Halifax £1 per day charge for using authorised overdraft? Will others follow?

bristolleedsfan

emweaver wrote: »

Natwest dont charge for using a overdraft daily

Not yet.

bristolleedsfan

cric2k wrote: »

replacing something unfair with something even more unfair

Its fair for those who fund their accounts by 1000.00+ a month and never go overdrawn. For those who might make unexpected purchases etc the answer is very simple, keep a small credit in the account for those unexpected purchases. :beer:

Perhaps you would like to detail as to what in your opinion would be a fair method on a business basis of charging those who go overdrawn. ( Need to use someone elses money from whom their is only a business relationship)

sabretoothtigger

Really the credit interest should outweigh the negatives but most people didnt get 5 pounds in interest every month from their current account even if they pay in thousands I doubt they got that much in interest.

Last account I had that paid over 5 a month was a special current account with interest of about 6%, about fifteen years since Ive seen that.

I rarely dip into my overdraft by ten or twenty pound a month, nothing major. But to be charged £1 a day sucks and feels like a slap in the face.

That situation sucks agreed but just taking lunch in instead of buying for about a month would save that much money and you'd be set to gain from the changes from then on

opinions4u

Nassar wrote: »

Ok so I just recieved this letter as well, and after being with Halifax for twenty years , Im not to fussed to switch my bank, I have roughly £2000 passing through this account a month. I rarely dip into my overdraft by ten or twenty pound a month, nothing major. But to be charged £1 a day sucks and feels like a slap in the face. So this is the question, what bank would be best to switch my account to?

I would look around for one that will pay you an amount each month should you credit the account with more than £1,000 a month.

Perhas a fiver would be a good figure to receive from your bank.

This should more that make up for the £1 a day charge for your rarely used overdraft.

Moreso if you spend £20 or so less in those months which currently take you overdrawn - then you'd never get charged a penny!

Wonder where you could get such an account?

snibbles

PaulJM wrote: »

Well I don't know enough about your situation, but I've received the same letter from the Halifax, after 20 years of being with the bank. It's pretty disgusting actually. I probably don't go more than £300 into the overdraft - it's more convienience than anything - I know they're inefficient things - but that could mean £30 odd quid a month! I usually pay £3.50 for this!!! Argh!!

Snap! I'm taking my account elsewhere. Will pay for an additions account at Barclays rather than pay for a Halifax account now. Apparently Alliance and Leicester are doing the best account at the moment if you're always overdrawn. 0% for the overdraft for the first year and £100 given to you for switching your DDs and standing orders across.

snibbles

suicidal wrote: »

the same has happend to me, I am living off my overdraft at the moment have done for some time and still was hoping for some time to come, but they told me today as the acount is in joint names in £1 per person per day :mad:, surely if you have had this facility there shouldnt be a great big charge, fair enough if they tell you from the onset of applying for a overdraft. :eek: Halifax :eek:

Whaaaaaaaaat????!!! We have a joint account with them too. Shall be taking that elsewhere as well.

snibbles

dizziblonde wrote: »

I'm very angry about this - more about their cheek in painting this as a benefit to the customer. While it's rare I go into my overdraft, and usually only for a week here and there at the most (joys of being an agency worker) it's still a change that can potentially hurt a heck of a lot of people. I've always recommended Halifax as a decent-ish bank to deal with (I know such comparisons are relative here!) and I'm hanging fire for the moment (I don't generally qualify for their reward account), but it's looking increasingly likely that when I get married next year - I'm going to jump ship and set up a joint account with OH's bank instead... and the damned Howard adverts and this change will be the reasons for the jump.

While the politics of overdrafts can be debated endlessly (and I don't expect to borrow money from the bank for free), sending customers a smug leaflet saying "we're improving your service by no longer paying you interest on your credit balances and charging you a huge chunk more to be overdrawn every day" really does stick in the throat - and that's very much how the changes leaflet paints it.

I expect a fair few people to jump ship because of this - it really is a step far too far and they haven't even tried to paint the changes in a beneficial light (they could have at least TRIED!).

That is what has really riled me!!!

snibbles

jambosans wrote: »

Also, I would just like you to note (not for self-gratification purposes) that I have contributed heavily to the general discussion around this issue, as opposed to people like you who decide to chime in with your two cents and flame me.

I am new to this forum and whilst your opinions seem informed to me and 'curt' as you like to put it you come across as smug and have managed to put me off spending much time here to be honest.

pebbles88

snibbles wrote: »

Whaaaaaaaaat????!!! We have a joint account with them too. Shall be taking that elsewhere as well.

they arent doing it per person, it per account only, dont worry i paniced as well til i rang them! there are some other posts about it further up in the thread

emweaver

i can confirm its still only £1 a day for joint account, I know as its already on my joint account.