Deliberately mis-sold Halifax Ultimate Reward account

stroodlights

Hi all,

I am a customer with the Halifax and have a £900 overdraft which I am in for the majority of the month. I called into the High St Kensington branch of the Halifax to switch to the Reward current account, as it pays back £5 a month, but was told that it would be more benficial to me to switch to theuir ultimate reward account. this costs £12.50 a month, with £5 cashback bringing the total cost to £7.50 a month to run the account. I was told that I wouldn't ahve to pay the £1 a day overdraft charges associated with the Reward account, just the £7.50 a month and the same percentsge on my overdraft that I paid before. I was also informed that the 1st £300 would be interest free. I confirmed all this before signing up and was told quite clearly again that I would be paying the account fee, plus interest on my overdraft and would avoid the £1 a day O/D fee. I checked my account online yesterday to learn that the halifax O/D charges also apply to the Ultimate Reward account when £300 or more overdrawn. I made it quite clear to the member of staff I spoke to that I would be up to £500 overdrawn on the first of each month when my rent goes out, but they didn't see fit to inform me that this would lead to the £1 a day charge with the Ult. Reward account. I feel that I ahve been deliberately misled, against my interests, to sign up for a paid account that is of no benefit to me and will actually cost me more than the account I switched from. I don't know if theHalifax are pushing this account, or if their staff are working to comission, but the member of staff I worked with operated with all the morals of a conman. In effect, they didn't lie, as my what they said was valid for a full five days before the changes came into effect yesterday, but I believe that I was deliberately kept in the dark and misled.

cifpower

I would make a formal complaint to Halifax.

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

amjack

Hi there,

I was also missold an Ultimate Reward account. I paid in a cheque to my normal current account and was told to speak with an advisor. He sat me down and explained about the new £1-per-day charge, and told me that the URCA was much cheaper, since it would only be a £12.50 charge per month. He refused to let me take any documentation home to read as the leaflets he had in were "out of date", and I'd receive the up to date info when I signed up. I asked him to double check that that £1-per-day charge was not applicable on the URCA and he confirmed this.

...of course, a few days later when the paperwork came through, I found out he was wrong and the £1 per day charge would be applied on OD's over £300 (mine is £900 at the moment). I phoned Bank of Scotland to complain, and they reverted my account back to the normal current account. I've formally complained, and the resolution was that the advisor informed me correctly and offered me a brochure. I've phoned the complaints dept again and was told the person dealing with my case would be in touch... but of course, she hasn't.

I've banked with BoS my whole life and am furious with them. I feel like they are punishing those of us with "average" overdrafts, whilst rewarding people with huge overdrafts as the £1 per day is far cheaper for them than the old rates of interest. I cannot afford the £1 per day charge, but since I'm a stay-at-home mum with minimal income I am trapped as I cannot clear the OD to move, or be accepted by another bank for an OD transfer.

Brodiebobs

as cif power said make a complaint, and yes they are on comission, and have targets to meets in respect to a number of sales per month per product.

i would assume you have a timescale to change your mind after the account was opened? I would in the first instance go back to the branch and complaint there perhaps to the branch manager as i'm sure they wouldnt want it to go much further!

Good luck

as above they will revert!