MSE News: Anger over new Halifax overdraft fees

miz1012

rb10 wrote: »

If you are overdrawn for about a week, your total outlay for the month will be £2.

This is calculated from £7 of daily fees, less the £5 Reward (make sure you phone up and ask to change your account to the Reward current account to get this, the sooner you do this the better.

its hardly a 'reward' if you have to give it straight back to cover excessive bank charges! its still a massive jump in cost!

i'm in the process of moving my account to avoid any costs!

FreeD

originally posted by Extant

He was a retail bank manager for the Halifax. Retail banking does not pay very well. Cashiers start as low as £11k and some bank managers are on salaries as low as £15k. The ones that earn far and beyond that are few and far between.

On top of that, retail banking is a profit making operation for every bank - what they do is in no way related to the economic problems of late. That's why, if you go read the news, you'll see that Mervyn King wants the banks to separate their safe day to day banking from their riskier investment banking.

15k basic but comission on sales of insurance/mortgages/personal loans etc can easily turn 15k into 35k. Don't know why you bother even trying to justify what banks have done and what they are doin now this isn't supposed to be a 2 way dabate we are all in the same boat and are all paaying the price some more than others.

FreeD

I'd guess the date of the notice is 60 days or more before 6th December. So as long as you repay your overdraft before 6th December you won't have to pay £1 a day for it.

Yep don't worry if you are currently a couple of grand overdrawn uve got just over a month to pay it back before we sting you to death with bank charges and probably prevent you from ever getting out of debt...ring home?

opinions4u

FreeD wrote: »

15k basic

I did earn more than that, but since leaving the job my income has increased sizeably. Just over £15k was the minimum salary for a manager of a small branch.

but comission on sales of insurance/mortgages/personal loans etc can easily turn 15k into 35k.

Not when the bonus scheme is capped at 20% it can't. On target bonus was typically 10%-12%. The lowest I got was 11%, the highest was 15.5% - always a useful contribution to a foreign holiday, but not exactly a life changing amount.

Don't know why you bother even trying to justify what banks have done and what they are doin now this isn't supposed to be a 2 way dabate we are all in the same boat and are all paaying the price some more than others.

I don't think anybody will try to defend stupid lending by banks here or overseas.

But you have seen the effect of loss making banks on the wider economy. Do you think that loss making banks are a good idea for the economy and tax payers?

pjsmiffy

opinions4u wrote: »

.

It is quite amusing. The irony will be that many of these people will have reclaimed previous bank charges and are now wondering why they are being charged differently to before.

Bang on!

Although the banks are a bunch of money grabbing ********** they are also businesses not charities. I was always willing to trade a dismal in credit interest rate for normally fee free banking. Penalty charges are a must to discourage actions that the bank finds costly. I never felt that applying of these charges in multiples to normally good customers was right and a degree of discretion was called for. (wave the charges for the one off in extenuating circumstances)

Still we have made our beds....

PlugnPlay

opinions4u wrote: »

It is quite amusing. The irony will be that many of these people will have reclaimed previous bank charges and are now wondering why they are being charged differently to before.

I guess it would be easy to feel that way but it isn't always the case.

For example this time last year my money was one day late going into the Halifax,resulting in my account going into overdrawn. Consequently I was charged £98 bank charge.

It was money I could ill do without,but I made a decision not to claim the charges back, because those were the terms I had agreed to, even though £28 of that charge I felt was a bit unfair because they charged £35 for paying a d/d with insufficient funds to cover it and then £28 for being overdrawn-in my head it should have been either/or- they should have r/d'd it and charged £35, or paid it and charged £28 if that makes sense?

Anyway, I sucked it up, because I knew the rules.

Hence the reason I feel so aggrieved now. I feel I played by the rules,and they haven't.

Thankyou for pointing out the under £300 alternative by the way - I think I may go down that route.

pjsmiffy

My advice to anyone seriously up the swanny with this is to
1) Talk to you bank. Explain that this is going to financially kill you and that you need help with a repayment plan.
2) Take a loan to repay the overdraft.
3) Move to another bank
4) Fake your own death and move to South America B-)

PlugnPlay

pjsmiffy wrote: »

My advice to anyone seriously up the swanny with this is to
1) Talk to you bank. Explain that this is going to financially kill you and that you need help with a repayment plan.
2) Take a loan to repay the overdraft.
3) Move to another bank
4) Fake your own death and move to South America B-)

Although option 4 also sounds attractive :rotfl::rotfl:

rb10

YorkshireBoy wrote: »

You can lead a horse to water...

Exactly. I am continually surprised by the vast numbers of people who come on here and moan, despite the fact that they clearly haven't got past about the first sentence of the letter from Halifax, and haven't looked at a single other post on here.

People who clearly dislike change so much that, regardless of whether it's actually going to be better for their circumstances or otherwise, they still moan! Just because it's different to what they had before.

We all have to accept that things do change in life. Sometimes, they are for the better. Other times, we may have to change the way that we do things, in order to fit in with how the organisations that we deal with operate.

The biggest thing that people seem to be missing is that if you switch to the Reward account (do it instantly over the phone on 08457 20 30 40, 24hrs) they give you £5 for every single month that you pay £1000 into the account. This effectively means that the account gives you a free overdraft (of up to £2500) for two months of every year, and you don't pay a penny for the privilege of this.

pjsmiffy

PlugnPlay wrote: »

For example this time last year my money was one day late going into the Halifax,resulting in my account going into overdrawn. Consequently I was charged £98 bank charge.

It was money I could ill do without,but I made a decision not to claim the charges back, because those were the terms I had agreed to, even though £28 of that charge I felt was a bit unfair because they charged £35 for paying a d/d with insufficient funds to cover it and then £28 for being overdrawn-in my head it should have been either/or- they should have r/d'd it and charged £35, or paid it and charged £28 if that makes sense?

Exactly my point

I would investigate the possibility of reclaiming NOW as Halifax have moved the goalposts.
Read MSE guidance and write to the bank stating your case about being double charged.