MSE News: Payday lottery could scupper Halifax reward cash

Mikeyorks

I find the article slightly less bemusing than the stated reason for it's production?

MSE_Martin wrote:

we've had a number of emails people wanting to know why they haven't got their money

....... what is wrong with these people? Why would they do that? We're in an age where people have an abundance of information just a mouse click away ...... yet so many seem incapable of putting the simple effort in.

The Halifax site makes it instantly clear that the rationale of the Reward is :-

£5 each calendar month you pay in £1,000

..... it's specified clearly on the Current Account homepage .... and then repeated in the finer print at the bottom. It's clear and unequivocal - 'each calendar month' :-

http://www.halifax.co.uk/bankaccounts/bankaccountshome.asp

If that's not enough then presumably these people have access to this Forum? And which subject has chalked up more threads and posts in the last 12 months than the Reward current account. The earlier threads majored on the basic T&Cs ...... the mid stream ones added to that and fleshed out how many accounts you could hold. And, later, hardly a month passes without someone querying when the Reward is paid .... and the requirement to pay in £1k per calendar month is oft repeated.

So why would you want to Email the admin team!! I'll go get a spoon and feed you!

Sooler

Shouldn't there be a warning for accounts that charge a penalty for not funding.
A&L Premier Direct accounts require £500 a month to be paid in, else they charge a fee.

Similar issue as the HBOS fiver except rather than missing out on a bonus people will lose money, and the bank will rake in loads of penalty charges.

Paulgonnabedebtfree

Whatever people may think of the HBOS deal, if it were possible I would happily open a thousand of those accounts. A very nice earner it would be too and it wouldn't even need a thousand pounds to fund it.

MWH1

I have never been a fan of the Halifax, however, I don't think in this instance that they have tried to hide behind terms and conditions. Customers who feel they have been treated unfairly, of course, always have the right to close the account and find another provider.

sKiTz-0

HBOS done nothing wrong here.

What's wrong with somebody just transferring £1000 out of their account when they get paid, then back in during the calendar month? Not rocket science, and you don't even have to get off your backside.

I always make a point of checking my payments in on these accounts at the end of the month to make sure I've fulfilled the requirements. Takes all of 10 seconds to transfer some money in then back out again if I find I have fallen under the 1k mark for the month.

Money369

Hi!

Could anyone please tell me if Halifax would lower my internal score if I paid my weekly salary of £400 into my reward account by cash? I'm currently using Lloyds as my main account and don't really want to change that at present?

Any help would be appreciated!:A

opinions4u

Money369 wrote: »

Hi!

Could anyone please tell me if Halifax would lower my internal score if I paid my weekly salary of £400 into my reward account by cash? I'm currently using Lloyds as my main account and don't really want to change that at present?

Any help would be appreciated!:A

The internal scoring mechanism prefers automated credits, although I'm not sure how significant the weighting applied is. You'd be better sending a standing order or Faster Payment from Lloyds to achieve this.

The Reward payments referred to in this thread are made against any credit in to the account though, as long as these are greater than or equal to £1000.

CannyJock

You can FP £1000 in and out of an HBOS account in minutes.

All you need to do is bounce 2 x £500 in and back out again. I do this manually every month to FP money into 1 account, then use their onling banking to switch the money through another 2 rewards accounts and FP it back out again. £15 a month for 5 minutes keyboard tapping isn't bad

EDIT: Their official line having spoken to their CS people is to leave the money in overnight to be sure, but this isn't necessary

EDIT EDIT: I do agree with other posters that HBOS aren't responsible for an individuals payment patterns and don't see any reason for them to even consider making special arrangements. The terms and pretty simple and very clear if you ask me.

withnell

Isn't this exactly the same as would happen if you didn't pay £1000 into Lloyds, or Abbey, or A&L, or any other account that requires regular funding?

The bank doesn't know when you get paid, and the be honest they are offering you a service to look after your money, they're not supposed to replace your mother. Its stories like this that make the banks remove these offers, and compared to what else is available, £5 a month for basically doing nothing is amazing

anna42hmr

withnell wrote: »

Isn't this exactly the same as would happen if you didn't pay £1000 into Lloyds, or Abbey, or A&L, or any other account that requires regular funding?

The bank doesn't know when you get paid, and the be honest they are offering you a service to look after your money, they're not supposed to replace your mother. Its stories like this that make the banks remove these offers, and compared to what else is available, £5 a month for basically doing nothing is amazing

i completely agree, if halifax just get grief and stories like this one whats the incentive to continue giving the £5's if they are just going to get grief for it