A little extra from the Halifax
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It's been a turbulent couple of years for our banks. They've not only been fighting for their own survival, they've also been fighting their own customers on bank charges.
For four years now consumer champion Martin Lewis has been campaigning about what he believes are legally unfair charges levied by banks when you go beyond your authorised overdraft limits.
Their charges have caused such outrage, that six million of you have downloaded his letter to help you claim them back. The Office of Fair Trading took the case to court to get a ruling. The case has dragged on for more than two years but the result of the case is now due before Christmas.
Whatever happens in the courts we have already seen banks having to bring down their unauthorised bank charges. However, one bank has used this as the perfect excuse to re-jig its entire overdraft structure.
In 2000 the Halifax pioneered its all singing all dancing TV ads making stars of its own staff. But nine years later, is anyone still singing? During last year's economic crisis, the bank faced collapse and had to merge with Lloyds and be rescued by a government handout.
Last month, the bank we now own a huge chunk of, repaid us by writing to its 10 million customers telling them that it was about to make their charges much simpler. With great fanfare it announced it would slash its unauthorised overdraft charges from £35 per transaction to a £5 a day. If you spend beyond your limit you will be better off which is good news.
However, for many other customers, who stick within their overdraft limits, it's a different story. For most customers, the Halifax has chosen to ditch free overdrafts and replace all its interest charges with a flat fee. If you're within your limit and borrowing up to £2,500 it will cost £1 a day. If your overdraft is more than that it doubles to £2 a day.
Halifax says it's making things simple and conceptually it is, the problem is for some people it's simply going to cost a fortune. Imagine you slip £10 overdrawn without realising it until 20 days later when you get your statement, that'll mean you pay £20 on a £10 overdraft. In fact, for someone £10 overdrawn, £1 a day is equivalent to 36,500% interest per year.
These changes happen on 6 December, and many of the Halifax's customers will pay more.
While Halifax isn't the only bank that's starting to use this way of charging, the real problem is how much it could cost you. The Alliance and Leicester caps its maximum authorised overdraft fees at £5 a month, but with the Halifax it could be up to £60. What the Halifax is doing might be simple but it's a slap in the face for many customers who make sure they stick within their limits.
The Halifax told Watchdog:
In December 2008 we announced our intention to launch our new Reward Current Account in February 2009. The Halifax Reward Current Account replaced the traditional existing interest (credit/debit) and fee structure with a new approach based on simplicity and an even better deal for customers.
A market leading benefit
For the new account, credit interest was replaced by a cash payment of £5 per month irrespective of balance when accounts are funded with £1,000 or more a month - that's potentially £60 a year. Traditional arranged and unarranged overdraft fees and interest rates were replaced with a daily fee. Unlike other offerings on the market, the account does not require a cross product holding and there is no annual fee. The Halifax Reward Current Account is open to both new and existing customers. For overdrafts the new structure is as follows:
• Traditional unarranged overdraft fees were removed - no debit interest, no monthly unarranged overdraft charges and no fees for paid or unpaid items are applied. No charge is made if an account is brought into credit by the end of the banking day.
• Currently, for many Halifax customers the unarranged overdraft charge is £28 a month, with paid and unpaid item fees at £35 (subject to a maximum of three a day). The new Reward Current Account and daily overdraft charging structure does not feature these.
• Customers using an arranged overdraft of up to £2,500 will be charged £1 per day for each day they use their overdraft. The OFT study into 'Personal Current Accounts in the UK' published in July 2008 showed that around two-thirds of all active accounts don't use an arranged overdraft.
• For those using an arranged overdraft of over £2,500 a charge of £2 per day will be applied for each day they use their overdraft. The OFT study revealed that 95% of people who utilised an arranged overdraft had an average daily balance of less than £2,000.
• Customers who use an unarranged overdraft will be charged £5 each day they are over limit. We will write to customers immediately to inform them that they have exceeded their arranged limit and again every seven days after they remain over limit.
Informing customers of our changes.
In accordance with the banking code, we will always give customers at least 30 days notice of any changes. For many customers we will have given them significantly more time than this. We started to write to customers about the changes at the beginning of October and every affected customer will have been notified by the end of the month.
Overdraft limits
As a responsible lender; Halifax regularly reviews customers' accounts to make sure that their overdraft arrangements are appropriate. Overdraft limits are based on a customer's personal circumstances and can go up as well as down.
As part of these changes we have taken every opportunity to encourage customers to get in touch so we can review their banking needs and ensure they are in the best account for their individual circumstances.
The vast majority of our current account customers don't use their overdraft facility in an average month and for those that do they only go overdrawn for a few days usually at the end of the month. If these customers opt for our reward account they will be better off under the new structure as provided they pay in £1000 per month they will receive a payment of £5. For those customers who use their overdraft on a more regular basis we have specifically asked these customers to contact us so we can review their banking needs and ensure they are in the best account for their individual circumstances. We have a range of products and tools which can help these customers avoid these charges altogether.
We would advise any customer who is concerned about these changes to get in touch with us - we will always do everything we can to help.
Additional information:
In terms of the additional customers you are talking to many of them would benefit from changing to our reward current account or ultimate reward current account as they fund their account with £1k or more. As mentioned the Reward account comes with a £5 a month cash payment irrespective of balance and the Ultimate Reward comes with a £300 interest free overdraft. And for one of the customers where they regularly incur fees they would be better off under the new charging structure.
The new daily overdraft charging structure will take effect from December 2009.
This new simple charging structure is already in place on our Reward Account and customer feedback has shown that they find the daily overdraft charging structure clear and easy to understand.
Halifax writes to customers immediately to inform them that they have exceeded their arranged limit and again every seven days after they remain over their limit.
