MSE News: Reaction to Halifax's changes
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Yep and that's kind of my point we have enough going on without getting this crap from our bank. Its theft there's no other way I see it. And people say it was on the cards, well Im afraid I dont have the time to be checking up to see what trick my bank has up its sleeve. And I dont like being tricked into giving out my money to the bank for absolutely no reason except to line their pockets.
Still anyone got pointers on what can be done?? Any legal grounds etc?0 -
I'd switch to A+L through quidco, but i dont want to affect my credit rating, so i've decided to move to the reward account for now and make sure that I have a minimum of £50 in my account at all times to get the £5 every month
Odd Bank Account applications here and there doesnt in itself I dont believe affect credit ratings so I wouldnt let that affect your decision to apply for A+L Cashback Site 50.00 Cashback and/or 100.00 switching offer.
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bristolleedsfan wrote: »Post 24 " I would be interested to know why is it that they have the legal right to make changes to their products like this?? Is there anyway to appeal?? Who can we make complaint to??"
Reality is that Halifax could have under its T+C demanded that all its overdrafts were repayable upon demand and then invited its account holders to reapply under its new charging structure. Rather than cause massive inconvenience to those who are unable to repay their overdrafts Halifax has instead given notice of its new charging structure which enables those affected to take their business elsewhere if they both so wish and are able to do so.
Others have made reference to "taxpayer bailout", savers outnumber borrowers by a significant majority, bearing this in mind I believe that the majority of taxpayers would wish for Halifax to have a charging structure that is fair to the majority of taxpayers.
I have tried A+L Current Account, in fact im temporarily returning for the 50.00 Cashback Site + 100.00 switching incentive. ( not completely switching though.) IMO from experience Halifax online banking is far superior to both Abbey and A+L and Halifax tends to have branches in more places than A+L so when people are making comparisons with A+L they are not IMO comparing like with like.
That comes from the premise its a business without responsibility to look after all its customers including those on low incomes. If this was the case then there would be no need for consumer protection, such a responsibility exists to protect, especially in the case of those from low-incomes.0 -
I think you'll find some like-minded people over on the consumer action group website are discussing the possibilities of a legal challenge.tomasfoley wrote: »Still anyone got pointers on what can be done?? Any legal grounds etc?
I'm no lawyer but I can't see it working myself. Still, if you don't try...0 -
Possibly, perhaps even probably, but the "normal laws of economics" in relation to mergers and acquisitions tend to result in a reduction of overall staff, instead of having two branches with eight tellers we can manage just as well with one branch and six tellers, so there's no "almost certainly" although I agree decent oddsSo while the staff member may have lost her HBOS job if the normal laws of economics were applied, she would almost certainly have been able to find employment in the remaining banks who wouldn't, otherwise, have been able to cope.
As for the
that has become the threat banksters like to wield about to escape the consequences of their greedy reckless conduct. Banks have been failing since the beginning of time, failure used to be a great educator, and a part of the business worlds natural selection, to get rid of the inept and incompetent. Now it seems we just bail them out so they can spin the wheel a few more times until the next bad bet.rather dramatic economic consequences of allowing a bank to collapseHope for the best.....Plan for the worst!
"Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown0 -
tomasfoley wrote: »Yep and that's kind of my point we have enough going on without getting this crap from our bank. Its theft there's no other way I see it. And people say it was on the cards, well Im afraid I dont have the time to be checking up to see what trick my bank has up its sleeve. And I dont like being tricked into giving out my money to the bank for absolutely no reason except to line their pockets.
Still anyone got pointers on what can be done?? Any legal grounds etc?
Yes settle your overdraft, close your account, move your banking else where.
You obviously wouldn't want to stay with the Halifax, as you have such a low opinion of their policies.0 -
I have read a few times on here that these charges have been known about for some time...I'd like to know where all this informatin has been , because i was totally unaware of this till I recieved their mailing on monday morning.You make a very fair point that those with low incomes and have an overdraft are most vulnerable. The before Christmas point is less strong. These charges have been mooted for a long time, and Halifax has already abolished the moneyback account which was the most favourable deal for those living overdrawn. By bringing it in before Christmas that at least gives people affected the opportunity to cutback on Christmas spending, a lot of which is excessive. Introducing the charges just after Christmas would have been the truly cynical excercise.0 -
I have read a few times on here that these charges have been known about for some time...I'd like to know where all this informatin has been , because i was totally unaware of this till I recieved their mailing on monday morning.
I have posted this link
http://news.bbc.co.uk/1/hi/business/7780551.stm
several times now.
This was when (December 12th 2008) the first press reports appeared of their intentions.
Was discussed on here at that time.
http://forums.moneysavingexpert.com/showthread.html?t=1351763
and several times since.0 -
Sorry i really have not been on that much apart from looking at how to cut back on my spending etc...which i have been doing really well with until now. In hindsight maybe i should of concentrated on paying off the overdrafts, instead of the other things i have reducing and paying off. Everyone i have spoken to personally has never seen anything about it either....and many dont even believe me when i tell them...saying surely that charge is only when your go in to an unauthorised overdraftI have posted this link
several times now.
This was when (December 12th 2008) the first press reports appeared of their intentions.
Was discussed on here at that time.
and several times since.0 -
Yes settle your overdraft, close your account, move your banking else where.
You obviously wouldn't want to stay with the Halifax, as you have such a low opinion of their policies.
I think you'll find Halifax isn't the only bank doing this as I pointed out in my post. PS I notice alot of defending the banks goes on around here. That we should all know about this, that overdrafts are a privilege, that the majority of accounts are savers so the low-income customers aren't a priority, that overdrafts can be withdrawn at any time so that justifies total account transformation.
I'm not paranoid, but if you came here to defend the banking sector in upping charges from £1.30 to £30 Per month surely you have no interest in consumer protection. In which case I smell some infiltration by the banks around here?
The last poster is absolutely correct there was very little pre-warning. And an obscure article on the BBC does not mean it was common knowledge. We can't expect to follow all the actions of all the companies we deal with.0
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