Halifax charges

chatterboxchris

Not sure whether I am posting this in the correct place. My 70 year old mum has an overdraft with the Halifax and they told her a couple of months ago and many other customers that they wer going to start charging her a pound a day. She is reducing it as quickly as possible but is struggling,on her own and getting very upset. I have told her to speak to the manager and tell him/her that she cant afford it. Anybody else had this problem ? Any help would be really useful.
:mad:

dunstonh

The new charges are a reflection of the bank charges court case and are considered to be fairer. Problem is that many people are worse off under these.

Whilst the bank has to treat your mum fairly, it does not have to waive these charges and can continue to charge them. If you mum is using the facility then she is paying for that service now. Could she switch from overdraft to loan as that is a cheaper way to borrow. An overdraft is not designed or priced to be used for long term borrowing.

natweststaffmember

dunstonh wrote: »

The new charges are a reflection of the bank charges court case and are considered to be fairer. Problem is that many people are worse off under these.
Interesting take on this but have you got a source that clearly states that (a) they are fairer, and (b) they are a reflection of the bank cahrges test case?
Dunstonh, that is utter nonsense and I will explain to you why that is the case. The account has been in operation to some customers for over 12 months before its introduction, the bank was in the process of appealing the first judgement of Justice Smith, and the court has never tested the newer terms and conditions to state that they are fair. I can provide the press release from 2008 with regards to the introduction of the account if you would like.
Whilst the bank has to treat your mum fairly, it does not have to waive these charges and can continue to charge them. If you mum is using the facility then she is paying for that service now. Could she switch from overdraft to loan as that is a cheaper way to borrow. An overdraft is not designed or priced to be used for long term borrowing.

I would ask Halifax whether they either (a) have a different account that she could move to that has no fees involved or failing that (b) look at switching bank accounts to a bank that can offer the same facility without charging daily fees.

the_insider

There is no Halifax account which offers an overdraft which does not charge daily now. Unless you are a student. It is possible to have a non-credit account and go overdrawn through transactions but you will have charges for this under the old charging structure.