MSE News: Reaction to Halifax's changes

Former_MSE_Natasha Posts: 672 Forumite
edited 22 October 2009 at 11:37AM in Budgeting & bank accounts
This is the discussion thread for the following MSE News Story:

"Halifax/Bank of Scotland (Hbos) is facing a customer revolt over new overdraft charges that mean many current account holders will pay much more ..."



  • Isn't this entirely expected from banks offering introductory inducements like £100 to sign up that they then recoup far more from those gullible enough to take the hand out in the first place?
  • Not sure they are gullible - hopefully many will switch and now get another £100! :)
    Former MSE team member
  • It doesn't work like that.
  • I was thinking about changing my account as have had nothing but annoyance from Halifax.

    Will definitely be doing it now!
    Slimming World member - started 13 January 2010
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  • I have got my accounts with barclays and i have never had a problem with them, my Dad has been with Halifax for years and all he has had is grief with them, i say get out - especially now they're charging daily for use of the overdraft facility.
  • I was called in to HBoS to 'review' my account.

    When I challenged the teller about the new charges she gave me the 'it's clearer for the customer' line.

    I said I thought it was unfair and she then told me, in her opinion, it was very fair.
    She said, I quote,

    'some people don't realise that an overdraft is not their money- it's the bank's money. Personally I never go into overdraft- I know exactly what's in my account and wouldn't dream of using money that wasn't mine.'

    She was sitting with my account details in front of her and would have seen that I use the overdraft facility on my account at the end of every month.
    I was so embarrased at the time- it was as if she was telling me off for using the facility.

    When I told her that I may then consider switching banks she said that HBoS are market leaders and all banks would follow suit. :huh:

    Well, I for one am willing to take the risk and leave them!
  • so the other banks will follow suit.

    All the other banks will need to merge or get bought out. THen get a bail out from the government then? and thats just to match the quality of the Halifax
    You can't beat an egg.........................NO WAIT!
  • I have always had an account with the Halifax and have gotten grief. I am ditching and switching.:T:T:T:T:T
  • I went into my branch today and asked how can they justify these charges,they said it was to abolish the £35 charge for people going over their limit! :)
  • rb10
    rb10 Posts: 6,334 Forumite
    A few points from the article...
    No more buffer zone. In the past, many customers had a buffer zone meaning if you went overdrawn by up to an agreed amount you didn't pay anything.

    No, this is incorrect. The Ultimate Reward account currently has an interest-free overdraft of up to £300. This will continue as a fee-free overdraft of up to £300. (Take a look at page 2 here for confirmation of this).
    The big winners are those who regularly go beyond their overdraft limit; most will often pay £100s less.

    The big losers are those who regular dip into their overdrafts, within their limits, by a small amount.

    What about those of us who don't use an overdraft at all?
    Hbos is now one of the better banks for those who go beyond their limit.

    ... or stay in credit for most/all of the month.
    There's huge political pressure on the banks like Hbos that are government backed to reduce charges for going beyond overdraft limits.

    There is huge pressure on all banks, whether Government backed or not, to reduce these charges. Much of this pressure comes from this site.
This discussion has been closed.
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