MSE News: Reaction to Halifax's changes

rb10

neil0491 wrote: »

I'm just about to dump Halifax after 19 years, just paid off overdraft and I am in the process of telling them this.

Which is the best bank to switch to???

If you have paid off the overdraft then why are you looking to switch? Or would you prefer that they don't give you £60 per year?

credit_crunch

neil0491 wrote: »

I'm just about to dump Halifax after 19 years, just paid off overdraft and I am in the process of telling them this.

Which is the best bank to switch to???

i just switched to a&l for £100 bonus providing you pay in at least £500 per month and use their switching service (which is exactly what i would have needed anyways) also got £50 for going through quidco.

not sure if the £100 sign up offer is still valid - but think they have a referral scheme - so if you sign up through my link we both get an extra £25 or so. you can pm me if you want more info

dizziblonde

I'm dumping them at the end of this month when my DDs are transferred over and running - shame since the branch staff have always been lovely but the overdraft changes are hitting me quite hard so I'm jumping to a joint account with hubby now we've finally tied the knot.

<sebb>

I never paid attention to the overdraft rates on my account because I havent had to use an overdraft for at least 5 years.

Last month I knew I was going to go overdrawn by £20 for 4 days. I have over £50k in various halifax accounts but chose not to transfer the money as I thought the interest would be tiny as I have an agreed overdraft. I just got a charge for £4 on my account.

I know its not a lot of money and I should have checked the charges but its the principal of the thing! I've been trying for over a year to get switched to a reward account as I get no interest on my account and everytime they tell me its been done it turns out it hasnt been.

I've banked with them for 25 years, but this is the last straw. Just need to find another account now.

rb10

<sebb> wrote: »

I never paid attention to the overdraft rates on my account because I havent had to use an overdraft for at least 5 years.

Last month I knew I was going to go overdrawn by £20 for 4 days. I have over £50k in various halifax accounts but chose not to transfer the money as I thought the interest would be tiny as I have an agreed overdraft. I just got a charge for £4 on my account.

I know its not a lot of money and I should have checked the charges but its the principal of the thing! I've been trying for over a year to get switched to a reward account as I get no interest on my account and everytime they tell me its been done it turns out it hasnt been.

I've banked with them for 25 years, but this is the last straw. Just need to find another account now.

The bit that I've put in bold is the key to the issue.

Did you choose not to read the letter that they sent you last year? This letter told you exactly what you'd be charged under this new system for being overdrawn.

You are not likely to be able to find another bank that's as good as Halifax, and as generous as the Reward account, so I think that your best bet is to make a complaint (based on the fact that you've requested that it's changed to the Reward account several times and it hasn't been done).

Then I'm sure you'll find that they change it over quickly, and you soon find the fivers arriving in your account once a month.

http://www.halifax.co.uk/contactus/howtocomplain.asp

JoseChungsDoomsday

rb10 wrote: »

The bit that I've put in bold is the key to the issue.

Did you choose not to read the letter that they sent you last year? This letter told you exactly what you'd be charged under this new system for being overdrawn.

You are not likely to be able to find another bank that's as good as Halifax, and as generous as the Reward account, so I think that your best bet is to make a complaint (based on the fact that you've requested that it's changed to the Reward account several times and it hasn't been done).

Then I'm sure you'll find that they change it over quickly, and you soon find the fivers arriving in your account once a month.

http://www.halifax.co.uk/contactus/howtocomplain.asp

I don't think the OP came on here to get lectured. They don't like the overdraft structure, get over it. You like your £5, good for you.

Some people would rather look to where your £5 comes from - £1 per day overdraft fee that effects thousands.

these boards seem to attract a certain type of people - the best account is where you get money for nothing. Others think the best accounts come from a bank with a good overdraft policy and good customer service.

People in the MSE 'world' but do well to remember this when going on their rants.

opinions4u

JoseChungsDoomsday wrote: »

I don't think the OP came on here to get lectured.

The OP posted 6 months ago and is employed by the site. I see no lecture.

They don't like the overdraft structure, get over it. You like your £5, good for you.

If, however, the previous poster (#165) had the right account then they would benefit from the fiver. I think they would like it. If the same poster had read the very clear communications about charging structures they could have saved themselves £4.

I find it strange that you're taking pot shots at a post that points somebody in the direction of how to make an effective complaint about something. Hardly a lecture.

Some people would rather look to where your £5 comes from - £1 per day overdraft fee that effects thousands.

More people with a Reward account receive the £5 than pay the £1 overdraft charges.

these boards seem to attract a certain type of people - the best account is where you get money for nothing.

Well, err, yes. They also attract a wide range of people, many of whom have changed their habits to avoid being overdrawn and now earn their fiver instead of paying bank charges.

Others think the best accounts come from a bank with a good overdraft policy and good customer service.

We all have different financial needs. An overdraft isn't important to me so I take advantage of the account that pays me the most. Somebody who is regularly overdrawn for several days and can't avoid would be foolish to use a Halifax account with such a charging structure.

People in the MSE 'world' but do well to remember this when going on their rants.

So who is ranting now?

dizziblonde

I love the assumption that everyone has a spare grand lying around to juggle to get these free fivers that rain down from the heavens. I don't - my income's decent, but erratic and while I can live within my means generally - I can't save.

The changes were only detrimental in my case, and I got sick of paying for people's free fivers - so I'm pulling my account. Shame since the branch and call centre staff were excellent.

noh

dizziblonde wrote: »

I love the assumption that everyone has a spare grand lying around to juggle to get these free fivers that rain down from the heavens. I don't - my income's decent, but erratic and while I can live within my means generally - I can't save.

The changes were only detrimental in my case, and I got sick of paying for people's free fivers - so I'm pulling my account. Shame since the branch and call centre staff were excellent.

Except that you don't need a spare grand.

opinions4u

dizziblonde wrote: »

I love the assumption that everyone has a spare grand lying around to juggle to get these free fivers that rain down from the heavens. I don't - my income's decent, but erratic and while I can live within my means generally - I can't save.

You don't have to save. My middle child works part time. She transfers her wage in to a savings account and then straight back to her current account. The process takes less than a minute but means the current account gets credited with enough across a month to earn the fiver.

The changes were only detrimental in my case, and I got sick of paying for people's free fivers - so I'm pulling my account. Shame since the branch and call centre staff were excellent.

If you are unable to make it work for you, then I'd strongly suggest doing what's best for your pocket!

Good luck.