Halifax regular saver - 2 transfes in 1st month

nrsql

Opened the account and transferred £25 from Egg.
I then transferred £475 after the £25 had gone through..
That was before I received the pack from Halifax.
It takes a while to set up a SO and was in a rush. From the web site I thought this would be ok but now understand you are only allowed one transfer (and by SO) each month.

Have I lost the 10% through doing this or should I still let the SO go through for next month?

Also how do they know it's a SO rather than a transfer - would I be able to do monthly transfers if I haven't lost the account already.

I'll be calling them tomorrow but would like to nkoe if anyone else has done this and asked.

Thanks.

Father_Christmas

From the halifax website:

• Open and make your first payment by 20 July 2008!
• Set up a monthly standing order from your bank account - you can make additional deposits by standing order too, as long as the total each month doesn’t exceed £500
• Change the monthly amount you save whenever you want in branch, by phone or online
• No withdrawals allowed
• Only one account per customer

nrsql

Yep - but people have been saying that the t's & c's say only one deposit by SO a month.

The first line there was what made me thing the first deposit didn't have to be a SO.

>> Change the monthly amount you save whenever you want in branch, by phone or online
How do you do that if it's a SO.

That whole thing looks like they mean transfer rather than SO.

nrsql

Just seen an advert on the TV and it says 12 deposits.
Doesn't mention SO though.

oldfella

there is no difference between a BACS payment and a SO

10_66

nrsql wrote: »

Opened the account and transferred £25 from Egg.
I then transferred £475 after the £25 had gone through..
That was before I received the pack from Halifax.
It takes a while to set up a SO and was in a rush. From the web site I thought this would be ok but now understand you are only allowed one transfer (and by SO) each month.

Have I lost the 10% through doing this or should I still let the SO go through for next month?

Also how do they know it's a SO rather than a transfer - would I be able to do monthly transfers if I haven't lost the account already.

I'll be calling them tomorrow but would like to nkoe if anyone else has done this and asked.

Thanks.

I've contacted Halifax this morning to see if anyone can clarify whether or not you can make more than one payment a month and person I spoke to checked with department who confirmed you can definitely make additional payments into account. I explained about the T&Cs and she said that what is meant by that statement is that at least one standing order a month must be made (between £25 and £500).

Lavendyr

nrsql wrote: »

Yep - but people have been saying that the t's & c's say only one deposit by SO a month.

The first line there was what made me thing the first deposit didn't have to be a SO.

>> Change the monthly amount you save whenever you want in branch, by phone or online
How do you do that if it's a SO.

That whole thing looks like they mean transfer rather than SO.

No, they mean SO, but a transfer looks the same so you could set up 12 individual transfers if you wanted. You can easily change the amount, date and number of SO payments at any point.

kingalfred_2

Just had a Halifax employee in the Holborn, London, branch be rude and patronising, saying that my sending a second payment would void the account.

It sounds like two payments actually are allowed - but has anyone managed to successfully demonstrate it is possible?

callow

I also had this problem when I opened my account. The staff member said I couldn't have additional payments.

When I returned home I checked the website. I then phoned the branch and spoke with the staff member and pointed out the website site. She apologised for giving me the wrong information. She said that with all the past regular savers you can't have additional payments. She thought the same rules would apply to this one.

The rules are very confusing.

nzseries1

I hope you're allowed multiple payments - I've done the same thing! £25 then £475. I'll report back if my account gets closed.

kingalfred_2

My second payment has processed and been credited to my Halifax regular saver.

Fingers crossed the payment police don't come along and send it back.