BofS changing the goal posts again?

mountainous

I have 2 accounts with BofS which are in the red every month and we are obviously paying for it with the £1 per day overdraft charge.
I today have changed from Ultimate reward to their basic account as i am not prepared to pay the BofS any more money than i have to, our current bill to BofS is £80/£85 per month in total for 2 accounts. We are currently in the process of changing over to an account with Santander which has the same benefits without being charged so much until we can sort ourselves out.

On speaking to the advisor this morning he let slip that on Monday21 February 2011 "letters" were going to be issued to "certain" customers from their actuaries telling customers that they will be changing their overdraft arrangements ie reducing them.

Surprise surprise the advisor could not tell me if i was one of the "lucky" ones so i will just have to wait.

Firstly we are penalized for being in the situation we are in and now potentially they are taking it away from us.

Can anybody (Martin) :money:shed any light on this?

jambosans

mountainous wrote: »

Can anybody (Martin) :money:shed any light on this?

It is routine for a bank to review overdraft using accounts every so often. They would probably even suggest it is something to do with being a responsible letter.

Although it is said repeatedly on here, overdrafts are repayable on demand, and from time to time, they may prompt for partial or full repayment of a debt. We can debate around the reasoning for this, but ultimately their perfectly within their rights to do so, as the goal posts have never changed.

Incidentally, did you not speak with Bank of Scotland at the time the new charges were introduced? They were running an overdraft consolidation policy for a limited time during the change over which allowed customer to consolidate all their overdrafts on to one account - meaning you only paid £1/ £2 per day for the entire debt. Highlighted in the below guide:-
https://forums.moneysavingexpert.com/discussion/1986907

blueberrypie

mountainous wrote: »

I have 2 accounts with BofS which are in the red every month and we are obviously paying for it with the £1 per day overdraft charge.
I today have changed from Ultimate reward to their basic account as i am not prepared to pay the BofS any more money than i have to, our current bill to BofS is £80/£85 per month in total for 2 accounts. We are currently in the process of changing over to an account with Santander which has the same benefits without being charged so much until we can sort ourselves out.

Just so you are aware: Santander's terms re matching overdrafts require that the account you're switching from has been in credit for a certain number of days each month. If you are overdrawn on your Halifax account for most of the month, don't be surprised if Santander refuses you an overdraft. And either way, be prepared for Santander's astonishingly poor service - you wouldn't be the first to switch in the belief that it would save you money, only to find that the savings were soon more than matched by charges.