No charge is made if an account is brought into credit by the end of the banking day."
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the halifax's charges will lead to many people with money problems who live within their overdrafts and are trying to pay their debts off an ultimately their overdraft off much worse off and will ultimately cause huge problems. i will be changing my bank tomorrow i have been with the halifax for over twenty years - when they bought the charging into the reward account i changed to the ultimate account only to find the penalties following me. yes, it is very easy and VERY EXPENSIVE i used to think very highly of both their products and services so it is with great sadness that i will have to do this, but i cannot afford to remain a customer of theirs - i will also be moving my saving
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i think this is completely unreasonable
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I am disgusted by Halifax's new charges, I use my overdraft as a securiety blanket. I, as do many people at this time, run on a tight budget and therefor cannot afford these new charges. I have a £550 overdraft, how is it ok for me to be charged £6 a month to be £1 in debit for 6 days and the same to be £500 in debit for 6 days? It is shocking and once again only benifits the fat cats at the top!
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What used to cost £5-6 a month will now cost £31!!! Utterly disgusting and we're now changing banks after many years with them. Alliance and leicester are doing £100 cashback and no fees for 12months and then fees are capped at £5 a month. If they can why can't the halifax? Vote with your feet and ditch them.
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I bank with The Bank of Scotland part of the HBOS group. I was soo angry to find out about these charges. I have a large overdraft and my wages are less than the overdraft each month this means that I will be in my overdraft constantly and have to pay around £31 a month. Right now I pay around £16-18 interest. They say they are making it fair but all they are doing is squeezing more money out of the people who can't afford it. I feel that I am now further trapped by my own debt. The banks have been bailed out but are now squeezing customers more. I can't afford to pay off a large chunk of my overdraft. I phoned the bank like they recommend they suggested the following:
Upgrade to the reward account, ok so that means I'll get £5 a month but I'll still be paying £25 a month for my overdraft which is still more. I was told I could apply for a credit card to help (although Im not sure how) but I can't get new credit cards because of the new strictness with regards to lending. They then suggested that I topped up my loan. The last time I checked that the interest was going to be over 19% why do I want more debt?!
At the end of the day I can't move bank as i would never get such a big overdraft, I have been tackling my debts and been trying to pay off my credit cards before I tackle my overdraft and I can't afford it as it is.
HBOS should of continued to charge interest on overdrafts and then reduce their charges but instead they are again making money off people who are in the worst position. I have complained to the Bank of Scotland but lets face it what can they do? I also have a second bank of scotland overdraft with another account and they can't even combine it into one account. To avoid paying another £31 I was told I could upgrade it to the ultimate reward account at a cost of £12 a month so that the overdraft is free, well thats not quite £31 a month but its still more than the £2.50 a month I pay now. Again I can't afford to pay it off and they can't combine it into one account.
Again I think the banks are just squeezing more out of the public, but who is bailing the public out of their debts, no one, and then when you try and manage it you are charged more, I feel like there is no way out.
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It is good to know that when the big bankers loose billions the individual, personal customers will ow lose out even more. Not content by taking our tax payer's money, affecting our house prices/mortgages/savings and jobs, Halifax have now decided to make even more money out of a bad economy. It will take just 10 days with £10 in your overdraft to be charged 100%!
Bad, bad decision. If the effort is to really make money then this is totally ridiculous. I have discussed the situation with many of my friends and family with Halifax accounts. Even those who dont normally use the overdraft facility will now be switching to another bank.
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I was until recently a Banking Advisor [financial institution removed]and I was pressured to sell through conversational selling which I disagreed with I was put on an action plan and faced demotion. I also had authority to make a decison whether or not a customer qualified for a charge to be refunded which I did refund many of and now got the sack this week for doing so .....how unfair when all I did was help out customers that were already considerably struggling in this current climate!!!!!!!!!!
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So people who use overdrafts do it because they dont have much money and need a little extra sometimes,so halifax has had the great idea of taking even more money which gives people even less chance to get OUT of their overdrafts.Bye bye halifax after 20 years!!! I shall be moving all my accounts and my daughter will have her savings else where as well.
I;m sure the bosses will still get their bonuses!!!
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I have a small overdraft facility, just to cover me if all the bills went out befor I had money in. These charges are ridiculous, I sometimes use my overdraft (max £100) for a week or so. I have been to see the manager of my branch and his answer was not to use my overdraft facility. Halifax are in the process of losing all of my business, I am off to Lloyds they have a much fairer deal on their current accounts.
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also the overdraft on the £12.50 per month overdraft that someone just mentioned only the first £300 is fee free that is ridiculous
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Well I have been out of work for 1 year now and have been using my overdraft and have gone over it before and had about 10 charges of £35 every time I called halifax and they said they couldnt help me even though i am not able to pay these charges as i am not working.
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I've had a Halifax account since I was born about 30 years ago. I use that account as an emergency account if I have a big bill. It is quite often into the overdraft and usually costs me about £4 a month in interest charges. Now I could end up paying £365 a year. I am now going to close my account and move elsewhere. Very disgusted.
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Hello if you can help me reclaim my bank charges please as i feel mine are unfair as I am not working and the halifax know this problem with me. Ive paid about 10times £35! So please could someone help me!
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im with natwest and last week i found out i was overdrawn £3.40 and got charged £38 when i phoned and complained they told me that the good news was that i would only get charged £5 from now on !!!
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Many of you would have seen the recent HSBC advert where a lovely old man harnesses the skills of a willing Cormorant in turn teaching much wisdom to the wide eyed western traveler. I have to admit I have been a customer of HSBC for over a decade, after graduating I moved to London village and was a little retail struck to say the least and I was soon low on cash finding the big smoke a little too smokey.
I remember walking into HSBC on Tottenham Court Road like it was yesterday, I think the desperation on my face may have sparked a feeding frenzy amongst staff as I was soon approached by two sharks, sorry Customer Service Executives. I told the CSE that I wanted an extension on my overdraft as I was finding things financially difficult, I was promptly ushered over to a private area where my request for an extension magically turned into an application for a loan, the rest is quite predictable and I was soon horribly in debt.
A decade ago HSBC's marketing shifted up a gear along with relaxed banking regulations regarding lending, over the last decade the bank along with others have used persuasive sales and glossy advertising to sell not only loans but lifestyles. Living in London is not easy, its expensive and has many false needs, many of which are appealing to success hungry graduates willing to go to extraordinary lengths to get their first foot on the ladder.
The banks pay economic analysts to predict socioeconomic trends to make the most out of their lending, recently the regulations on lending have been tightened due to the chronic hardship encountered by many, however the banks have probably made billions at the expense of a wiser but considerably poorer British public.
More recently banks are able to charge penalty fees for overdrafts and credit cards, although currently under scrutiny by the Financial Ombudsman many have claimed these charges back through a short application process available online. The genius of the banks is that they make you believe that by going over your overdraft you cost them huge effort and money, this is not the case its very much preconceived and designed by experts to give the customer as little as possible so the banks make as much as possible.
In fact the Cormorant advert is completely inaccurate, in reality when inactive the Cormorant is kept in a partially sunken basket and only freed for the purpose of fishing. The birds are partially starved to promote hunger and tethered tightly by their necks to prevent swallowing, next time you see the advert notice the digital removal of the throat tether. Yes this is a traditional form of fishing which has been used for years but that does not make it acceptable, fair, or ethical.
The same applies to the conduct of the banks over the last decade, in my unfortunate experience the only way to use a bank is to do exactly that, use them. Refuse the credit card offers, keep away from overdrafts, if you can help it stay away from loans, I know life isn't that easy but this should be your objective. The fact remains that HSBC and all other banks are SELLING not giving financial services, and like any other product the banks have considered every way possible to tug firmly on your purse strings.
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I am a tax payer who bailed the Halifax out and I also save with them. I also NEVER overdraw and have never done so in my life. If I cant afford it I dont have it. So I APPLAUD the Halifax for taking this action. All I can say is, if people are allowed to keep spending someone elses money things will never improve. But if the Government aids people in getting money out of banks then they will go bust and I hope they are allowed to go down and not bailed out again because that would be a pointless exercise.
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I can understand why everyone is so angry but banks are perfectly within their rights to charge you for exceeding your limit. It is in the terms and conditions of your overdraft/account which you sign up to when you open the account. Surely if you are old enough and responsible enough to borrow money, be it an overdraft or a mortgage, you are responsible enough to stay within your spending limits? i think that the bank customers need to start taking some responsibilty for their actions and look after their finances, its is not your banks job to tell you when you are close to your limit unless you pay for a private banker. the bank changes are a tad excessive... but the simple solution to that is not to go over your spending limit. I think all the complaints need to start thinking about how they handle their money before lashing out at the banks
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im with [bank removed]and they are just as bad with fee's, they charge £35 for missin debits and £12 to send u a letter to tell u and if u lodge a cheque which happens to bounce which is not ur fault they charge £12,i have my mortgage with them and on a few occasions they have accidentally takin it out twice in the one day which has left me overdrawn and then they have charged me £35 for that plus £15 a week until they finally realised it was their fault and stopped chargin me although they wouldnt refund me my money,on them few occasions they have cost me around £200 its a joke!!
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I am a Halifax customer. I have an arranged overdraft facility and am constantly using it up. I have been out of work for nearly two years due to a critical illness. So come January 2010 - out of my 420.00 pounds per month incapacity benefit - the Halifax intend to take 30.00...that is a weeks food shopping money!!!!!! Crazy!!!! When I received the booklet explaining this, I was speachless, what planet do these decision makers live on?
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50 yr old, disabled, receive my disability thru a cardcash account with HALIFAX.
I have several direct debits on the account, and I access the account and transfer fees daily.
I live to my limit, and literally to the penny.
I transfer the money into the account, or ensure the money is there for the debits.
On several occasions I have checked on a specific date, seen the debit not requested, then transfer money from my house mates account to cover the debit, only to be told the debit was requested at midnight, and my paying the money in at 9 am was too late, £35 charge....
FOUR times so far this year I have been charged £35 for being 9p, 16p, 21p and 95p short, because the debit was requested a day or 2 early.
This is £35 EACH time, for being over drawn a few pennies for a few hours.
Despite me continually querying, I am told to speak to the requesting company, but this does me no good, they just ignore me.
I only get £100 per week, and these charges have crippled me, literally.
This is NOT right and not fair.
To add insult to injury they refuse to refund these errors because 'They have already credited me once this year, and they cant do it again!'
£35 for a few pence and for 12 hrs is ridiculous
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I've been with hbos for over 15 years and have always been within my arranged overdraft limit. I changed my current account to another bank as soon as I'd read the letter.
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I have been with Halifax for about 7 years. They did this trick about a year ago when they withdrew the moneyback account and said I would be moved to the Reward account - with £1 per day overdraft charges. Having spoken to them, they suggested I went to the High interest account, as this did not have the charges. I can't believe they have the cheek to do the same thing again! I'm also looking to move to somewhere else. Oh, and don't bother ringing them for a chat, the operators are obviously reading from a script and cannot cope with annoyed people!! I kept getting offered a personal load to pay off my overdraft - more debt!
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Very one-sided argument from the bbc. Why people suddenly find themselves in their overdraft is the issue and is characteristic of the mentality that's dragged this country into recession. Live within your means, pay attention to your bank balance and if you have to borrow money then fine but you'll pay for it.
The fact that the nation has bailed out the banks is providing a scapegoat and the covers up the facts that consumer philosophy must change.
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I disagree with the two people sticking up for banks and I have worked for one 5 years. If a customer loses their job through redundancy which is common right now, they still have bills to pay. Not everyone is fortunate enough to have bags of money and therefore dont spend over their means for selfish items bit for things they need to feed family and keep roofs over heads. Banks will not help you unless you actually go into arrears, by this point the damage is already done and banks yet again make money from these unfortunate people
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I am in a similar situation as ryman 79, When I telephoned Halifax I recieved the same advice as Ryaman79 and was also informed that all banks will soon be doing the same, calling it a new way of banking. I to was advised to upgrade to the reward account that would initially cost £12 a month but then I would recieve a £5 reward, which I do not see as a reward when it would go towards reapying the £30 a month I would owe them every month!
The lady I spoke to kept stating that I would not get any more bank charges, however if she looked at my account she would have noticed that I do not get charges for going over my overdraft as I keep with in my limit therefore this new way is of no benefit to me.
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I am a HALIFAX customer too for over 4 yearsnow and I am disgusted when I realised it adds up sooo much...
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i am with the ultimate reward account and i pay 12.50 a month for the account which gives me a free overdraft for £300 which is fine for me and every time my wages go in they pay me back £5 so in the end i get phone insurance travel insurance and all my cards protected for less than £8 a month it would cost me more to go else where. with the over draft facilities i would pay £3 for three day so basically the halifax are paying for me to go into my overdraft for up to 5 days a month i cant argue with that its better than paying £35 in fees. and it makes me check my account so that i know that i dont ever fall victim to card fraud. i wont be switching accounts and i have got better customer service with the halifax than anywhere else.
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Just finished watching the Watchdog programme. As per usual it was a load of one-sided sensationalist rubbish. A piece of poor journalism that created a storm in a teacup and made sure they found the most ignorant members of the public they could to give forced 'disgusted' opinions.
An overdraft facility on a bank account is for the short term. To cover you for a few days between, say, your mortgage leaving and your pay going in. The customers who will be seriously worse off are people who are heavily overdrawn with low income. They have not been able to manage their finances properly and are now facing the consequences.
And as for paying for debt advice, I don't know where that came from. Most banks have free services with dedicated teams who are happy to help customers in any way possible. In fact just calling the normal bank account helplines, customers will get general advice. And as the programme stated, most customers remain unaffected.
And if you ask me, this is just the beginning of this kind of fee structure regarding overdrafts. And it's certainly better than getting large set fees for going overdrawn by 1p. So get used to it!
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I thought this new charging structure was to start 6th december? Last month I was charged £2 for being slightly overdrawn for 2 days till I was paid. I think it is rediculous that the people who go overdrawn by upto £2500 are charged the same as me who was only overdrawn by under £10. I am going to leave the Halifax and go to a bank that looks after its customers. I have been with the Halifax for over 20 years.
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While the charges are steep, surely this is just the beginning of the end of free banking which was the inevitable result of the banks having to repay claims for unfair charges.
At the end of the day, even the 'goverment owned' banks are business not charities or public services and fee free overdrafts are not a right.
If your grocery shopping was 25% higher at one supermarket, you would quickly go elsewhere and your financial providers should be the same. Vote with your feet, but don't be surprised if other banks similarly change their charging structures.
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@pmcracing1
And with these changes, you won't get those charges. So surely you're happy..?
Or just completely unreasonable.
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I have been a halifax customer since as long as i can remember but in the last 2 years since i moved out of my parents house i took out a £300 overdraft on my account to help with paying bills etc just as an emergency fund but as much as i was told that this would help me and that there were no hidden costs and all that malarky what they didnt say was if you go into your over draft you get charged pounds and odds until you it was paid back, also what i cannot stand is what ever pounds and pennies i have left in the bank i will use for my basic shopping bread, milk, sugar, marg etc and once i had a fiver in my bank and so i went and bought dog food and bread and milk cost £5.06 and 2 days later i get a letter through saying im being given a £35 bank charge due to come off my account the following week, when i phone up to complain they said if its not paid when its ment to be that following week i would then get another £35 charge which means i would be due £70 and if that wasnt paid another charge would be put in place and so on and so forth, and then the cheek to go on and offer me a £500 overdraft to help pay this charge and give me a little extra, like i had enough to worry about i was not about to put myself in more debt with another extra £200 on top on what i already had. I think their customer service on the phone is also ridiculous as i recieved 2 charges just last month one was for a bill and the other was when i bought some shopping, but little did i know that day i paid bill and spent money the charge of pounds and odds was due to come off the charge they didnt tell me about when i first took out the overdraft anyway for both these transactions i recieved 2 charges one for my bill and the other for my shopping BUT..... there was enough in the bank to pay the bill so i shouldnt have been charged for that instead it should have just been £35 charge for me getting some shopping. I called up the banks customer services and queried with the person i spoke to and asked if she could check the systems and see if maybe there was a mistake, but no according to her it was right i was due to pay £70 etc and that i SHOULD be more careful in future when it comes to spending money. I was just about to leave it and give up thinking well if she says its my fault ill have to pay blah blah until i showed my mum who does finances for a living and she couldn't make heads or tails as to why i was getting charged for the bill payment if there was money in my account to pay for it so she advised me to go into the bank and i did and after 3 or 4 different people looking at my account and trying to figure out why i was charged for the bill they finally agreed with me that there was a mistake and that they would cancel the bill charge but still enforce the other charge, i was so thrilled but also releaved i did go into the bank and speak to someone about it if i had just left it and went along with what the woman on the phone had said i would have been out of pocket by £35 for nothing. I so want to change banks but unfortunately i cant until my over draft is all paid back and with me being unemployed and registered disabled i do not get enough money to pay it back plus all of my money goes on bills shopping and electricity.
