halifax to up/change overdraft fees again!!!

Basil1234

just had a letter come thru the door from halifax regarding all current accounts under a 'notice of variation'

in short after a little while ago the changed there overdraft fees i remember this was a few months ago if memory serves me correct,now they are bring in new charges again as of 2nd november 2012.

Not this effects in me in any way as i control my money very well.
but it seems could effect alot more people out there and makes me think what more is to come???

current scheme

£1 a day for planned overdrafts upto including £2,500
£2 a day for planned overdrafts of over £2,500
£5 a day for unplanned overdrafts

new scheme from 2nd november 2012

£1 a day for planned overdrafts upto including £1999.99
£2 a day for planned overdrafts from £2000 to £2999.99
£3 a day for planned overdrafts of £3000 and over.
£5 a day for unplanned overdrafts.

i now wonder how long before they change the unplanned overdrafts charge goes up and anything else they want to change bit by bit.

It would seem they want to make more money out of us i appriecate that they are in business to make money but bear in mind they just changed the overdraft charges not long ago in the region of 2-4months ish seems they are kicking people when they are down.

i for one am now considering changing banks due to this seemingly greedy and harsh move and lack of concern for customers. it makes me think are they better banks out there and probabely better deals.
A customer of halifax for 20years.

also that now runs in the back of my mind how long before they change more and more??
Will this be the first bank to start charging for actually having an account bear in mind we give them money that they use to loan out and make more money for them?

I wonder what martins views are on this?

basil

BugsyBrowne

What they are charging someone £2 a day for being in a planned OD surely this is wrong.

AvadaKedavra

It is just so expensive for these banks to manage all our accounts, they need to charge all these modest fees just to cover their own costs. Yes I am being sarcastic. I hate bank fees they are so unfair, they cannot justify them, when I wrote to my ex bank nationwide, they used the get out clause *its commercially sensitive* when responding to y question, how do you justify your bank charges.

noh

The charges were not, as far as I am aware, changed a few months back.
They have been as they are now on all accounts since December 2009

http://www.moneysavingexpert.com/news/banking/2009/10/how-to-beat-halifaxs-overdraft-chagres

and on Reward accounts since their introduction in Feb 2009.

As it is Halifax pays me £15 a month to hold 3 accounts with them. If they stopped that then I would close the accounts.

Andystriker

Basil1234 wrote: »

Not this effects in me in any way as i control my money very well.:(

Thats OK for you then

Basil1234 wrote: »

i for one am now considering changing banks due to this seemingly greedy and harsh move and lack of concern for customers.(

Why? If you manage your account well, then it won't affect you.

Basil1234 wrote: »

it makes me think are they better banks out there and probabely better deals.:(

There will be if you are £5,000 overdrawn. But you are ok

seriousDFW

Horrible charging structure and I would never bank with Halifax if I was ever to be overdrawn. It's absurd in my opinion that overdrafts can be so large on personal accounts. I don't use my HSBC overdraft much but when I have in the past, I didn't mind the standard % interest rate. Much fairer in my opinion.

innovate

Shoot me down in flames but I don't actually find anything wrong with banks making overdrafts massively unattractive. I know it might sometimes be unavoidable to live beyond your immediate means, but there is nothing wrong with this coming at a most unpleasant cost. Also, there are cheaper alternatives to overdrafts - - but generally speaking, living beyond your means is not sustainable in the medium and long term so people have to get a grip on their available money.

BugsyBrowne

I personally think its a disgrace how a bail out bank can charge these sort of fees for planned overdrafts and although I personally don't use overdrafts I do know many thousands live in theirs on a daily basis.

If I used my OD with the Halifax I would now be an Ex-Halifax customer and to right aswell.

callum9999

BugsyBrowne wrote: »

I personally think its a disgrace how a bail out bank can charge these sort of fees for planned overdrafts and although I personally don't use overdrafts I do know many thousands live in theirs on a daily basis.

If I used my OD with the Halifax I would now be an Ex-Halifax customer and to right aswell.

Why? You do realise it's in lieu of interest? In some, admittedly rare, scenarios it could even be cheaper than the "traditional" overdrafts you can get.

Though you shouldn't be living out of your overdraft anyway.

opinions4u

BugsyBrowne wrote: »

I personally think its a disgrace how a bail out bank can charge these sort of fees for planned overdrafts.

What has being bailed out got to do with it?

pinkdalek

It's actually old news, they announced their notice of variation back in May - 6 months before the new charging structure kicks in.

If you are constantly >£1000 overdrawn then the best advice is to look at alternative ways of clearing your debts.

As for a means of them making more money, why would they notify their customers 6 months prior to making the changes? If anything they are advising you to act now and save yourself some money.

Really this post is nothing short of something the Daily Mail would be proud of.