halifax charging me a quid for going in overdraft

hubb

This is ridiculous. The Halifax have decided to charge me one pond for going into an arranged overdraft (about £30) BUT on the same day I transferred money from another account to put myself well into the black again.

As I did it on the same day, is it worth me contacting them for a refund? I could tell them I will close my account if they don't.

opinions4u

This link suggests, from the limited information provided, that you shouldn't have been charged.

If you have an Ultimate Reward Current Account, Reward Current Account or Current Account and go into overdraft in the course of a day, make sure you repay your overdraft by the end of the day to avoid paying the daily fee for that day.

Did you really bring the account back in to credit before midnight? Were there any uncleared funds? Have other bills or charges gone out the same day?

If you bank online with us, you can transfer money from other accounts up to midnight to avoid daily fees or debit interest for that day. For other amounts you pay into your account – for example, cheques or payments made at a cash machine – you’ll need to allow time for the money to reach your account. For cheques this can take several days.

YorkshireBoy

http://www.halifax.co.uk/bankaccounts/pdf/reward-current-account-guide.pdf (page 8, 3rd para)

But...I suspect it's a timing issue on your part re the credit, ie you made it after they closed off the 'bank working day'.

As to threatening to close the account, they'll know you're bluffing! After all, no-one does that for the sake of a quid...especially when you're getting £5 per month if you operate it well.

stclair

hubb wrote: »

This is ridiculous. The Halifax have decided to charge me one pond for going into an arranged overdraft (about £30) BUT on the same day I transferred money from another account to put myself well into the black again.

As I did it on the same day, is it worth me contacting them for a refund? I could tell them I will close my account if they don't.

I think it would be great if a bank could close accounts over the phone at the customers request.

hubb

This has happened before and I wasn't charged when I sent the money over the same day.

What do you mean make £5 a day if you handle it well ? I'm intrigued.

YorkshireBoy

hubb wrote: »

This has happened before and I wasn't charged when I sent the money over the same day.

The banking day doesn't run from midnight to midnight. Your T&Cs will clarify when the banking day ends. For example, and from memory, it used to be 5.30pm but may have changed since the migration to LTSB systems.

What do you mean make £5 a day if you handle it well ? I'm intrigued.

I said £5 per MONTH, ie the Reward payment.

I assumed you had a Reward account. Why else would you bank with them if they have a £1/day overdraft usage charge on a standard current account?

pinkdalek

hubb wrote: »

This is ridiculous. The Halifax have decided to charge me one pond for going into an arranged overdraft (about £30) BUT on the same day I transferred money from another account to put myself well into the black again.

As I did it on the same day, is it worth me contacting them for a refund? I could tell them I will close my account if they don't.

How much would it cost you in either phone calls, time, petrol, car parking to contact them for the sake of £1?
Unless you are having to go into the town eg shopping then really is it worth getting stressed about over £1?

They would only charge you a £1 if you were in your overdraft each day, you must have been hence why they charged you a £1, maybe you had a debit card transaction that was processed at a later point who knows.

noh

If you check your online statement does it show the credit arriving the same date as the debit thereby putting your account in credit by the end of the day or does it show it arriving the day after?

I got caught out recently and had to pay a £1 fee.
I use my overdraft to fund the £1000 minimum payments for my 3 reward accounts and transfer money back and forth but one of those transactions fell the wrong side of the cut off time and I was charged the fee. I didn't complain even though it meant I only made £14 by moving around their own money rather than the normal £15.

I don't know the exact cut off time but it must be late evening.
This page indicates it is midnight for inter account transfers using online banking.
http://www.halifax.co.uk/bankaccounts/rates-rewards-fees/

"If you bank online with us, you can transfer money from other accounts up to midnight to avoid daily fees or debit interest for that day. For other amounts you pay into your account – for example, cheques or payments made at a cash machine – you’ll need to allow time for the money to reach your account. For cheques this can take several days."

freezspirit

With Lloyds the money has to be in the account by 3:30pm to avoid the fee.

hubb

I opened a current account in 1996 so I suppose it's just that.

withabix

hubb wrote: »

The Halifax have decided to charge me one pond for going into an arranged overdraft

Is this some medieval barter system of which ye speak?