Halifax Overdraft Charges!!

Benno1983

I currently have the Halifax Ultimate Reward Account. Is this account affected by the £1 a day charge for being in your overdraft from december?

Thanks

YorkshireBoy

Yes. See here...

http://forums.moneysavingexpert.com/showthread.html?t=1986907

Benno1983

What would be the best thing to do for me. I currently get paid about £1000 per month and am in my overdraft at the mo. Is it best sticking with this account or switching?

Thanks

YorkshireBoy

Benno1983 wrote: »

am in my overdraft at the mo.

How much?

For how long have you been/will you be (in the foreseeable future) using it each month?

For how many days each month?

And finally, can you reduce the number of days you're using it (by better budgeting/use of a credit card/shifting your DDs/SOs back to just before payday/etc?

If you'd rather not go into detail here there are numerous other threads at the moment about this issue, so you may find information to help you make your decision in those.

psychic_teabag

I think the ultimate reward account has no fees for overdrafts up to £300. If you are quick (before 1st Nov), you can apply for a couple more (non-ultimate) reward accounts, and then by just moving £1000 between them all once a month, pick up another £10 reward.

playgirl_emz

does this mean that you get charged £1 a day for using an authorised overdraft? could someone clarify this?

Extant

playgirl_emz wrote: »

does this mean that you get charged £1 a day for using an authorised overdraft? could someone clarify this?

£1 a day for authorized overdrafts up to £2,500, £2 above that, £5 for unauthorized overdrafts.

£5 reward for accounts credited with £1,000 per month, regardless of overdraft.

These replace all other fees and interest.

noh

playgirl_emz wrote: »

does this mean that you get charged £1 a day for using an authorised overdraft? could someone clarify this?

Yes you do.
£1 a day for using authourised overdraft up to £2500
£2 a day for using authourised overdraft over £2500
£5 a day for being in unauthourised overdraft

playgirl_emz

omg that is ridiculous!! do u know if other banks will be implementing this? i have a £400 overdraft which is interest free and im nearly always in it! ive never really thought about paying it off as i dont get charged for it. if my bank put charges on it like halifax have how much notice would they give me?

noh

playgirl_emz wrote: »

omg that is ridiculous!! do u know if other banks will be implementing this? i have a £400 overdraft which is interest free and im nearly always in it! ive never really thought about paying it off as i dont get charged for it. if my bank put charges on it like halifax have how much notice would they give me?

After 1st November they would have to give a minimum of 60 days.