MSE News: Anger over new Halifax overdraft fees

YorkshireBoy

Taffy26 wrote: »

Try santader credit card, you can transfer the dept to that interest free for 15 months!

How?......

noh

Taffy26 wrote: »

Absolutly correct, these fools defending the banks decision to fleece the working class people of this country seem to be forgetting that the only reason the banks require this exra revenue is because their greed got them into a sticky situation in the first place!
Why the hell should I give Halifax £30 a month when private owned banks are happy to facillitate my needs for £5? It is yet another greedy ruthless policy, why am I suprised they are backed by our current Labour Goverment?

pjsmiffy

I have had a Halifax account since my freshers week in 94. It is not my main account but a budgeting account with a cash balance of +£200 to -£50 (costing me a few pence a month in my arranged £500 overdraft) Since I had this news in a glossy letter this morning I have made arrangements to divert all funds that would be passing through this account through another account.
I will then be ether CLOSING this account or leaving it with a credit balance of 1p.

I feel lucky that I have both the money and the credit rating to be able to vote with my cheque book.

There is not an appropriate icon to give Halifax listed here

YorkshireBoy

FreeD wrote: »

Well I definitely won't be listening to anything you have to say being an x bank manager...

Frankly I'm surprised o4u, Jambo, rb10 et al can still find the energy and inclination to try and help people in this and other similar threads.

They're the voice of reason, common sense, and are even offering detailed 'workarounds', yet are constantly being shot down.

You can lead a horse to water...

Extant

cowbopper2 wrote: »

I've just done a quick read through the banking code and believe this applied in some cases...

"6.4

If the change is to your disadvantage, we will tell you about it personally at least 30 days before we make the change. At any time up to 60 days from the date of the notice you may, without notice, switch your account or close it without having to pay any extra charges or any
interest for doing this."

Surely, on this basis i can close the account and pay back the overdraft by arrangement (understanding that interest will still accrue) It would appear that every available alternative offering is a 'disadvantage'

No, this means you could close your account without paying to do so. Exactly what it says. It does not say "close your account and re-pay your overdraft as you please."

opinions4u

YorkshireBoy wrote: »

Frankly I'm surprised o4u, Jambo, rb10 et al can still find the energy and inclination to try and help people in this and other similar threads.

Sometimes the belief that for everybody who posts another 20 merely read can make it feel worthwhile. If some of those 20 can pick up on a suggestion or idea and make it work for them then that's a good thing.

They're the voice of reason, common sense, and are even offering detailed 'workarounds', yet are constantly being shot down.

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.

Extant

FreeD wrote: »

Well I definitely won't be listening to anything you have to say being an x bank manager...no doubt living very comfortably now

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.

In fact I don't know why i've stayed with them for so long...I hope we will see a revolution soon people are being pushed to the limit...and we are not going to be bullied for much longer.

As in... a national revolution where in the ruling government is overthrown?

Over bank charges?

Yeah, right, okay.

FreeD

Oringinally posted by YorkshireBoy

Frankly I'm surprised o4u, Jambo, rb10 et al can still find the energy and inclination to try and help people in this and other similar threads.

They're the voice of reason, common sense, and are even offering detailed 'workarounds', yet are constantly being shot down.

You can lead a horse to water...

Common sense would be to put in a complaint about exuberant charges and find a better deal elsewhere. Which i'm sure many will do.

opinions4u

cowbopper2 wrote: »

I've just done a quick read through the banking code and believe this applied in some cases...

"6.4

If the change is to your disadvantage, we will tell you about it personally at least 30 days before we make the change. At any time up to 60 days from the date of the notice you may, without notice, switch your account or close it without having to pay any extra charges or any
interest for doing this."

Surely, on this basis i can close the account and pay back the overdraft by arrangement (understanding that interest will still accrue) It would appear that every available alternative offering is a 'disadvantage'

The key phrase is "At any time up to 60 days from the date of the notice".

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.

miz1012

Lokolo wrote: »

Or why not have an extra £200 in the account, and treat this as £0. Then you will never go below true £0.

i would if i had £200 spare!!!!