Why did my bank not do what they should/usually do?

jenni1188

Hi,

I opened a basic account with Halifax in about year 2000 when i was 12. When i reached 16 they upgraded my account to a visa electron. This made interest until i was 18 then stopped. I only found out this when i was 19 and 6 months so for 18 months i have had my wages (£1000pm) going into this rubbish account. I only found this out when i tried to apply for a loan and they said i couldn't as i hadn't a current account. As far as i knew it was a current account but obviousley not.

This means i have been making nothing from my bank and now i need them and they wont help. Is there anything i can do as i wasn't told this when i first applied for a loan and they knew i had no current account and was under 21 but still went through with my application. If i would have known this first obviousley i wouldn't have applied for the loan!

So now i have worse credit history due to there wrong information and i have had to set up a new current account which i could have had for 18 months previous.

I know some banks automatically upgrade it but should they not make me aware that i wasn't earning any interest?

Helix

Did you not get a letter from the Halifax shortly after you turned 18? I got one saying that I was now able to upgrade to a proper current account and I just needed to go into the branch to do it. It also said that I would no longer be earning interest on the account I had with them unless I upgraded it.

SPANIEL36

did you not notice on your bank statements that no interest wasbeing added?

missile

You could try a letter of complaint. You may find they open a current account and give you some money as a sweetener. If not go elsewhere, Halifax are not the best option IMHO.

jenni1188

I wasn't given a letter and was never told when i was in the bank enquiring about other services.

With regards to my statements and not noticing, i Keep them in a folder and to be honest as i check my balance all the time i never open them anymore.

I know to the nearest £10 whats in my bank at all times so i never really thought anything of it as i know it wouldn't be much interest i just feel a little bit betrayed as i am not on great money but on £14450 py with regular company bonuses and other allowance for fuel ect. i can afford to pay out £300 for a loan a month but i was only asking for a small £100 p month loan for a used car. I thought that it may go on your out and incomings but it doesn't seem too.

I feel a little ripped off even though it will be only little but its the fact of how loyal i have been to them all my family use them!

morg_monster

I would write and complain about it, push the loyalty stuff and say your family will be closing their accounts if you aren't satisfied with their response. Hopefully you'll get £25 or something, OK its not loads but will probably be greater than the amount of interest you would have made on your money being in a reasonable interest paying current account.
Also you have learned that loyalty does not really pay in the banking world! It took me ages to lose my attachment to HSBC but since I did my finances are in much better order, I was with A&L for a year and now with Nationwide where I will probably stay for a while.

regularsaver1

But its in the interest rate leaflets and on the internet (your responsiblity to check interest rates) From website:- "Cardcash - Under 18s 1.51%"

visa electron - cardcash/expresscash/easycash - all basic accounts

You have wrote so many times about the fact that they will not do you a loan.

The age rule with Halifax for a loan is that you have to be over the age of 20 or can be 18 + if you are an existing full current account (visa debit card) holder for at least 6 months

I would stress that the current account would have been a new full current account application that you would have had to apply for since turning 18 (and might not have got)

taxi73

My 18 year old daughter received a letter just as she was 18 asking if she wanted upgrading which they did immediately.The letter also clearly stated that no interest was payable on the account after her 18th birthday(the old account)

jenni1188

I would like to say that many people at 18 recieve letters asking them to upgrade there account to a current account and that there account is no longer making interest. I NEVER plus i was told i would easily have got a current account as at 18 i was earning £14500 and my outgoings are about £340 p month leacing me with £700 near enough to do what i want with.

My mum is unemployed and she got a current account so im sure i would have got it easy enough if other 18 year olds with no credit history and on less money can.

Thank for the good advice

jenni1188

regularsaver1 wrote: »

But its in the interest rate leaflets and on the internet (your responsiblity to check interest rates) From website:- "Cardcash - Under 18s 1.51%"

visa electron - cardcash/expresscash/easycash - all basic accounts

You have wrote so many times about the fact that they will not do you a loan.

The age rule with Halifax for a loan is that you have to be over the age of 20 or can be 18 + if you are an existing full current account (visa debit card) holder for at least 6 months

I would stress that the current account would have been a new full current account application that you would have had to apply for since turning 18 (and might not have got)

READ ALL THE OTHER POSTS, ITS SEEMS LIKE IT WAS THE BANK WHO WAS OUT OF ORDER,

YES I KNOW THE 6 MONTH RULE THANKS,

ajaxgeezer

jenni1188 wrote: »

With regards to my statements and not noticing, i Keep them in a folder and to be honest as i check my balance all the time i never open them anymore.

......then when you check your balance, you'd expect to see small amounts added for interest, right?

Like with everyone, checking your interest rates on your money really is your responsibility.