Halifax changes...

Degenerate

I think people are grossly overstating how "commercially sensitive" this information is. Some brands and product lines are being repositioned and some systems rejigged as the merger progresses. There's no radical new product being launched here, or anything else that would need to be kept under wraps for fear of tipping off competitors. It's just a few anticipated changes that will be announced in due course, not some hot secret.

System

Totally.

Was it not mentioned here months ago that TSB & IF would be sold off. Leaving Lloyds and BOS as the two established banks and Halifax as the "new" bank.
It would make sense that the product range would be re-aligned to match.

I'll probably close my BOS reward and keep the Halifax one when the changes go through.

Degenerate wrote: »

I think people are grossly overstating how "commercially sensitive" this information is. Some brands and product lines are being repositioned and some systems rejigged as the merger progresses. There's no radical new product being launched here, or anything else that would need to be kept under wraps for fear of tipping off competitors. It's just a few anticipated changes that will be announced in due course, not some hot secret.

Dr_Cuckoo3

TB85 wrote: »

Hey guys


-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.

Seems odd that Bank of Scotland would change its accounts to Lloyds style accounts whilst retaining Halifax style accounts under its Halifax brand (covered by Bank of Scotland's banking license)

Lloyds’ new chief executive Antonio Horta-Osorio will reveal the bank’s new strategy on June 30, in a move which is expected to underline the group’s commitment to the Halifax brand

http://www.yorkshirepost.co.uk/business/business-news/lloyds_expected_to_commit_itself_to_halifax_1_3416693

savagej

I dont know much about the separate banking licenses and what will do be done with these, i do think BoS is keeping its separate so it can continue to issue bank notes in Scotland.

At the moment, from the last set of change to the T&C's i got, a BoS customer and a Halifax customer can perform a limited number of transaction types in the different branded branches.

As it has been announced that LTSB Scotland is to disappear from our high streets, and the LBG brand in Scotland will be BoS then I have a feeling that things may change and that those LTSB customers become BoS customers and that BoS then becomes aligned with Lloyds Bank (to be when TSB is sold in England & Wales) and BoS customers and Lloyds customers will be able to use each others branches again probably for a limited number of transactions types.

As you said Halifax is there "different" bank and it maybe is going to act as a competitor within the high street enviroment to Lloyds in England & Wales.

This would at least make sense of why BoS is aligning it's accounts with LTSB as LTSB in the one that took over HBOS and wants to offer their products nationwide after LTSB Scotland is sold.

Hope that makes some sense and it is just me postulating, i dont have any insider information.

finnlouis

Hi all, newbie so please go gently on me, can anyone give me some advice.
I have had a bank account with Halifax for 17 years, i earn a fairly decent wage which gets payed straight into this account, therefore there is minimum £2400 going through the account every month.
I recently received a letter stating that because of lack of use of my overdraft they were reducing my overdraft limit from £9,999 (yes this was ridiculously high) down to £2500. Ok so i thought this is fair. I noticed when online banking yesterday that they had reduced this limit again down to £600, without informing me. Now after all those years of not using my overdraft facility, i am in the position where i do need to use it so I gave them a call to extend the limit back to £4000 and they will not authorise it, in fact they were so unhelpful on the phone that i am now considering cancelling my account and paying my wages into another bank. Could anyone give me some advice as how to complain or bargain with them before i cut my ties completely, cheers.

pinkdalek

Complain via their normal complaints procedures, explain you received no notification of the overdraft being reduced, as you are supposed to receive confirmation.

When they could not offer you £4000 this does not seem out of the ordinary as your overdraft had been lowered to £2500 which you mentioned you were ok with. When you spoke to them did they adivse you what the maximum amount of overdraft you could have or were they just blunt with you. If that is the case mention how unhelpful they have been and how this has caused you much stress and upset and severe disappointment.

stclair

pinkdalek wrote: »

Complain via their normal complaints procedures, explain you received no notification of the overdraft being reduced, as you are supposed to receive confirmation.

When they could not offer you £4000 this does not seem out of the ordinary as your overdraft had been lowered to £2500 which you mentioned you were ok with. When you spoke to them did they adivse you what the maximum amount of overdraft you could have or were they just blunt with you. If that is the case mention how unhelpful they have been and how this has caused you much stress and upset and severe disappointment.

Overdrafts are not designed for long term borrowing in effect the bank could pull the rug from under there feet at anytime as overdrafts are repayable on demand.

GingerFurball_2

Given HBOS' overdraft charges, would using a credit card not be a cheaper way of borrowing the £4,000?

Even if I was to withdraw cash on my credit card with a 3% fee and 29.95% APR, I'd have to withdraw about £1,200 before an overdraft worked out cheaper than a credit card.

opinions4u

GingerFurball wrote: »

Given HBOS' overdraft charges, would using a credit card not be a cheaper way of borrowing the £4,000?

Even if I was to withdraw cash on my credit card with a 3% fee and 29.95% APR, I'd have to withdraw about £1,200 before an overdraft worked out cheaper than a credit card.

A £4k arranged overdraft with Halifax would cost no more than £730 a year.

The same amount on the credit card rate you quote will cost just short of £1,200 before adding on any fees.

Mishomeister

TB85 wrote: »

-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.

Does that means the BOS Reward account will be gone as well?
Currently I have both BOS Reward and Halifax Reward accounts to pump a £1000 through each and get a £5 for each. That was done on purpose, so Halifax or Lloyds wouldn't say that I can only have 1 Reward account.
Alo what will happen to internet banking? Will they move BOS account out of my Halifax IB? Any information if it would be possible to change a BOS Reward account to Halifax Reward account?