Can Monthly Account Fees be Haggled?

Options
Jaith
Jaith Posts: 26 Forumite
First Anniversary First Post Combo Breaker
in Budgeting & bank accounts
We have a Halifax joint account with decent benefits (travel insurance etc.) but they've have recently raised their fee to £12 per month. Nationwide has a much better looking offering with similar benefits for £10 per month but effectively £3.75 per month after their in-credit interest it accounted for.

The question is - can I haggle the Halifax charge down? I haven't read about people doing it; I'll try either way but it would be nice to know if others have managed too.
«1

Comments

  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Options
    No you can't.
  • eskbanker
    eskbanker Posts: 31,072 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Why not switch to Nationwide, potentially taking advantage of their 'refer a friend' incentive on the way? The Current Account Switching Service makes this process very straightforward and if "Nationwide has a much better looking offering with similar benefits" at a lower cost then why wouldn't you take them up on it....
  • takman
    takman Posts: 3,876 Forumite
    Combo Breaker First Post
    Options
    Jaith wrote: »
    We have a Halifax joint account with decent benefits (travel insurance etc.) but they've have recently raised their fee to £12 per month. Nationwide has a much better looking offering with similar benefits for £10 per month but effectively £3.75 per month after their in-credit interest it accounted for.

    The question is - can I haggle the Halifax charge down? I haven't read about people doing it; I'll try either way but it would be nice to know if others have managed too.

    If you have money sitting in an account earning no interest then you should open a Nationwide account anyway as a second account to get 5% on it, even if you choose to stay with Halifax.
  • michaels
    michaels Posts: 28,008 Forumite
    Photogenic Name Dropper First Anniversary First Post
    Options
    Nationwide refer a friend is great, £100 for you and the referer. I have successfully referred people from here and hukd with 100% success rate. Look on the referrals board for more info.
    I think....
  • Chalkius
    Chalkius Posts: 110 Forumite
    Options
    You won't be able to haggle the fee down. They can't offer it to you at a certain price and to others at a higher one in this sort of case(unless you're staff and they do a staff discount). Those are the account fees and it's up to you to decide if it's worth it to you or not. Most things like this are automatic so there simply won't be any way to do it for you even if they wanted to. If you get a particularly generous advisor you might ask if they'll be willing to credit you the difference for a few months as a gesture of goodwill but I really wouldn't count on it.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Options
    If you get a particularly generous advisor you might ask if they'll be willing to credit you the difference for a few months as a gesture of goodwill but I really wouldn't count on it.

    Don't put staff in this situation. You'll get them sacked.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    First Post Combo Breaker
    Options
    PeacefulWaters wrote: »
    Don't put staff in this situation. You'll get them sacked.

    Do you have any evidence for this? If the advisor has the authority to make a credit to offset charges I can't see why they would be sacked as long as they follow the appropriate procedures. And if they do it without the necessary authority then they deserve to be sacked.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    edited 18 May 2017 at 11:10AM
    Options
    agrinnall wrote: »
    Do you have any evidence for this? If the advisor has the authority to make a credit to offset charges I can't see why they would be sacked as long as they follow the appropriate procedures. And if they do it without the necessary authority then they deserve to be sacked.

    Well I dont have access to my former employer's guidance notes these days, but throwing a bit of petty cash the way of a customer because they ask for a discount on a product fee that isn't discountable would be gross misconduct.

    I can think of two former colleagues who were sacked for waiving product fees when they had no authority to. And a third one who was sacked and then reinstated at a lower grade in similar but slightly more complex circumstances.

    The FCA also take a dim view on "under the counter" deals.

    Would a shop assistant keep a job for selling shoes off half price when there's no sale on?
  • pmduk
    pmduk Posts: 10,655 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    PeacefulWaters wrote: »
    Well I dont have access to my former employer's guidance notes these days, but throwing a bit of petty cash the way of a customer because they ask for a discount on a product fee that isn't discountable would be gross misconduct.

    Your previous employer may have forbidden this, however it doesn't follow that ALL banks do. As long as the employee follows the procedures laid down by the bank there would be no question of misconduct.
  • michaels
    michaels Posts: 28,008 Forumite
    Photogenic Name Dropper First Anniversary First Post
    Options
    Barclaycard were well known for having a policy of offering customers of good standing a £50 bung if they called up to close their account.
    I think....
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards