halifax! can they do this?

vix2000

I don't think you're getting the point here.

a) if I can't withdraw my money then they HAVE taken it.

b) whether I want to withdraw the money or not is immaterial, its my money and I should have access to it until the day the payment is due.

c) it is my perogative not to have the available funds and incur charges, not for the banks to take it a day early just in case.

are you all happy for your banks to do what they want, when they want with your money, without your consent? Theres no wonder they are the most powerful institutions in the country.

By the way, have you not heard that, as Martin Lewis himself advocates, bank charges are unlawful?

ps. Hereward, I am talking about my actual balance, not available balance.

Kilty_2

Bottom line, if you don't like it move your account elsewhere.

Personally I can't see what the big deal is.

MarkyMarkD

Vix

You might think that others aren't getting the point, but YOU aren't getting the point.

Your account conditions require the money to be in your account to meet any standing orders, direct debits, or cheque clearances, at close of business on the previous working day. This isn't a Halifax quirk - it applies to every bank that I am aware of.

So, given that the money has to be there by the close of business on the previous working day, your bank has every right to RESERVE those funds from close of business on Friday for standing orders (etc) due out on Tuesday.

If they did NOT reserve these funds, and you spent them, you would be out of pocket because you would incur overdraft and other charges.

If you need the money to spend over the weekend, you can't get it back into the account in compliance with the terms and conditions of the account before the payment requires them - i.e. close of play on Friday - so you CAN'T spend that money over the weekend under the terms of the account.

It's irrelevant that you can transfer money online between Halifax accounts instantly - making such a transfer still doesn't meet the contractual requirement of having the money there when required unless those transfers are made before close of business on Friday.

M Thomson isn't being obstinate or failing to listen - he's stating the position and this is what you agreed to when you opened your Halifax account.

All the above said, I can't see what you are getting excited about - the most you can possibly be losing is the difference in interest between your Halifax savings account and your Halifax current account, on the amount of your standing orders due out on Tuesday, for 3 or 4 days - not worth losing sleep over, even if Halifax were doing anything wrong, which they are not.

vix2000

I give up. If no-one can see the ethics in this then so be it.

Give your money to the banks to use as and when they wish.

Kilty_2

vix2000 wrote:

Give your money to the banks to use as and when they wish.

OK.

Remember, having a bank account is a privelege not a right, if you don't like how it operates then close your account and keep your money under a matress.....

Hereward

vix2000 wrote:

I don't think you're getting the point here.

a) if I can't withdraw my money then they HAVE taken it.

No they haven’t, in the past you have taken the future amount and used it for something else. The account provider has followed your instruction in accordance with their T&Cs, which you agreed to when you opened the account and reaffirmed when the SO was set-up.

b) whether I want to withdraw the money or not is immaterial, its my money and I should have access to it until the day the payment is due.

Once you deposit money with a financial institution is stops being your money and it becomes theirs. The institution just pays you, in the form of interest, for your deposit.

c) it is my perogative not to have the available funds and incur charges, not for the banks to take it a day early just in case.

This is true, so why didn’t you just deposit the required funds the working day before any SOs or DDs are due?

are you all happy for your banks to do what they want, when they want with your money, without your consent? Theres no wonder they are the most powerful institutions in the country.

The bank has my consent to make as much money as possible from my deposit as it can, so it can pay me a decent interest rate on it. It also has my consent to reserve funds for my SOs and DDs so that I do not incur any charges, as stated in the T&Cs. BTW the banks, and building societies, are nowhere near the most powerful institutions in the country, it just happens to be that the power the wield is very visable.

By the way, have you not heard that, as Martin Lewis himself advocates, bank charges are unlawful?

ps. Hereward, I am talking about my actual balance, not available balance.

Bank charges are not unlawful, the current level may be, but this has yet to be proved in court.

kenshaz

Kilty wrote:

OK.

Remember, having a bank account is a privelege not a right, if you don't like how it operates then close your account and keep your money under a matress.....

Not a good response ,the banks make profits we are customers,they serve us ,they are giving us nothing free ,and because of that we have rights ,please do not forget that because it is fundamental to democracy,the government gives us rights not the banks they are our servants

DrFluffy

All this will change from next year, I guess. Nearly all of the High Street banks have said they are going to end 'free' banking...

kenshaz

vix2000 ,there are a group of either bank workers or ex-bank workers or retired bank workers who haunt this thread ,if they declared themselves we would know the opposition,but they hunt in a pack and defend their masters

kenshaz

DrFluffy wrote:

All this will change from next year, I guess. Nearly all of the High Street banks have said they are going to end 'free' banking...

nearly all ,well that will leave the ones who charge without customers