Natalie Buxey
Dundee, Scotland
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"If you're within your limit and borrowing up to £2,500 it will cost £1 a day. If your overdraft is more than that it doubles to £2 a day."
£2,500? That's one hell of an overdraft. Surely the answer to avoiding penalties for such a loan (which is what it is) is not to be in such a daft financial position in the first place? £2,500 is more than most people's monthly wage. You'd have to be living in your overdraft 24/7 to be affected.
"Imagine you slip £10 overdrawn without realising it until 20 days later when you get your statement, that'll mean you pay £20 on a £10 overdraft."
You mean you don't use or check your current account for 20 days? Again, don't get yourself into a daft position in the first place. It costs nothing to check your account, whether at an ATM or over the internet.
For me, the changes work.
I fund my account with over £1,000 a month. I usually stay within my free arranged overdraft of £250, but occasionally go over. I pay £12.50 for my account, and the new £5 reward effectively reduces this to £7.50.
My personal bug with the Halifax was the £35 paid item fee, which in one case cost me £140 for 4 transactions totalling £25, each different transaction taking me further over my overdraft limit. I paid in £200 the same day to bring me back within my limit, but this made no difference.
Under the new system, I would have paid nothing, as by the end of the day, my account would have been within my limit.
So, in effect, these changes are bad if you a) have a ridiculous overdraft limit, and/or b) you don't have enough financial savvy to at least check your account every couple of days.
I'm under no illusions about banks, they exist mostly to take your money, but in this case Halifax have done me a favour.
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If Halifax treat their staff badly, surely they dont care about their customers
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I joined the Halifax when I left school in 1995 and never had a problem up until this year when the charges changed. I used to use my telephone banking regularly through the month to keep an eye on my account so that if I went into my overdraft I could sort it out quickly to avoid any charges.... After making a phonecall and talking to an advisor that told me that I had gone into my overdraft by £20 all my bills had been paid and cleared my account so that if I needed too I could draw out a further £80 which at the time I had to due to an unexpected bill that came earlier than expected. I knew then that I would incur charges but due to my monthly wages going into my account not long after I didn't bother and agreed to pay the charges. At the end of the month I then found that I was £7 over my overdraft due to a bill that the Halifax had confirmed had cleared the account and that I owed over £100 in bank charges.... The first thing I did was go into the Halifax to pay my overdraft back and the £7 that I had gone over to be told not to pay this into the account as the charges had already gone out, so I continued to discuss this with a very unhelpful member of staff at the Halifax and I filed a complaint. I was then notified over 4 weeks later by letter that there was no trace of the phonecall that I made to the Halifax on Telephone Banking and that I should use Telephone Banking to keep an eye on my account, which annoyed me as that was what I was doing in the first place..... I then went back into my local branch and made a further complaint and was told that this would have to be passed to Head Office to be investigated further, by this time the bank charges were £300+!!!! I have since heard from them telling me how to use Telephone Banking (again) and also stating that they will knock £35 off the bank charges and I would have to pay the rest..... I have since wrote to the Halifax not excepting this offer and that all communication had to be done by letter as I have no faith in the phone calls being monitored which is stated at the beginning of each call to be contacted on a daily basis telling me that I owe £300+ which I have requested time after time no phonecalls to be made. I have still not had any acknowledgement from the Halifax that they have even received any letters, and this has now been going on for months! I have since cancelled all direct debits and joined the Natwest instead but I still have the problem with the Halifax that they will not sort out!!
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I think this is the Halifax' way of getting rid of customers on low incomes and benefits. Somebody on £100 per week with a £250 overdraft lives on their authorised overdraft so will now have to pay almost 4 weeks income per year in charges. Trouble is, try getting a bank account in the first place if you are on low income or unemployed!
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A little Extra from the Halifax,
Not anymore unless you have a reward account
But only if you pay in £1000. a month
I'm on benefits and I don't get £1000 a month
so the very little Extra I was getting,
I will not be getting anymore.
Plus come January they are closing my local branch.
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I am a customer of the Halifax and unfortunatly I had to use my full overdraft of £2650 to live on due to unemployment, I am still unable to repay the overdraft so at the present time I am really struggling to pay the £40 per month intrest charge, after 6th December this will go up to £60 and there is no way I will be able to pay this!
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Martin's advice on Watchdog was spot on. On the day we received Halifax's notice to update the account, we also received an offer to switch current accounts from a bright orange rival somewhere in the midlands - so switch and ditch we did, and we get £100 as a golden hello. Use your consumer power and vote with your feet!
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top programme 'Watchdog' i have been absoutley ripped off by Halifax., i opened a reward account with the bank simply because of their flashly add offering me £5 once a minimum of £1000 goes into the account. However, they failed to inform me thati will be charged £1 per day for only going into my overdraft, which i thought was to help me and not hurt my poocket.
I decided to cancel the account as when i enquired about the charges they advised, this was the standard charges for this particular account. We as tax payers own this bankand should determine the charges not the employees!
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Sorry, while I agree that charges like this don't work for everyone, overdrafts are not your money !!!!
You are using money that is not yours and you have allowed yourself to get to that point whereby you are at the mercy of the bank charging you an amount that they see fit.
If you don't want to be charged £1 per day, don't use money that you don't have in the first place.
