Birmingham Midshires owned by Halifax?

**purplemoon**

Hi

I was searching the forum earlier for some info on the Birmingham Midshires internet savings account, as it's rated one of the top paying interest accounts, and noticed someone mention they were being taken over by the Halifax, is this true?

If so, what impact will this have on account holders and will BM keep it's own separate operations? The reason I ask is that I've just opened an account with them and transferred a considerable amount of money but I've had major problems with the Halifax in the past (and we're still in dispute over quite a large sum of money) so I feel very uneasy at them possibly being able to access what I thought was an independant savings account and knowing exactly how much I have in savings in there. Am I justified in being so worried?

cattie

Birmingham Midshires is actually part of the Halifax group, so I think you may have misunderstood about it being taken over.

regularsaver1

Yes HBOS - Halifax Bank of Scotland. Birmingham Midshires is already one of their subsidaries, but very different in their own right, as are Intelligent Finance, TMB, and the car insurances - esure, Sheila's Wheels ect.

http://www.hbosplc.com/home/home.asp - This shows all the firms

However, Halifax systems would not have access to the BM info.

**purplemoon**

Oh wow, I never realised they owned so many companies! I knew about BOS but not the others.

However, Halifax systems would not have access to the BM info.

Is this for definite? I don't want to go into too many details on a public forum but the bottom line is that my ex owes a substantial amount of money to the Halifax, but it was a joint account, and he's suddenly gone AWOL so they are now trying to reclaim the debt from myself. However, that's now in legal hands and not really something I wish to discuss here but I'm worried that they might have the power to seize/freeze or whatever my savings in the BM account if they own the company!

regularsaver1

branch wouldn't as it would only show Halifax and BOS

i don't know further down the line though

barak

**purplemoon** wrote:

.....The reason I ask is that I've just opened an account with them and transferred a considerable amount of money but I've had major problems with the Halifax in the past (and we're still in dispute over quite a large sum of money) so I feel very uneasy at them possibly being able to access what I thought was an independant savings account and knowing exactly how much I have in savings in there. Am I justified in being so worried?

YES (possibly!) - I think your relationship with Halifax may have been immediately apparent to BM when you opened your BM account (quoting your name and postcode) for security and personal identity reasons.

Whether or not Halifax would get round to recognising that you have opened a BM account, and what they could do about it - if anything, is another matter.

regularsaver1

Halifax customer systems only show Halifax or Bank of Scotland accounts, just as they couldn't see Sainsbury's bank customers either, that are also part of HBOS

Jake'sGran

**purplemoon** wrote:

Hi

I was searching the forum earlier for some info on the Birmingham Midshires internet savings account, as it's rated one of the top paying interest accounts, and noticed someone mention they were being taken over by the Halifax, is this true?

If so, what impact will this have on account holders and will BM keep it's own separate operations? The reason I ask is that I've just opened an account with them and transferred a considerable amount of money but I've had major problems with the Halifax in the past (and we're still in dispute over quite a large sum of money) so I feel very uneasy at them possibly being able to access what I thought was an independant savings account and knowing exactly how much I have in savings in there. Am I justified in being so worried?

I had a Birmingham Midshires account when they became part of Halifax and recd some Halifax preference shares. Like you, I too have had problems with the Halifax in the past but I did get £50 when I complained to the Ombudsman. Just wouldn't use them for anything again. Same with Abbey except that their Cahoot online savings account is OK.

charlieboycat

**purplemoon** wrote:

I'm worried that they might have the power to seize/freeze or whatever my savings in the BM account if they own the company!

I think you are right to be worried. Birmingham Midshires is no longer even a subsidiary of Halifax - it is "a division of Halifax PLC". This means that BM is not a separate company owned by Halifax PLC - it is now merely a trading name used by Halifax PLC. The legal corporate entity with whom you have deposited your money is Halifax PLC itself.

I don't know whether or not Halifax actually have the legal right of off-set so as to grab your deposit to set against the debt (that would need a careful scrutiny of the T&C) - but why take the risk? The BM interest rate isn't that good anyway.

**purplemoon**

charlieboycat wrote:

I don't know whether or not Halifax actually have the legal right of off-set so as to grab your deposit to set against the debt (that would need a careful scrutiny of the T&C) - but why take the risk? The BM interest rate isn't that good anyway.

It pays 4.95% AER which is a reasonably good rate compared to others, beaten only by ICICI I believe (not including regular savers) and certainly better than any of our other easy access savings accounts. I do agree though that it's probably not worth the risk, especially as it was intended as a stoozepot account so if they did take the money it would land us in a whole heap of debt!!!