MSE News: Anger over new Halifax overdraft fees

AndrewCarnegie

YorkshireBoy wrote: »

But you'd need to have a very poor credit rating to have to pay more than the 15.9%/18.9% EAR you were paying before on the BoS current accounts.

I think it will be okish as I have not missed a payment before on any credit...but I have not applied as I fear I may be rejected...we will soon see!

noh

AndrewCarnegie wrote: »

I think it will be okish as I have not missed a payment before on any credit...but I have not applied as I fear I may be rejected...we will soon see!

When I log into Halifax online banking a banner at the top tells me I have a loan of £25000 @9.8% reserved for me.
Do you have a loan offer when you log in?

alared

If you`re not happy vote with your feet,simple as that.

rb10

postmanpat68 wrote: »

From what i know, a job that pays £12k a year will not give you £1k income unless you are cheating the taxman.:rotfl:

... or are self employed.

blueforyou

trynsave wrote: »

What do you suggest the banks do instead? Let me play Devil's Advocate here...

No-one liked the charges incurred before and many have been relaiming them despite being well aware of their a/c t&c's.

Yes I agree that £25+ for each bounced item was excessive, but really what did people expect to happen? Get their money back & the banks not bat an eyelid?

Personally I think it is great that Halifax pay £5 pm when the Reward a/c is credited by £1k, and I also think it good that the worst offenders for incurring retn'd fees will now be exposed to only £5 per day.

I am guessing that many (though I accept not all), who live in constant overdraft could repay and live in a credit balance will now have found the inspiration to do so. To save 5p a month was not an incentive in the case of Mr Muir. If banks can get their overdrawn customers to repay their debt perhaps they may be in a better position to lend to those who really need it!

Do you REALLY think banks give a hoot about overdrawn customers repaying debt?. Its what gives them thier profit. As to being able to lend more - well isn't that lending which is at the core of the whole mess we are in now?.

Banks and financial institutions are a neccessary evil. Please don't start congratulating them on their latest scams. I thought this site was consumer led.........

Inactive

blueforyou wrote: »

Banks and financial institutions are a neccessary evil. Please don't start congratulating them on their latest scams. I thought this site was consumer led.........

Well now let me think this one through, I have never ever paid a single penny in banking charges in the UK for more years than I care to remember, so I get free banking, I cannot see any " scam " in that, I actually think that is excellent value.:rolleyes:

claire0788

Damn right im angry !

I have worked my backside off this year to pay off my overdraft. I was paying over £50 in interest a month and now they are changing it just when I have got it down to £750 and paying only 10 a month. With this change the interest will be shooting up to 30 a month if I cannot clear the last part of my overdraft before Dec.

I have had nothing but trouble from Halifax in recent years and couldnt change because I needed my overdraft. I will be changing as soon as I have cleared the last of my overdraft and Im sure alot of other customers will be too.

blueforyou

Inactive wrote: »

Well now let me think this one through, I have never ever paid a single penny in banking charges in the UK for more years than I care to remember, so I get free banking, I cannot see any " scam " in that, I actually think that is excellent value.:rolleyes:

Well done. By your numerous posts you have a great deal of experience. The fact your banking is "free" is by virtue of the those less fortunate having been charged, by your own terms "excessive" amounts in the past.

So may be you would like to use your expertise to help those who have been shafted by the financial industry and respond to the many other posts that DO feel the same as me.

Gordon_the_Moron

Move to Alliance and Leicester, no overdrafts fees for the first year then 50p per day but with a £5 monthly cap. If you do need to use these overdrafts one thing to remember, use as much of them as you can, for example you have a £2500 overdraft and need to borrow £300 for a month, put the rest of the overdraft (excluding what is required to covers fees, direct debits and standing orders and possibly leaving space for cash withdrawals) into a top paying savings account, that will offset some of the charges you pay and not cost you any more.

Inactive

blueforyou wrote: »

Well done. By your numerous posts you have a great deal of experience. The fact your banking is "free" is by virtue of the those less fortunate having been charged, by your own terms "excessive" amounts in the past.

So may be you would like to use your expertise to help those who have been shafted by the financial industry and respond to the many other posts that DO feel the same as me.

If you mean " less fortunate " in meaning my financial status, trust me, I have been in dire straits financially in the past, however I have never once spent the banks money in the form of an overdaft or any other method, that only worsens a bad situation.

It involves better budgeting and even going without some things that others may deem essential.:rolleyes:

I hope that helps.