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This comment was removed because the moderators found it broke the House Rules.
I would like to post a comment as I was writing an email which was unfortunately lost before I sent it so I decided to read comments regarding this subject before I retyped it as I was a bit annoyed.
Following reading this comments, I am now changing my story. I was going to complain about the fees the Halifax and other banks are charging and not attempting to help people who contact them for advice and help, however I am now more annoyed with the people who are preaching financial responsibility and self control and would like to ask them how they would personally deal with loosing 52k income per annum after 8 years in 2 secure jobs in a matter of 3 months due to redunancy 6 months after getting married. Any comments or job offers from these people would be greatly welcome
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If you are not happy with this move, the Government as 43% shareholder should listen the shareholders.
Sign the petition hereif you do: http://petitions.number10.gov.uk/halifaxcharges/
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Unfortunatley for me I am one of those people who do use there overdraft to the max every month, but I make sure I do not go over it.
I have two halifax accounts both with overdrafts on them.
On one account I was charged £1.46 per month for a £300 overdraft,, which is fine. But I will now be charged £30.
On the other account £1000 overdraft again charged £12.50 per month now going to be charged £30. So they now make £60 from me.
I cannot change banks because of a low credit score and past bad debt which we are desperatley trying to repay we both work and it will be a long hard graft.
I phoned the Halifax and was told I can transfer one overdraft to the other account, leaving one overdraft of £1300.
I could then make that account one of there extra accounts that would cost me £15 per month for insurances that I do not need, but would then also be charged the £1per day because I would still be using my overdraft.
Sorry If that all does not makes sence, I still loose out,,,
Dont I have a share in this bank,, have they not been bailed out by my and many more peoples hard earned taxes,, this is all wrong and something needs to be done quickly. I do intend writing to my MP to complain ,, not that it will get meanywhere.
sorry again
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Contrary to the comments below, I am one of the fortunate people who will benefit from the change to the reward account. whilst I agree that the charging structure definately needs rethinking, I am lucky enough for these changes to benefit me. I only use my overdraft for a few days a month but the benefit from the £5 will cover most of that for me. And with the interest rates the way they are it seems almost pointless to have an interst rate on a current account which traditioanlly never holds a big balance anyway. If I wanted to store alot of money I would use a savings account!!
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I can't believe any body agrees to any of this?
I bank with Halifax. I also until 2 weeks ago worked for HBOS. Then, due to people at the top screwing things up, having to restructure the company I have lost my job. I haven't been one of the lucky bankers who have continued to get bonuses. So now, after the company have got rid of me, now that I will have to live in my overdraft for the next few months while they charge me a ridiculous amount for it.
Some of us do need to borrow money. It isn't a choice its a necessity that we don't want. they are just making it harder for is to pay the money back.
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Hello.
I have been with the Halifax now for three years or so, initially as a Cardcash customer only. I am disabled, and have my relevant finances placed into my account at regular intervals. At the beginning of the year, I was allowed to add a current account to my profile, which allowed a better Debit Card (Vesa Debit) and a small Overdraft of £100. I am not allowed to increase this amount.
Because of my finances being small and fixed, the overdraft arrangement has proved invaluable, and I use it constantly in order to cope with the fact my income is fixed, and always the same regardless of need. The £1 per day arrangement came as a complete bomshell, as all people soon will be paid fortnightly instead of weekly, which means at the beginning of November, I effectively will have to go without any income at all for a week. I cannot afford this, and also to pay back even £100 in time for the new conditions to take effect. The bank told me to take out an Ultimate Reward account instead, thus reducing my 'fee' to £12.50 per month. This will be a significant amount to add to my monthly outgoings. Also, because I don't get anywhere near the reward total of £1000, I will also not benefit from the £5 a month bonus. In addition, the Travel insurances the account comes with will never benefit me, as I cannot travel!
I wish I could also move Banks, but think this will be impossible given my almost non-existant Credit score, and low income. How they are allowed to get away with such penalties is beyond me, when it is supposed to be part Government owned. The Government seem completely toothless in being able to control even the most basic functions of any Banks finaces - who is to say they will not get us into the same position as before without any necassary controls. If only the Banking Ombudsman would step in ....
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This comment was removed because the moderators found it broke the House Rules.
I think some people are missing the point here. It's nice if you live in a world where you don't need an overdraft, but it is an incredibly narrow minded view that people who need an overdraft simply can't manage their finances.
Many people live to their means and budget carefully from month to month, but who can budget for the school trip, the replacement for the scuffed shoes, the extra tank of diesel a week or two before pay day? Things which might ultimately push someone into £10-20 overdraft. Suddenly 10 days at this level costs a further £10 which is ill afforded and simply goes into the coffers of the bankers (who'll no doubt be paying themselves chunky bonuses off the back of this). The people that have the larger overdrafts (i.e. the ones with £2000+ on their overdraft, are almost certainly better off... how is that fair? )
We use an account with an overdraft which we pay a set amount into to cover annual bills such as car tax, christmas, mot's etc. Sometimes the account is a few quid in the red for a month or two, but it all balances at the end of the year - I believed this was sensible budgeting. This would now cost me hundreds of pounds every year to maintain so i'll need to change the way I do this... I am happy to pay the interest for the facility as the value is greater. At a £1/day that suddenly becomes extortion!
Yes I agree banks are here to make a profit, but I am also a consumer and I choose not to accept this (especially in light of the billions the tax payers have plowed into this banking group)
Needless to say I'll be closing (grudgingly) our ultimate reward account, my current account, my son's savings account and our savings accounts after 20+ years with the Halifax. I am absolutely disgusted.
