Halifax Student Account Overdraft

SyrupSponge_2

Just logged in to my Halifax account this morning and I've noticed that the account that was my Student Current Account has been changed to a standard Reward Account. As such, I'll be charged £1 a day for using the overdraft, which is currently at £1,500.

Are they allowed to do this without any prior warning in writing? I knew the change would be coming - and luckily I've been accepted on an MBNA card with 0% on balance transfers including cash - but it would have been good to get warning rather than have them just make the change.

bsms1147

SyrupSponge wrote: »

luckily I've been accepted on an MBNA card with 0% on balance transfers including cash

Just because it's 0% don't forget there's a fee though (£60-75 for that £1500).

grumbler

SyrupSponge wrote: »

...the account that was my Student Current Account has been changed to a standard Reward Account. As ...

Are they allowed to do this without any prior warning in writing?

15.3
We may end this agreement (or any account or service under it)
by writing to you and giving you two months’ notice.

http://www.halifax.co.uk/bankaccounts/pdf/student-current-account-guide.pdf

Archi_Bald

bsms1147 wrote: »

Just because it's 0% don't forget there's a fee though (£60-75 for that £1500).

Tesco do a 0% fee BT card - though I am not sure whether you can transfer an overdraft to it.

bsms1147

Archi_Bald wrote: »

Tesco do a 0% fee BT card - though I am not sure whether you can transfer an overdraft to it.

Can you balance transfer an overdraft, I was under the impression they were usually (?always) money transfers/SBTs?

Archi_Bald

bsms1147 wrote: »

Can you balance transfer an overdraft, I was under the impression they were usually (?always) money transfers/SBTs?

As I said, I am not sure whether you can transfer an overdraft to it.

SyrupSponge_2

Fair enough. I can live with the 4% fee as it equates to roughly two months of interest for the OD and I wouldn't otherwise be able to pay it off for 1 year+

FYI a money transfer into my overdrawn bank account will put it back into the black/ to £0? Not technically a balance transfer of the overdraft itself but logically the same thing.

Now, time to draft the letter to them to reclaim the £150ish of bank charges they've taken from me over the last couple of years.

Archi_Bald

A money transfer from a CC to a bank account is usually classed as cash withdrawal and triggers interest charges, even on 0% cards. Best check the T&Cs in detail before you get stung again.

plunt

my student account recently changed (think they caught on after my mortgage application) but had been enjoying a nice free overdrafts for numerous years. However I was happy to find that it got changed to a reward current account, meaning I now have 2 reward current accounts!

extra £60 a year!

SyrupSponge_2

Curse them for catching onto us after all this time! Happy to be shot of the Halifax now to be honest (aside from keeping the accounts open to claim back charges). Have moved the main account over to tesco and it just seems a bit better, nicer apps online etc.

Here's the info about that card I applied for btw if it's of use to anyone - applied for it straight off the MSE cards page - MBNA card

'Most cards don't allow you to do money transfers, and if they do, it's not usually cheap. This is one of the few cards that allows it. For a full help on how to do this, check our write up below, and see the money transfer guide.'

matty_544

happened to me last week on the 17th. They did write to me at least 2 months in advance warning me of the change.