MSE News: Halifax axes £5 monthly payments to overdrawn current account holders

rb10

Pound wrote: »

I'm wondering if they will still offer the account to people taking the pee. Like cycling £750 through it each month and having two direct debits for tiny amounts that go into a savings account.

Of course they will [for now].

If you comply with the T&Cs then Halifax will pay up each month.

YorkshireBoy

Pound wrote: »

I'm wondering if they will still offer the account to people taking the pee. Like cycling £750 through it each month and having two direct debits for tiny amounts that go into a savings account.

I hope so. I wouldn't want to lose the £180 a year my 3 (otherwise dormant) additional Reward accounts earn me.

Doc_N

rb10 wrote: »

Of course they will [for now].

If you comply with the T&Cs then Halifax will pay up each month.

Unless, of course, they decide to invoke this bit of the new T&C, and disregard the words following it:


From 1st May 2013, the Reward Current Account will only be available to customers who use it as their main bank account.

YorkshireBoy

Doc_N wrote: »

Unless, of course, they decide to invoke this bit of the new T&C, and disregard the words following it:


From 1st May 2013, the Reward Current Account will only be available to customers who use it as their main bank account.

The "words following it" being...

To make sure you are doing this, you'll need to:
- have at least 2 different direct debits set up on the account and
- agree to fund the account with your salary or other credits (minimum £750 per month).

Do you really think, having qualified EXACTLY what they mean by "main account", they'll then close the account(s) of someone who has done EXACTLY what Halifax have stipulated?

Doc_N

YorkshireBoy wrote: »

The "words following it" being...Do you really think, having qualified EXACTLY what they mean by "main account", they'll then close the account(s) of someone who has done EXACTLY what Halifax have stipulated?

I'd like to think not. But when banks and insurance companies argue that 'for life' means 'for a couple of years', who knows?

I wash a few hundred pounds through each of 3 Reward accounts every month to keep the £5s coming in, and I've set up a couple of direct debits on each account - but I could never argue realistically that it's anything approaching a 'main bank account'.

That's what First Direct is for.

JimmyTheWig

Doc_N wrote: »

I wash a few hundred pounds through each of 3 Reward accounts every month to keep the £5s coming in, and I've set up a couple of direct debits on each account - but I could never argue realistically that it's anything approaching a 'main bank account'.

But it might look like some people's "main bank account". Imagine a young adult living with their parents, for example. Chances are they won't earn very much as they are just starting out in their working life (so not much money coming in) and they won't have many bills (so not many direct debits going out).

devilsoundwave

innovate wrote: »

Yes, it has been asked before in the "real" thread about the forthcoming changes. You must have two different DDs, with different OINs. Each organisation that is authorised to collect money by Direct Debit has a unique OIN. So therefore you need DDs from two different organisations.

Cheers for this, perfect answer.

MiserlyMartin

Got the letters today telling me about this, I had not been reading MSE lately. Did anyone notice the bit that says..."The reward current account is designed to be your main bank account. This means that you'll need to make sure you pay in at least £750 and pay out at least two different direct debits, each calendar month"

It needs to be a monthly DD looking at this letter. This would rule out non regular DD's to savings accounts, paypal etc. .

It also states "...Have a minimum of two different direct debit mandates paid from your account each calendar month..." in the Ts and Cs too!!!!

Any comments here ? Looks clear cut to me, you need to move your gas etc!

shortcrust

MiserlyMartin wrote: »

Got the letters today telling me about this, I had not been reading MSE lately. Did anyone notice the bit that says..."The reward current account is designed to be your main bank account. This means that you'll need to make sure you pay in at least £750 and pay out at least two different direct debits, each calendar month"

It needs to be a monthly DD looking at this letter. This would rule out non regular DD's to savings accounts, paypal etc. .

It also states "...Have a minimum of two different direct debit mandates paid from your account each calendar month..." in the Ts and Cs too!!!!

Any comments here ? Looks clear cut to me, you need to move your gas etc!

My reading of that is that each month two DDs need to be paid out, not that you need two DDs that pay out every month. I think non-regular DDs would be fine.

YorkshireBoy

MiserlyMartin wrote: »

Any comments here ?

310 of 'em here...

https://forums.moneysavingexpert.com/discussion/4344511

Looks clear cut to me, you need to move your gas etc!

Nope!