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Do you know, all I am am reading over and over are people complaining about the bank charging them for spending money that isn't theirs!? How could they, right? Wrong! That is what is wrong with this country and the state that it is in, people living outwith their means on continual basis. Another thing to think about is that the UK is one of the only countries left in Europe that still has 'free banking'. In a lot of European countries, bank customers pay for everything from paying-in to withdrawals, cashing cheques to setting up direct debits. You can mark my words that other banks will follow suit, they are just not quite brave enough yet. Well done HBOS, maybe this will help people to get their ships in order and be a blessing all round.
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@sandcaroline
Halifax IS the Lloyds now!? Where have you been for the last 9 months???
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i think this is disgusting, i am £900 in my overdraft (of a 1000 limit) i earn just £1000 per month on a 50 hr week, so im constantly in my overdraft, at the mo im paying about £4 per month, with this new scheeme im going to be paying about £30 per month, (£360 per month)
this is yet another bill i need to find, and i cant change banks as my credit score is to low, i may end up having to consider bankcrupcy, as im unable to afford yet more bills, how can this be fair, theres so many people struggling, and this just isnt helping, shame on the govenment, shame on halifax
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I was a loyal Halifax customer but have been disgusted by the recent change in charges. Telling me that it has been done to make things easier for me has added insult to injury and I have taken Watchdog's advice and have moved my bank accounts. I have also emailed the Cheif Executive of Lloyds TSB (includes Halifax / Bank of Scotland (HBOS)), Eric Daniels to tell him what I think of his bank.
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Just spoken to [personal details removed], Customer Manager who had the pleasure in telling me that; “if I don’t like the new charges, I should change Banks”.
Good advice [persoanal details removed], I will change Banks, taking my private, business and savings accounts with me.
This is nothing more than a commercial exercise to raise additional revenue from the very people that bailed then out, the tax payer, who have been saddled with a debt that will take over a generation to pay off.
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I also think this a disgrace by a greedy bank. I have been with the Halifax for 15+ years and I have an arranged overdraught of which I use on a regular basis but is always paid off when I am paid. My monthly inertest charge is no more than a few pounds but now could be as much as £20+ for the same facility. I and my wife have individually received separate Halifax letters over the last week for each of our accounts, we are swimming in the same letter - what a waste of money!!!!!!!
I have now opened a new account with and other bank who is going to pay me £100 to do so, with a £250 interest free over draught. I will then claim back all Halifax bank charges for all accounts over the last nine years, then I will close them all. Good bye Halifax and good riddance..............
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@littlefriggle & vimo16
I think you miss the point about people living within thier limits, you can not just say this debt is from people spanking money and having a good time at somebody else's expense. I live within my means and budget carefully every month on a limited budget. I have an overdraft because of an unexpetced charge that I was legal obliged to pay. This was £750 and I could not afford to pay it, I spoke to Halifax would advised an overdraft as the best option. Paying back £50 a month, £12 interest, meant I paid back £38pcm. In about 1.5 years I would have paid it back and every month I deposited the £50 the interest charge reduced so the closer I came to repaying, the less interest I payed and the more debt I reduced.
Under the new Halifax T&C's of the £50 I pay back £30-£31 will now go the bank, leaving only £20 to pay the actual debt. It will now take me 3 years to repay the debt and even up until I only have £1 of debt left to pay I will still pay £30 in fees.
I never signed up for those conditions, as a tax payer who bailed out the banks I am livid that these charges are squarley aimed at people like me who are trying to get out of debt on a limited budget. It's easy for those in bubbles to blame it on people sqandering and not living within there means but please dont mistake the public for bankers.
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I can not believe that the Halifax can get away with this!! I am constantly in my over draft as i am trying to sort my debt out and paid off my visa with it. As i was paying around £5-8 pounds a month interest which i thought was fair enough. Now i am being told i will have to pay £31 a month in fees. This is disgusting as i dont have any spare money as it is. If id of known this would have changed i would have not opted for this over draft that they were so keen to sell to me!! Now they are offering me LOANS AND CREDIT CARDS to get out of this mess. i am appauled and will be moving bank accounts immeediately and i advise everyone to stick together and do the same. With banks lkike the Halifax there is no wonder people are losing there homes etc!!
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Halifax have stopped overdraft charges for Reward Account Customers and introduced a "simple daily fee" of £1 for each day overdrawn up to arranged overdraft limits of £2,500.
Effectively, this means using £400 arranged overdraft for three weeks will cost £21 equivalent to an annual charge of 91%.
A customer staying overdrawn by £100 all year (and many do) will pay charges of £365 - 365%. A customer going in an out of a £50 overdraft for a year could end up paying best part of 730% charges.
These charges are for arranged overdrafts. Even those that go overdrawn up to the limit of £2,500 for the year would pay charges of 14.5%. Disgusting.
Prior to this new charging system, Halifax would charge £35 for honouring ( already cancelled ) direct debits and then the Chief Executive Office would write and state the customer hasn't followed Direct Debit Guarantee procedures - their version is that Customer cancels direct debit with the organisation contrary to DDG / bacs.
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@ intothegroove86
Thanks for your comments, but to me its a case of gate and horse having already bolted, Ive had to pay £140 charges in thw past 6 months for being overdrawn by a total of less than £1 for less than 12 hrs.
Actually, they refused to honour the debits, as there was a few pence short in the account, regardless of the fact they can clearly see my disability and mobility benefit paid regular as clockwork twice a month.
I havent even gone over drawn, they are charging me for the cost of a computer simply refusing to pay a debit!
