so thats why that halifax article was on here

Snakeeyes21

martin lewis is on watchdog talking about it.
i wonder if what he says will be more truthful than what was wrote in that article :beer:

Lokolo

What was he saying?

Snakeeyes21

he hasnt been on yet

MSE_Martin

Do tell me what you think isn't truthful? I haven't seen any negative feedback or comment on it. As far as Im concerned its both truthful and accurate?

If you havent read it its here

http://www.moneysavingexpert.com/news/banking/2009/10/how-to-beat-halifaxs-overdraft-chagres

apt

Personally, I did not think Martin gave good advice to the assembled whingers on Watchdog. Current accounts are not a minor part of personal finance. If they go wrong they have a major impact on people's everyday life. His 'ditch and switch' advice will not solve any problems for those that do not live within their means and do not keep a track and control of their finances. It would have been more responsible to emphasise budgeting, finding a reliable bank/building society with good customer service, and building up a good credit rating.

Snakeeyes21

I was refering to the opinions in this thread about the original article http://forums.moneysavingexpert.com/showthread.html?t=2023523 with people saying the article was biased, and gave very little mention to the current charges that in most cases are higher now than they will be when the changes are bought in

MSE_Martin

Snakeeyes21 wrote: »

I was refering to the opinions in this thread about the original article http://forums.moneysavingexpert.com/showthread.html?t=2023523 with people saying the article was biased, and gave very little mention to the current charges that in most cases are higher now than they will be when the changes are bought in

That article was a holding one bylined by one of my team about the views and complaints that we've received - my article is the sites view of the situation and what you should do.

http://www.moneysavingexpert.com/new...rdraft-chagres

As for the accusation of poor advice to the whingers. I think you misunderstand, the people who are primarily impacted by this are those who go into their overdrafts some days go overdrawn - and frankly if you dont like your bank and others are cheaper - and your finances aren't in crisis (as those with limited overdrafts aren't) then switching is a good move.

As for your point about those with bad finances moving, I specifically told the woman in the studio talking about moving her mortgage too that this was a dangerous idea to protest that way and should be careful - though i havent seen the programme yet and some of that may've been cut out.

Martin

Inactive

Link not working..

Sharon87

It's good to know that the subject is reaching more people - My mum is with Halifax and if it wasn't for me she wouldn't have known about it. Halifax haven't informed everyone of the changes yet, I haven't had anything through yet. By the time they send information out it may be too late for people to open another overdraft or apply for 0% credit card (like I'm going to try to do if I have a good enough credit score!)

HalfPint

I've not seen the programme yet either but I've already "ditched and switched"...I'm one of these who use the od facility as a safety net....I hardly ever use it but for me it's the principal of it all.

It's sneaky, especially after increasing my od limit without asking me if I wanted it, by over £1000:eek:. Its another way of the bank "making money" It also seems to push people more to have a "reward" account...I just don't like it....stinks of manipulating the consumer...don't also forget that they are saving themselves money too....people like me who earn a few pennies interest every month, cause they dont deposit enough to have a reward account! I lose on the few pence...they save money by not having to give it to me! There must be loads of people like me who feel stuck between a rock and hard place because their earnings are just too low!

I for one appreciate Martin's advice...thanks Martin! :T

HP x

Morglin

In the end, all the banks will raise money with rules like this, so I wouldn't think switching banks will do much good in the longer term.

Someone has to pay for those who, despite being aware of the T&c's, spent money that wasn't theirs, and are now moaning they want refunds of charges.:rolleyes:

Banks will always find a way to get their money!

As the taxpayers own some of these banks now, that means WE will will be paying these refunds from certain banks.:mad:

On top of that, those who abide by the rules, and don't exceed their overdraft agreement will be pay more than those who break the rules, from what was said last night on WD.

How is that fair?

It won't be long before banks start charging for current accounts, and we will all be the losers.

Lin