MSE News: Payday lottery could scupper Halifax reward cash

bengal-stripe

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?

As far as I know all banks use the term "month" not as calendar month, but as the period from one statement to the next, which in turn depends on the actual date the account was opened. So a "month" is the period between the 5th (or any other date) of one month and the 4th (or whatever date) of the next month.

My statements go from the 23rd to the 22nd of the next month and they always state: "Total money in" and "Total money out" (within those dates).

MSE_Martin wrote: »

Its not sensationalised its just written up in an interesting way.

I presume, this is the "News of the World" definition of responsible and serious journalism.

anamenottaken

bengal-stripe wrote: »

As far as I know all banks use the term "month" not as calendar month, but as the period from one statement to the next, which in turn depends on the actual date the account was opened. So a "month" is the period between the 5th (or any other date) of one month and the 4th (or whatever date) of the next month.

My statements go from the 23rd to the 22nd of the next month and they always state: "Total money in" and "Total money out" (within those dates).

They may all do that but some at least also use calendar month which is why it's important to read, as I'm sure you do, the T&C of every account to know what is going on.

Sooler

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?

Are there Lloyds, or Abbey, or A&L accounts that pay a bonus for regular funding?

... or is it a penalty they charge?

Big difference between missing a bonus and incurring a penalty - but MSE have chosen not to bring that peoples attention - moaning about missing a bonus fiver but staying silent about the accounts where people are going to have money taken out.

callum9999

davidgmmafan wrote: »

"I thnk it's absalutely ridiculous that MSE sensationalises this!
It's £5 once in a while and its certainly not worth such a daming story.
I've noticed a trend with MSE stories doing this."

It was in the Daily Mail yesterday, don't see the problem myself. Yes its a pain, but you can arrange the transfer, or transfers, without leaving home. You don't even need a grand to do it.

However much you hate the banks there ARE some terms and conditions which are reasonable and this is one of them. The only thing interesting about this story is it reveals, yet again, the disdain they have for customers. Suggesting changing the payment date it so stupid I cannot believe a spokesperson said it. Maybe they are now an ex-spokesperson?

Ridiculous. They made the account for people paying in 1000 each calender month. Whilst the majority of people will be reaching this through their wages, it is not a 5 pound bonus for each wage deposit, its a 5 pound bonus for paying money in that month. Sounds very simple to me.

As for it being a valid story because its in the Daily Mail!!! (I do personally think it was good to point out to people so they can do something about it, but there is nothing wrong with what they are doing and holding up the Daily Mail as a good example is just hilarious).

Consumerist

opinions4u wrote: »

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.

Sorry if this is a tad off the point but I was wondering about that.

Thanks for the clarifaction.

Consumerist

I think this issue has been hyped-up out of all proportion.

It is probably true to say that most bank customers don't bother to inform themselves of the requirements of their account and this can only be their own fault.

That said, it's not unreasonable for the MSE team to warn us of the possibility of this kind of thing happening - even though Halifax make the requirements abundantly clear.

Alpine_Star

trynsave wrote: »

To dismiss someone else's views with a comment like 'what tosh' is very childish in my opinion.........That is Martin, in my opinion 'tosh'.

trynsave

Alpine_Star wrote: »

It's a fair cop guv! :rotfl:

davidgmmafan

michaels wrote: »

I just whack 1k out of my 4% LTSB vantage account by faster payments rotate it through my 3 and the wife's 4 halifax reward accounts and back in to the LTSB by FP and don't even lose a day of interest - just need to do it 1 day each month, doesn't matter which one. 7 Accounts x 12 months x £5 make it a nice little earner and no need to have money sitting in the reward account not earning interest.

I hear hbos are offering a £50 incentive for switching a direct debit and standing order to a reward account so I will probably give that one a whirl too.

I thought you could only have three accounts (2 single on joint)? That's what it said in the T & C's I read. Better find that other thread if I'm missing out on free money!!!

Mags_cat

davidgmmafan wrote: »

I thought you could only have three accounts (2 single on joint)? That's what it said in the T & C's I read. Better find that other thread if I'm missing out on free money!!!

When the Reward account first started the T&Cs were different - I've seen people who say they have up to 7 Reward accounts (both singles and joint) but that's been stamped on now.