Halifax changes...

TB85

Hey guys

Just thought I would give you a heads-up on the new changes Halifax are implementing come July.

-Basic bank accounts can be upgraded to full facility without the need to change your existing sort code & account number.

-New accounts will no longer require a minimum fundning of £100 to open the account.

-Customers will receive a text when they are within £50 of their limit, and will have until 3.30pm that day to pay cleared funds into their account to cover direct debits.

-Transactions will be processed earlier. They currently run Monday to Saturday. This will change to Sunday to Friday.

-BOS will take on the 'Lloyds' range of accounts. The URCA will only be offered by Halifax, as BOS will switch to Premier, Platinum, Gold and Silver account. BOS accounts will also switch to credit/debit interest and receive credit interest with vantage.

-Savings product range being streamlined, whereby only 7 accounts will be offered.

jambosans

Well if that's the case, goodbye Bank of Scotland.

I don't have enough money in savings to benefit from Vantage, hence why the Reward Current Account was an excellent alternative. I knew Bank of Scotland was going to get shafted with this merger, I only hope Halifax accounts can still be opened and operated (via BoS branches) north of the border.

July seems early, I've heard that's when the major migration begins on to LTSB systems, but surely it's too close to revamp the whole Bank of Scotland product line? I would have though changes like this would require two months notice.

@OP: thanks for leaking (possible) commercially sensitive information, a retrograde set of announcements.

opinions4u

jambosans wrote: »

July seems early, I've heard that's when the major migration begins on to LTSB systems, but surely it's too close to revamp the whole Bank of Scotland product line? I would have though changes like this would require two months notice.

If the existing accounts remain, but aren't available to new customers, nobody requires any notice.

@OP: thanks for leaking (possible) commercially sensitive information, a retrograde set of announcements.

If it's true.

rb10

TB85 wrote: »

-Customers will receive a text when they are within £50 of their limit, and will have until 3.30pm that day to pay cleared funds into their account to cover direct debits.

Is that really correct? It's surely a backwards step!

At the moment, I can pay money in up until 23.59 to cover direct debits ... and they are bringing that deadline forward by 8.5 hours?

Azrael_1701

rb10 wrote: »

Is that really correct? It's surely a backwards step!

At the moment, I can pay money in up until 23.59 to cover direct debits ... and they are bringing that deadline forward by 8.5 hours?

Bos lines aren't changing, and its 3:30 the day they are due, so a dd due on Monday you can put the funds in Monday afternoon and it will be paid. Monday is no longer a BACS processing day, but Sunday is.

rb10

Azrael_1701 wrote: »

Bos lines aren't changing, and its 3:30 the day they are due, so a dd due on Monday you can put the funds in Monday afternoon and it will be paid. Monday is no longer a BACS processing day, but Sunday is.

So is it about whether a payment will be made, or whether I will be charged.

Currently, for a DD to be made on a Tuesday, I have to have the money in my account (or sufficient overdraft available) by 2359 on Monday.

If this DD takes me into my overdraft, then provided my account is in credit by 2359 on Tuesday, then I will not be charged at all.

So are you saying that from July, provided the money is in my account (or sufficient overdraft available) by 1530 on Tuesday, then it will still be paid?

But what if the payment takes me into my (arranged) overdraft when it's made in the early hours of the morning, and I then bring the account back into credit at (say) 2000. Do I get charged for that or not?

jambosans

rb10 wrote: »

So are you saying that from July, provided the money is in my account (or sufficient overdraft available) by 1530 on Tuesday, then it will still be paid?

I wouldn't have thought so.

Seeing as these are verbatim Lloyds TSB cut-off's, it will be to avoid charges only.

Lloyds TSB's system does a batch-run on a Sunday afternoon for BACS (i.e Direct Debits, standing orders, credits, etc.). The next run is Monday evening for payments due out/ in on Tuesday.

@Azrael_1701: I believe you've misunderstood how LTSB's systems work.

Old_Wrinkly

TB85 wrote: »

-Savings product range being streamlined, whereby only 7 accounts will be offered.

Which 7?
Will holders of 'accounts no longer offered' be allowed to keep them?

opinions4u

Old_Wrinkly wrote: »

Which 7?
Will holders of 'accounts no longer offered' be allowed to keep them?

They won't be forcing customers out of existing savings accounts. I'd suggest that they will reduce the number of accounts on sale to seven.

backinbusiness

jambosans wrote: »

Lloyds TSB's system does a batch-run on a Sunday afternoon for BACS (i.e Direct Debits, standing orders, credits, etc.). The next run is Monday evening for payments due out/ in on Tuesday.

Can I take this to mean that Tax Credits which are currently credited to my account circa 3.00am of a Monday morning would now be credited Sunday afternoon(ish)?

BiB

backinbusiness

Hey OP

Can you confirm or otherwise what I posted above please?

Thanks

BiB