Halifax Reward Account - multiple applications

Lady_K

Mince_Pie wrote: »

Very strange Lady_K especially with funding with a cheque - why do they care where the money comes from? I can understand withdrawing money but paying in can be done by anyone nowadays so I really don't understand that!

I have my mortgage with Halifax but only for a couple of years, I've been with Bank of Scotland for about 25 years as well but I haven't had any of the troubles you've had!

I hope you manage to get it all sorted though Lady_K as time is running out!!

Granddaughter went in today with my forms signed and the cheque and ID I decided to ring up though because she said the lady didnt even look at my council tax bill and didnt seem to check anything, I have about 9 accounts so it would have taken a bit of time to ID verify them all. Got to speak to a really rude person online banking, I know they often don't know things on there but they arent usually rude like that.

On this last reward account they have put me an overdraft even though I requested none for them all, I just prefer to see what I've really got not what I've got including the overdraft.

I have been reading up about the overdraft charges though and it is a bit worrying though as if you do go overdrawn you can rack up a lot of money at £5 a day say if you are ill or something and cant check your account or are busy. I havent ever gone overdrawn in over 20 years apart from an error they made which they refunded me for. I used to have £300 arranged overdraft on all my accounts but took them off once I cleared them all and opted to have them all removed after that so I would never have to do that again.

They offer the text message service if you go overdrawn but I don't use a mobile phone so I'm going to ask if they do email for this or phone call. I'd want to know straight away

I'm really put off about these bank accounts even though Ive now got the full 3 Reward accounts and I'm actually thinking of opening a different bank current account at Barclays Nat west or tsb to use as my main account just because of the way they have set up these charges and just use these reward accounts for min things to lower the chance of going overdrawn

Baldur

Biggles wrote: »

Yep, we've got 6 PINs, two cards.

To be honest, who needs three cards when you can move the money and withdraw from the main account? But, having said that, why would they send the PINs if there's no card?

Not bothered, as I shan't use any of the cards anyway.

Checked with Halifax today - you need to have had at least £100 in an account for 24 hours before they issue the Debit Card.

Obviously the one that I had received was for the account from which the Standing Order to my Regular Saver was paid, so met this criterion, whereas the other two had not, as they only had a momentary whiff of £1,000 as it passed straight into and back out of them.

Lady_K

When do they pay the £5's in? and is the month in which you have to have over £1000 in for from the 1st to the 31st?

They told me that the money has to be in for at least 24 hours. So I'd say if you have money paid in on the same day and a diect debit comes out the same day or you buy something you have to cover the direct debit or purchase amount so its still over the £1000 or you could lose the £5 that month

noh

The first £100 to trigger the issue of the debit card has to be in the account overnight.
To qualify for the reward payment you need to credit at least £1000 to the account during a calendar month. There is no minimum amount of time that the money has to stay into the account. You can pay it in and immediately withdraw it.

The £5 reward is paid at the beginning of the following month before the 10th. Most have had the payments credited on the second working day of the month dated the day before.

Biggles

Baldur wrote: »

Checked with Halifax today - you need to have had at least £100 in an account for 24 hours before they issue the Debit Card.

Oh, good, that means I won't get any more debit cards from them, then. We each had funds in the account over the first night, as it wouldn't let me FP them back to our original account. The other two accounts each only had money in there instantaneously while I 'laundered' it for purposes of the Reward.

bigstevex

I've just set this all up in my parents name as they weren't interested in free money for the hassle lol (crazy hey!),

Anyway,
sent 1002 from my account to mums then moved 1001 to the other, then went to send 1000 back and got access suspended

Did the exact same with dads new account and got access suspended on that too

bloody halifax's so called fraud protection lol! parents are now stuck with my money too :eek:

anna42hmr

bigstevex wrote: »

I've just set this all up in my parents name as they weren't interested in free money for the hassle lol (crazy hey!),

Anyway,
sent 1002 from my account to mums then moved 1001 to the other, then went to send 1000 back and got access suspended

Did the exact same with dads new account and got access suspended on that too

bloody halifax's so called fraud protection lol! parents are now stuck with my money too :eek:

if you have only just opened the halifax accounts then this seems to be normal, it was a couple days before i could take the money out and transfer elsewhere when the first one was opened

GregH

It has been covered a few times in this post, people saying they transfer in and then transfer out again immediately but how long are people actually leaving the money in the Reward Accounts before they transfer out again?

I've just sent 2 x £250 FP's from A & L to two of my Reward accounts, done internal transfers, leaving the money in the three Reward accounts for a couple of minutes each and then FP back to A & L. All done within 10 mins.

Does it matter if its in there for seconds, minutes, hours?

noh

GregH wrote: »

It has been covered a few times in this post, people saying they transfer in and then transfer out again immediately but how long are people actually leaving the money in the Reward Accounts before they transfer out again?

I've just sent 2 x £250 FP's from A & L to two of my Reward accounts, done internal transfers, leaving the money in the three Reward accounts for a couple of minutes each and then FP back to A & L. All done within 10 mins.

Does it matter if its in there for seconds, minutes, hours?

It makes no difference how long it is in there.
The fact that a credit has occured is all that matters

Lady_K

noh wrote: »

It makes no difference how long it is in there.
The fact that a credit has occured is all that matters

I was told when applying by phone that the money has to stay in at least 24 hours so it gets updated overnight on the system, whether this is correct I don't know as the reliability of the customer services reps knowing the correct info is always in question as more often than not they are wrong. But I have left mine in overnight to be sure anyway until I'm totally sure its ok to do a quick in and out