Halifax Basic...

Midslad27

Finally Halifax offer Visa Debit with their new Basic Account what launched yesterday. Previously Halifax offered Electron only. Lloyds also changed name from Cash account to Basic.

SnowTiger

Midslad27 wrote: »

Finally Halifax offer Visa Debit with their new Basic Account what launched yesterday. Previously Halifax offered Electron only. Lloyds also changed name from Cash account to Basic.

The Electron is an on-line Visa card, which means all transactions should be authorised at the time of purchase.

As you have a basic account, your new card is probably an on-line card too. Halifax has probably simply dropped the Electron branding.

Some banks issue Electron cards but brand them as Visa only. Customers will only discover this when they attempt to make an off-line transaction and their card is rejected.

EarthBoy

Bank of Scotland did the same. You can't apply for any of these basic accounts directly, you have to apply for one of their ordinary current accounts first and they will only give you a basic account if they decide that you don't qualify for any of their other accounts.

stclair

Does that mean if cash account customers order new card now they will receive a visa debit in replacement of their visa electron card.

EarthBoy

stclair wrote: »

Does that mean if cash account customers order new card now they will receive a visa debit in replacement of their visa electron card.

I don't know. Halifax don't seem to be moving Easycash customers to the new basic account automatically. On the website it says:

"You may be able to convert your existing Easycash account to a Basic Account or see if you’re eligible to upgrade to one of our other current accounts through Online Banking."

This implies that if you don't upgrade, you'll stick with the Easycash account, so you might have to stick with an Electron card. It also implies that if you try to change to a basic account they might do a credit check and decide that you can't have a basic account because you're over qualified for one.

https://www.halifax.co.uk/bankaccounts/current-accounts/basic-account/

and_the_sun_will_rise

EarthBoy wrote: »

I don't know. Halifax don't seem to be moving Easycash customers to the new basic account automatically. On the website it says:

"You may be able to convert your existing Easycash account to a Basic Account or see if you’re eligible to upgrade to one of our other current accounts through Online Banking."

This implies that if you don't upgrade, you'll stick with the Easycash account, so you might have to stick with an Electron card. It also implies that if you try to change to a basic account they might do a credit check and decide that you can't have a basic account because you're over qualified for one.

Hi - quick query about these cash accounts. Its true that Halifax and Lloyds aren't switching cash account customers to their new basic account. Last night I applied for my Lloyds cash account to be downgraded/switched/converted (whichever is most applicable) to the new basic account. They thanked me for my application and said they would get back to me within 7 days.

Bit worried now that I won't "qualify" for the new basic account. What happens if I don't? Will they close my cash account or just leave it as is? Keep thinking that I should have just left it as it was but I wanted a debit card that didn't have "cash" on it!

Eek!

EarthBoy

and_the_sun_will_rise wrote: »

Bit worried now that I won't "qualify" for the new basic account. What happens if I don't? Will they close my cash account or just leave it as is? Keep thinking that I should have just left it as it was but I wanted a debit card that didn't have "cash" on it!

Eek!

My understand of the terms of the Halifax basic account is that it's only available to those in financial difficulties etc. You won't qualify for it if they think that you're credit worthy enough to have a "superior" or non-basic account, such as their Current Account or Reward Account.

So they're unlikely to close your account altogether, they will either change it to a basic account, upgrade it to a better one, or just leave it as it is.

and_the_sun_will_rise

Thanks EarthBoy. I'm definitely not eligible for an upgrade (poor credit etc.) so if they don't convert my cash account to a basic account I guess they'll just leave it as a cash account. Just a bit of a worrier!

jonesMUFCforever

and_the_sun_will_rise wrote: »

Thanks EarthBoy. I'm definitely not eligible for an upgrade (poor credit etc.) so if they don't convert my cash account to a basic account I guess they'll just leave it as a cash account. Just a bit of a worrier!

I agree with previous posts. How bad is your credit rating and does Halifax return payments on your account unpaid?
If so you could try a different bank to open a new basic account but the only upside is that the new account will not charge you for returned payments.

and_the_sun_will_rise

I have a Lloyds cash account (same as the Halifax Easycash) and noticed that this has now been discontinued so thought I'd convert to a Lloyds basic account (no real reason, never have payments returned, but did notice that the word "cash" isn't on the debit card and I liked that). My credit rating is poor and I was only eligible for the Lloyds basic account when I clicked the upgrade link on my internet banking. I want to stay with Lloyds but I was worried that applying for the basic account and not being accepted might trigger my cash account to be closed. Probably a silly irrational thought!