reason to move accounts..Agreed that other banks will follow.... just hopefully most will give the same amout of warning, and these wont kick into until next year...
Hopefully they won't because I don't want end up having to pay my bank so that they can make money from my money.0 -
Spot on.The thing that bugs me is the reason why this has happened is because of all these people that have been reclaiming their bank charges!!
Talking more sense.People knew the charges when they opened the accounts, yet after clocking them up for years they jump on the bandwagon and exploit a loophole to get that money back....
I disagree. I won't go overdrawn. I'll make £5 a month instead of my usual 48p in interest!Net result... all of us now have to face these increasing bank charges!
Most people can choose to avoid these fees. Most of them won't take the time to do so though.0 -
opinions4u wrote: »I disagree. I won't go overdrawn. I'll make £5 a month instead of my usual 48p in interest!
Most people can choose to avoid these fees. Most of them won't take the time to do so though.
I do agree that I will try avoid these, but it does mean I'll have to be extra careful (especially as its a joint account, and I can't watch the wife 24/7!
).
For people in my postion (who don't use the overdraft as a loan), having the overdraft just makes you lazy really and simply creates a safety-net if you go over it. A few years back it used to be the first £100 or so was interest free, so it gets you used to using it. Will be juggling things to make sure it doesn't go over now.0 -
opinions4u wrote: »I disagree. I won't go overdrawn. I'll make £5 a month instead of my usual 48p in interest!
But don't you have to pay £12.50 to get £5 a month? I've only briefly looked at the info that was sent out but as far as I could understand, if you currently have a standard current account you'll no longer get credit interest and you'll need a reward account to get £5 subject to £1k going in at a cost of £12.50 a month.
So, if you use an overdraft you lose. If you don't use an overdraft and have a standard account you'll lose credit interested and if you have a reward account you've got to pay for it. Whichever way HBOS will be making money (or savings) from you.0 -
That's the Ultimate Reward. Different account.But don't you have to pay £12.50 to get £5 a month?
Standard Current Account - no fiver
Reward Account - £5 for paying in £1,000 a month.
Ultimate Reward - Costs £12.50; £5 rebated if you pay in £1,000 a month. Loads of insurance that you may or may not need!0 -
There is no monthly fee for the Reward account, the Ultimate Reward account has the £12.50 monthly fee.But don't you have to pay £12.50 to get £5 a month? I've only briefly looked at the info that was sent out but as far as I could understand, if you currently have a standard current account you'll no longer get credit interest and you'll need a reward account to get £5 subject to £1k going in at a cost of £12.50 a month.0 -
...and if you pay mobile phone insurance just cancel it and use the one with the Halifax Ultimate Account, once the £5 gratis kicks in you will make a £2.49 monthly profit (assuming most mobile insurance policies are circa £9.99 PCM).There is no monthly fee for the Reward account, the Ultimate Reward account has the £12.50 monthly fee.
You then benefit from breakdown cover - even if you are not a driver, you just have to be in the car that has broken down, credit and debit card cover etc etc etc, so you are in fact being paid to use the bank account.
Bottom line is that it will work for some and not others.Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.0
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