Opening Halifax Reward Account

Sammiec0108

Hi all,

In light of the Natwest melt down i decided to open a 'back-up' current account. I have an ISA with Halifax and thought that logically this would make sense to open a reward account with them, also free fivers made it attractive.

I have received the card, pin, security numbers and new online username and the account is showing with 'nill' balance along with my ISA details.

I returned with ID and the signed forms on Friday 'i'm guessing this is essentially the overdraft agreement'. It was very rushed and i'm half worried that the member of staff wasn't overly interested.

My question is how long until the overdraft shows on the account and is there anything i am required to do to 'activate' the account (I've read on the forums about £100 needing to be transferred in to activate the account).

Is it just a case of sitting tight and waiting for the overdraft to be confirmed (i don't need it, just a buffer).

Thanks in advance for any replies

dr_adidas01

As far as I'm aware it usually happens as soon as the overdraft is approved.

If you applied for one when you opened the account and it was approved then it will usually show up by your account name and what the overdraft limit is.

If its not there in a day or so time then I would assume that you haven't been given an overdraft.

Did you're paperwork tell you what your overdraft limit was going to be, as again if they have approved a limit it is also displayed on the letters they get you to sign.

Sammiec0108

Yes i applied for an overdraft amount during the online application process and the paper work reflected the amount i had requested. It is not yet showing on the online account though so assume the paper work is yet to be processed.

I'm guessing it will take a few days, i just wondered if anyone has experienced a similar procedure and had an idea of how long it will take. The service i received in the branch was very rushed (although i didnt have an appointment so was grateful to be dealt with at all) so just wanted to make sure a delay should be expected.

In regards the second part of my question, i presume the account is active right now and the "transfer £100 in to activate the debit card" is a bit of an old myth?

dr_adidas01

I would give them a call as you say you already have the debit card pin number for it and everything else. They may not have applied an overdraft facility. Mine was already set up when I logged onto online banking for the first time.

I don't think you have to put in £100 to activate the account (I didn't) or the debit card, but it might be worth giving it a try. I recall if you had a Halifax Easycash account you had to pay in £10 to activate the account and get a debit card sent to you. I'm assuming you have a Current account or possibly one of the rewards ones?

I'd just give them a call and see if they have accepted your overdraft and when it will be applied to your account.

guesswho2000

FWIW, I opened one of these last week, the lady in branch did say about having to pay in £100 to activate, so I did the same day just to speed things up whether necessary or not. Didn't bother with the overdraft though, daily charge overdrafts are terrible value In my opinion unless you're massively overdrawn, I've got a Clarity card and it'd work out cheaper to draw out cash on that!

MoneySaverLog

Yes one of the most expensive OD schemes....

http://www.bbc.co.uk/blogs/watchdog/2009/10/halifax.html

angelsmomma

guesswho2000 wrote: »

FWIW, I opened one of these last week, the lady in branch did say about having to pay in £100 to activate, so I did the same day just to speed things up whether necessary or not. Didn't bother with the overdraft though, daily charge overdrafts are terrible value In my opinion unless you're massively overdrawn, I've got a Clarity card and it'd work out cheaper to draw out cash on that!

Yes I had to put £100 in to open/activate the account last month. In fact it was past closing time when I had finally finished the paperwork and the person opening it for me took me to the atm in the bank to withdraw the money while keeping one of the tills open to pay it into as the cashier was cashing up (she was not happy)

I got a £200 overdraught just in case the dd transfers came out before enough went in. I think the od costs are a really ott so don't ever intend to use them

I got the £100 opening bonus the next day so with my £100 and opening bonus my online account showed as £200 the day after opening

Sammiec0108

Hi all,

Just to give you an update, i called Halifax today and after speaking to a few (very nice but essentially not very useful people) i ended up speaking to my home branch.

They confirmed it was a computer glitch having spoken with the underwriters and it is now all OK and showing up. Hooray!

Note that this is only to use as a buffer and will not be used on purpose only if something horribly weird goes wrong i.e.: Direct Debit fault or something.

Thanks all for your help!

Mrs_Arcanum

MoneySaverLog wrote: »

Yes one of the most expensive OD schemes....

http://www.bbc.co.uk/blogs/watchdog/2009/10/halifax.html

It was this high cost that made me choose the account (that and the fiver). It really forces me to budget carefully to avoid using the overdraft for more than 5 days ever. That way I consider it still free. However, I have only used it a couple of times in nearly 3 years.