MSE News: Reaction to Halifax's changes

icklejulez

I know me and my boyfriend have both switched accounts and it also convinced my boyfriend to ditch his credit card with them. Seen as overdraft charges are one of the ways banks make money from us Id like to know how much Halifax are going to lose from this...

mateypeeps

Someone in admin could ask Martin if he wants to change "bank door" to "back door" in

The problem here is not what Hbos has done to bank charges, but the fact it's done this as a way to sneak massive rises to overdrafts through the bank door.

YOUNGBUCK136

I checked my bank account online on 1/12/09 and was amazed to see that they had started to charge me £1.00 a day overdraft fees (total was only £4.00) for the previous month. I telephoned them right away to query why this was the case as it is supposed to start on 6/12/09. I got a story that it was because i upgraded to their reward account and so they "backdated" the charges/fees to february???? I told them they were talking rubbish and that i should have been told that when i upgraded (only last month), and i demanded that the charges be overturned. I got the usual story that "they'll refund this time" but not in the future. Well, they have agreed again to refund another £3.00-charges on our joint account-for overdraft fees (same situation) and had also charged interest as well for the previous month. Beware people...check your accounts this month before the 6th of december to see if you have been charged already and if so kick up hell with them. We had deliberately cleared our overdraft(s) with them during october!!! to avoid these charges.Has it happened to you yet ?

rb10

YOUNGBUCK136 wrote: »

I checked my bank account online on 1/12/09 and was amazed to see that they had started to charge me £1.00 a day overdraft fees (total was only £4.00) for the previous month. I telephoned them right away to query why this was the case as it is supposed to start on 6/12/09. I got a story that it was because i upgraded to their reward account and so they "backdated" the charges/fees to february???? I told them they were talking rubbish and that i should have been told that when i upgraded (only last month) and that i wanted the charges overturned. I got the usual story that "they'll refund this time" but not in the future. Well, they have agreed again to refund another £3.00 charges on our joint account for overdraft fees and had also charged interest as well for the previous month. Beware people...check your accounts this month bfeore the 6th of december to see if you have been charged already and kick up hell with them. We had cleared our overdraft(s) with them during october!!! has it happened to you yet ?

The charges apply straight away for the Reward account, did you not see this when you read the T&Cs before upgrading?

Although having said that, it would have been nice of them to remind you about this when you upgraded, which is presumably why they've refunded you.

The £4 will have been the charges for October (just the bit of October after you upgraded to the Reward account) - you accrue the charge in one month (i.e. October), they tell you about it on your statement the following month (i.e. November, did you not see this?), and take the money the month after that (i.e. December).

Make sure you're putting £1000 per month in - if you did this in November you'll have seen that £5 was paid into the account this morning.

So even if they hadn't refunded them, you'd still be £1 better off!

jambosans

mateypeeps wrote: »

Someone in admin could ask Martin if he wants to change "bank door" to "back door" in

What?

mateypeeps wrote: »

The problem here is not what Hbos has done to bank charges, but the fact it's done this as a way to sneak massive rises to overdrafts through the bank door.

So, from reading that contradictory sentence, it appears the problem you have is what HBOS have done to their bank charges, perhaps you can clarify? An increase is still something they have "done" to overdraft charges.

I would hardly describe this as a "sneak" way of increasing overdraft charges. Mailing was sent out months in advance, and even prior to this press reports and speculation on MSE also alluded to a coming change. It is also worth noting that HBOS have also decreased charges for unarranged borrowing - down to £5 Daily Unarranged Overdraft Fee and nothing for bouncing a payment. Currently you can be charged: £35 Paid Item Fee (up to 3 per day), £35 Unpaid Item Fee (up to 3 per day) and £28 Unarranged Overdraft Fee (up to 1 per month). In effect HBOS are levelling the playing field in order to balance the books - an increase in fees levied for arranged borrowing, allows for a decrease in fees levied for unarranged borrowing. Whether you agree with the amounts or not, the new system is easier to understand and IMO fairer than the status quo.

andrewstirling06

A lot of people are saying that HBOS are wrong for changing the ways in which people are being charged? Why is this?
throughout all of martins campaign on recaliming he mentioned quite a few times that people were reclaming £1,000's!! from bank charges.. I ask you to get yourself into £1,000's of pounds worth of charges takes quite a bit.. I mean some would say if youve gotten yourself into that situation then something is very wrong with how you handle your money.
Theres also something very interesting about HBOS's new fee's that I believe noone else has even mentioned, and it makes all the difference.

Originally when you went overdrawn, regardless of what time the transaction happened, youd get charged, even if you paid money into the account on the same day. Now the new fee system is more lenient. If you go overdrawn you have until the close of business (5pm and 7pm for some branches) to pay money into the account. If the account is overdrawn at the close of business thats when the fee is added onto the account. So technically you could become overdrawn every day of the month and as long as by 5pm your account was in credit or within the buffer there would be no fee.

The new fee's are simple. All of your aguments are correct that you'd get charged £30 a month (depending on how far into overdraft or overdrawn you were) etc etc but at least now you can figure out how much you owe. Having an interest rate yes may be cheaper for SOME PEOPLE if your on a budget having a very simple and easy to understand system works. Now that things are changing you know exactly how much you'll get charged and when. simples. :j

dingdong1984

I upgraded to URCA over a month ago - still yet to see their £12.50 coming out or £5 reward going in!

mi_jardin

I'm ditching ans switching too!

Lum

hazeldragon wrote: »

i was outraged when i got the letter from the Halifax, but took positive action by moving my bank account to the alliance and leicester the following day. goodbye Halifax you won't be missed!!

I didn't even get the letter, only found out when I phoned up to complain about a £63 charge for going over my overdraft limit for 5 hours. The customer service person and was very helpful, however apparently I can only get the charge cancelled if I specifically ask, they're not allowed to offer it when you complain. She sorted it and then explained the new charging scheme since I didn't have the letter. I'm currently going into the red a few days after payday, and also trying to claim back 6 grand from HMRC so these changes mean a doubling of my overdraft charges, so I'm now in the process of switching to Alliance and Leicester too.

supersavor

dingdong1984 wrote: »

I upgraded to URCA over a month ago - still yet to see their £12.50 coming out or £5 reward going in!

at the moment your are getting 2.5% interest the £5 reward on the urca doesn't come into place until 6th dec.

so from then if you put 1grand in this month you will get your first reward in january