Halifax charge interest for money already repaid!!!

knightstyle

opinions4u, the money will be sent back from whence it came is what they said. The cash withdrawals attract interest immediately whereas purchasing is interest free for me as I settle up in full each month. I recon crediting 3 days in advance will mean it arrives at about the same time as I make withdrawals.
Yes, I will post the reply from Halifax when it arrives.

girllikeme1

Same happened to me, I used Clarity card to withdraw cash in Hong Kong, and paid balance a few days later. However I think they charge you for each day you had withdrawn that cash, before you paid it off. There's something in the terms that states the interest rate on cash withdrawals 'even if repaid in full'. However this was only pennies, and the conversion rate I got from HKD to GBP was beneficial so the interest I was charged is obsolete.

miller

zagfles wrote: »

As I said before, stuff on a statement is always paid off before stuff not on a statement. Cash advances on a statement are paid before purchases on a statement, and cash advances not on a statement are paid before purchases not on a statement. But statemented stuff is always paid before any non statemented stuff.

I have read the T&C's and agree with your interpretation, but there is definitely something wrong on mine in that case then.

28/05 UK Purchase £1.00
15/06 Statement (Total £1.00)
05/07 Foreign Cash W/D £100.00
05/07 Foreign Purchase £200.00
11/07 Direct Debit £1.00 CR
11/07 Manual Payment £100.00 CR
14/07 Interest £0.29
14/07 Statement (Total £200.29)
08/08 Direct Debit £200.29 CR
15/08 Interest £0.76
15/08 Statement (Total £0.76)

I have been charged approximately 30 days' interest on the foreign cash withdrawal. There could be a timing problem with the DD and manual payment co-inciding on the same date, but the entry definitely appears after.

Interestingly (ha), when I made the manual payment the £0.29 initally appeared on 11/07 (as if the system was making an immediate calulation of the interest due on the foreign cash withdrawal). But at some point it moved to the 14th (which is correct as it should be compounded monthly).

As far as I can tell DD's are not affected by additional payments.

I'm not a big fan of Halifax's random statement dates either.

Edit: I've rounded some of the items for clarity (ha, again), but the principles are sound

miller

I have had the second interest charge refunded over the phone.

Apparently interest for cash withdrawals will always appear on 2 statements. I'm not sure how that can be reconciled as there will be instances when manual payments should circumvent this.

I'm not sure these additional payments actually make any difference. Sounds like a system implementation error.