Halifax £100 7 day switch

K0SS

Hi,

Needed some advice

meer53

Your overdraft will stay on your HSBC account. They'll be very quick to contact you to ask you how you are going to repay it !

YorkshireBoy

Any overdraft facility granted by Halifax will be "subject to status".

If you've been living close to your HSBC overdraft limit for some time, and exceeded it on occasion(?), Halifax will know this from the credit search they'll conduct and may refuse you a similar facility.

The only way you'll find out is to apply and see what you get.

YorkshireBoy

K0SS wrote: »

The other poster stated the it would stay with HSBC.

The other account couldn't be closed if it was overdrawn.

What happens in such a case is detailed in "day 6"...

http://www.halifax.co.uk/bankaccounts/pdf/bank-accounts-switching-brochure.pdf (see page 5)

meer53

This is taken from Halifax t & c's.

If you have outstanding debt on your Old Account
(including any fees or charges) after the Switch Date,
your Old Bank will tell you. You are liable for any
outstanding debt on your Old Account remaining after
the Switch Date.

The old account will close, it will just have the debit balance which will need to be paid.

pinkdalek

If Halifax can offer you the same or more overdraft you can switch and they will clear your ovd with HSBC and make the Halifax account overdrawn. You would be charge free for 6 months, but it would be costly to you should you still be in overdraft after 6mths.

Look at other options e.g. small loan or the Halifax Clarity Card which charges the same rate of interest on cash withdrawals as purchases. You may be able to draw cash on the card and pay off at a cheaper rate?