Changes to Reward and Ultimate Reward Accounts

innovate

apt wrote: »

Where does it state in the Halifax terms and conditions that different direct debits has to mean different organisations?

They don't define "different" in the NoV but the Halifax chappy who tipped us off originally back in December said it must be different originator reference numbers.

innovate

ken-doh wrote: »

I am moving my mortgage to HSBC, taking my ISA to another company and closing my Reward account. I banked with them for over 20 years.

They will be heartbroken.

Wilma33

There are quite a few charities that *ask* for £2 a month, so I don't think the DD processing fee will put them off collecting £2. Examples:

http://www.nspcc.org.uk/donate/donate_hub_wdh71776.html
http://www.oxfam.org.uk/donate?pscid=ppc_S4Y_ppc_SFY

I bet they only pay pennies per DD to the bank. Does anyone know the exact processing cost? I'm thinking of making two donations for £2 each.

chaotic_j

YorkshireBoy wrote: »

For anyone else considering such an 'early in the month' DD collection date please be aware that, according to the account conditions, the Reward can be paid as late as the 10th of the month.

For that reason my small DDs have been scheduled for the 12th of the month.

If you run a small credit balance in the account, or it's your (truly!) main account, it'll be fine. If you're purely in it for the free fivers, ie run with a £1 balance like I do in 3 of my Reward accounts, it could be a recipe for disaster (unless you have an arranged overdraft facility)!

Good spot YorkshireBoy, I've edited my post above! Thanks!

1jim

Wilma33 wrote: »

I bet they only pay pennies per DD to the bank. Does anyone know the exact processing cost? .

I dont know for certain but a quick google shows
Direct Debit only costs West Somerset Council 1.7p per transaction! Taken from http://www.westsomersetonline.gov.uk/directdebit
I bet there are some economies of scale involved though

To be honest it wasn't much hassle to set up some tesco and post office savings accounts, a couple of standing orders to fund Halifax and the direct debits to go to savers, that way if I choose to donate any to charity I can choose based on preference rather than who will take dd

innovate

Wilma33 wrote: »

There are quite a few charities that *ask* for £2 a month, so I don't think the DD processing fee will put them off collecting £2.

I complained about those suggesting to create 50p DDs.

innovate

Wilma33 wrote: »

Does anyone know the exact processing cost?

It will vary from payment service to payment service, and as someone mentioned, there may be economies of scale involved.

Here's one that charges 48p per trxn, plus setup cost: http://www.wandle.com/image/tenants/rents_benefits_arrears/PAYMENT%20METHODS%20AND%20TRANSACTION%20COSTS_4residents_FINAL.pdf

Lloyds appear to be charging 40p: http://www.lloydstsbbusiness.com/ratesandcharges/accounts/standardtransactioncharges.asp

charliehell

innovate wrote: »

I complained about those suggesting to create 50p DDs.

You complained because you must like complaining..see above example about the real costs of a DD transaction - my 30p seems ludicrously expensive in comparison. So a 50p donation will give a large charity around 40p a month at the very least..that's plenty enough for most of them with CEOs earning 100k + per annum..

mrsxfile

islandgirl8 wrote: »

A quick question for those of you who have opened a Reward account recently. I would like to open one, but plan to remain with the bank I am with. If I select "switch accounts" do they do this automatically to change over all my DDs in my current account, or will they send me a list of DDs to switch over? I plan to change 2 DDs to comply with the new changes, but no more.

I applied online for a Reward account a week ago today. I had a letter this morning saying they were in the process of switching all my DDs and standing orders (although I don't have any standing orders). When I looked at my Reward account online, all my direct debits are there, so presumably it's all done with no letter to sign. I did the same with Santander (when it was Alliance and Leicester) 3 years ago to get the £100 switching bonus, but they wrote to me asking me to confirm which DDs were to be switched. Not this time though, not that it makes any difference to me, but if you only want to switch 2 maybe you'll have to switch some of them back again?

mr_fishbulb

3 of my Charity DDs are showing as set up, just 1 to go