"We're making some changes to our T&C's " says Halifax!

SydSnott

Anybody else find this particular change "unsettling":-

We've added a new condition that says if it's necessary, due to economic circumstances that affect the banking industry, we may restrict the amount you can have in your accounts  either by applying a limit or by imposing a charge. If we have to do this and it applies to your account, we'll write to you with more information

masonic

Not particularly, such things have already happened elsewhere in the world. Such a restriction could be imposed by law with or without something in the T&Cs. It make sense for banks to cover anything that could be reasonably anticipated in their terms.

Brie

Wow I didn't even notice it.  Despite having 2 letters come to the house for the two joint account holders.

I wonder how applying a limit would benefit the bank in any way.  I can see how imposing a charge would though.  Hopefully should they find a need to impose these sort of things they will give sufficient notice so ££ can be moved.

Albermarle

Brie said:

Wow I didn't even notice it.  Despite having 2 letters come to the house for the two joint account holders.

I wonder how applying a limit would benefit the bank in any way.  I can see how imposing a charge would though.  Hopefully should they find a need to impose these sort of things they will give sufficient notice so ££ can be moved.

If they did do it, I doubt they would be the only ones, so moving it might be difficult.

SydSnott

Yeah, I almost missed it, the old "Dross alert" kicked in and glazed my eyes!
Need to be super sharp these days, not long ago, on return from holiday I noticed a seemingly insignificant paragraph, almost an afterthought which glibly announced that my holdings with said bank were no longer covered by FSCS!
Totally wrong I found out as the defibrillator pads were attached!

Daliah

SydSnott said:

....., not long ago, on return from holiday I noticed a seemingly insignificant paragraph, almost an afterthought which glibly announced that my holdings with said bank were no longer covered by FSCS!.....

Which bank was this, and for what products?

SydSnott

 It was a total mistake by Al Ryan, with a Cash ISA Account.
It certainly cleared any impending blockages in the blood stream! 

Daliah

SydSnott said:

 It was a total mistake by Al Ryan, with a Cash ISA Account.
It certainly cleared any impending blockages in the blood stream! 

Thanks for clarifying. So it was actually not a problem, and I suspect they paid you compensation for the inconvenience and the distress caused?

SydSnott

Yes they did, quite quickly!
 

ranciduk

Surely this is just legal mumbo jumbo to cover themselves?

what if you were in the middle of a five year cash isa?! and they decide to restrict you?

S_uk

One thing I noticed when I scanned through the letter was something about having the right to close your account if you use abusive words in payment descriptions. Quite sad/concerning that some people would engage in that sort of behaviour.