New Halifax Reward account. Has anyone figured out a way around £500 spending?

Ed-1

crumpet_man said:

Ed-1 said:

Vortigern said:

Ed-1 said:

Skipton may be starting to clamp down on this

I suspect that the issue is not with the paying in of £500 by debit card, but with the quick withdrawal of the £500 and keeping the account balance at or near to zero.

Nope the funds stay in the account then are withdrawn then debit carded back in.

It's probably the number of drbit card payments. Nearly 200 x £500 a year.

If you are withdrawing then the funds are not staying in the account.

If you did 17 X £500 every month but didn't withdraw it there wouldn't be a problem.

E.g. 1st January withdraw £8,500 to Halifax. 17 x £500 back to Skipton

£8,500 stays in Skipton for rest of month.

1st February repeat..

Band7

Ed-1 said:

crumpet_man said:

Ed-1 said:

Vortigern said:

Ed-1 said:

Skipton may be starting to clamp down on this

I suspect that the issue is not with the paying in of £500 by debit card, but with the quick withdrawal of the £500 and keeping the account balance at or near to zero.

Nope the funds stay in the account then are withdrawn then debit carded back in.

It's probably the number of drbit card payments. Nearly 200 x £500 a year.

If you are withdrawing then the funds are not staying in the account.

If you did 17 X £500 every month but didn't withdraw it there wouldn't be a problem.

E.g. 1st January withdraw £8,500 to Halifax. 17 x £500 back to Skipton

£8,500 stays in Skipton for rest of month.

1st February repeat..

Going by the letter you received, they didn't like it.

Ed-1

Band7 said:

Ed-1 said:

crumpet_man said:

Ed-1 said:

Vortigern said:

Ed-1 said:

Skipton may be starting to clamp down on this

I suspect that the issue is not with the paying in of £500 by debit card, but with the quick withdrawal of the £500 and keeping the account balance at or near to zero.

Nope the funds stay in the account then are withdrawn then debit carded back in.

It's probably the number of drbit card payments. Nearly 200 x £500 a year.

If you are withdrawing then the funds are not staying in the account.

If you did 17 X £500 every month but didn't withdraw it there wouldn't be a problem.

E.g. 1st January withdraw £8,500 to Halifax. 17 x £500 back to Skipton

£8,500 stays in Skipton for rest of month.

1st February repeat..

Going by the letter you received, they didn't like it.

It'll be the number of debit card payments accumulated.

flaneurs_lobster

Presumably Skipton (and any other institution accepting deposits by DC) are being charged a fee per transaction. Is it likely to be significant enough to cause their ire?

wiseonesomeofthetime

Ed-1 said:

Skipton may be starting to clamp down on this

I wonder which "account specific terms and conditions" they would be relying on.

Ed-1

wiseonesomeofthetime said:

Ed-1 said:

Skipton may be starting to clamp down on this

I wonder which "account specific terms and conditions" they would be relying on.

The right to unilaterally decide to close an account?

Band7

wiseonesomeofthetime said:

Ed-1 said:

Skipton may be starting to clamp down on this

I wonder which "account specific terms and conditions" they would be relying on.

There is always the catch-all  "we may close your account at any time without giving any reason by giving you at least two months prior written notice". I reckon that the likelihood of that clause being invoked rises if you'd ask them your question.

k_man

Ed-1 said:

wiseonesomeofthetime said:

Ed-1 said:

Skipton may be starting to clamp down on this

I wonder which "account specific terms and conditions" they would be relying on.

The right to unilaterally decide to close an account?

Indeed, this one (or similar if that specific account has different terms):

we may close your account at any time without giving any reason by giving you at least two months prior written notice.

I read the part in the letter about in line with T & Cs as how they will close the account, rather than why/ justification (ETA: as a reason is not required, see above)

That said, it is an unnecessary statement a bit like we will do this thing in the way we are obliged to.

Band7

k_man said:

Ed-1 said:

wiseonesomeofthetime said:

Ed-1 said:

Skipton may be starting to clamp down on this

I wonder which "account specific terms and conditions" they would be relying on.

The right to unilaterally decide to close an account?

Indeed, this one (or similar if that specific account has different terms):

we may close your account at any time without giving any reason by giving you at least two months prior written notice.

I read the part in the letter about in line with T & Cs as how they will close the account, rather than why/ justification

That said, it is an unnecessary statement a bit like we will do this thing in the way we are obliged to.

The point is that they do not have to justify closure as they don't have any obligation in the first instance to provide you with an account.

k_man

Band7 said:

k_man said:

Ed-1 said:

wiseonesomeofthetime said:

Ed-1 said:

Skipton may be starting to clamp down on this

I wonder which "account specific terms and conditions" they would be relying on.

The right to unilaterally decide to close an account?

Indeed, this one (or similar if that specific account has different terms):

we may close your account at any time without giving any reason by giving you at least two months prior written notice.

I read the part in the letter about in line with T & Cs as how they will close the account, rather than why/ justification

That said, it is an unnecessary statement a bit like we will do this thing in the way we are obliged to.

The point is that they do not have to justify closure as they don't have any obligation in the first instance to provide you with an account.

Yes, I know that, given it was in the middle of my quote from their T&Cs 😉 (but I didn't make it explicitly clear)

we may close your account at any time without giving any reason by giving you at least two months prior written notice.

Edited and noticed our previous replies crossed, and you have already included the same quote!