Granted, yes, the new changes will improve the situation, but I have a nagging feeling that these changes only apply to certain 'Reward' accounts, and not a 'Bog standard' card cash account which I have had for nearing 20 years
When I ask to upgrade , or change my account, or even to pay for a small monthly over draught facility which would ease my problem greatly, I am told that as I do not pay in over £1000 PCM, and as I have no Employment income, they are unable (Maybe understandably I must say) to upgrade or offer me a different account,
Thus, i go on trying to ensure everything is paid on time, and hoping that I dont find them trying to pay a debit 12 hrs earlier than last months and being charged £35 for this refusal of debit payment.
Its not the fact that I get the charges, I dont actually pay the debits, because there is 20 Pence short, Halifax (Again, rightly) refuses to honour the debit.
Theoretically I haven't gone over drawn at all, especially as they have refused the debit, but still I get charged £35 for an unauthorised??? UNPaid direct debit.
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What about this ......Lloyds TSB (same company as Halifax!) aren't using this ludicrous charging system.
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I love the way watchdog have a completely 1 sided argument on this. what about the thousands of people who are being charged every month on the old style charges that this will save money. Or the majority of customers who dont even use an overdraft that will get £5 a month and no charge? Do you want banks to go down the route of charging to have a bank account at all??
[removed for legal reasons]
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I have got a account with halifax and they are closing my account down next March as they have said that it no longer going to be one there so they are making me apply for a new account also my they are taking my overdraft away how bad is that
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I'm a student, and I'm constantly dipping into my Halifax overdraft to keep myself going, and this is absolutely ridiculous.
Somehow I have to find 600 pounds by the 6th of December, or else they'll start to charge me, and I simply cannot afford any leaks in my balance, as I don't have a loan- I work to pay off my fees, the university is taking enough of my cash already!
As soon as I do, however, I will be ending my overdraft and ending my account.
There's nothing wrong with simple banking, Halifax, but don't treat us like idiots.
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Halifax charging 1 per day for being in your over draft after a halifax person advised me this wouldnt happen to the ultimate reward current account . they are robbing us they are making things worse for the public rather than helping , they are just helping themselves and there bonuses
hopefully they see the outcome of what they are doing and wake up
i am fuming i have to pay 1.00 per day and i already pay 12.50 to be able to use the account so i would be paying 42.50 per month.
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As a Halifax customer since 2003, I think this is disgusting. I am going to pay my overdraft off and close my account, [name removed by Moderator] are much better!! Halifax will lose a lot of customers.
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In relation to Bank charges and reclaiming/disputing them, my son who is a student(gets £30 a week term time only)and at the moment the grant is not being paid. He has been charged £38 for a refused direct debit.This was asked for, nearly a week early. Despite sending a letter downloaded from 'Martyn Lewis's' website there are still being obstructive and they have asked for an income breakdown as he is an hardship case. The latest letter says there are thinking about it. They must have spent all of the £38 by now, just by their refusal to suspend the payment.The original direct debit has been paid by myself and it is now cancelled.
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Watched the Watchdog program, thought it was the usual one sided self opinionated bias. Interesting how it did not interview any customers who are "better" off as a result of the changes.
Well I hope you are satisfied with yourself Mr Lewis, because of your constant whinging and moaning about it seems now banks are fighting back. Life seemed ok before you came along and now the majority of bank customers, who get on with their banking needs, conduct their accounts well are being penalised.
Also if you are a "money-saving" expert how come you did not mention about the Halifax's Ultimate Reward account? I've this, interest free upto £300, costs you £12.50 a month however you get £800 of benefits - travel insurance, mobile phone insurance, RAC cover to name a few - which on there own can cost more than £12.50 per month! Plus Mr Lewis from December guess what? Pay £1000 into the Ultimate Reward and the bank gives you £5!! So in effect you're paying £7.50 for all the extras and you're first £300 overdraft is interest & chrage free.
Overdrafts are not something that you should rely on to live on, they are there for unforseen emergencies, e.g. late salary, sudden rise in a payment. At the end of the day the overdraft money is not yours, and any bank is quite within their rights to claim all monies back within 14 days if they so wished to do.
The program failed to mention about the Halifax had abolished it's failed item fees, paid item fees and £28 exceeding overdraft fee.
Oh and the customer on the show who was 33p overdrawn? Oh come on you were a joke, 33p???!!! Pay it back, be grateful it's only that small!
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I have been with [company removed] for nearly 30 years. I have never seen such a bank try to sell you credit cards, advancments on ur property ect so much as this bank. I do everything possible to avoid going into the bank. I have a £800 overdraft, NEVER had any bank charges as always stay within my limit but as the banks are no longer making money from bank charges this is just a way to get round these and a new set of charges now apply. With the UK government now owning our banks then its mainly down to our MP's who would have allowed these charges to go through so i think if anyone is to blame then its them.... I will be moving banks.
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I am also outraged by the charges being brought in by The Halifax in December.
Unfortunately, this year I've had to use my 'authorised' overdraft more and more because of financial difficulties, and more often than not I have been into my overdraft for most of the month. I've been charged around £2.50 a month interest.
From December even if I'm only so much as £1 overdrawn for 5 days, it's going to cost me twice as much. To be overdrawn for the whole month will cost £30.
How can this bank be allowed to get away with this? The law says that the charge must reflect the true administration cost. This can't possibly be the true cost!
I'm going to borrow the money to pay off my overdraft and close my account. I hope that everyone else who is able to, will close theirs too.
AND they have the audacity to scrap the ridiculously tiny amount of interest they pay customers whose accounts are in credit!
Why would anyone want to bank with The Halifax!
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we have applied for a new current account with another bank £100 to move. I was not happy with Halifax new charging - we go into overdraft most months, not by much but it would mean that I would have to check daily and its too much hassle. Lots of the other banks offer interest free OD for a few hundred. Thanks Martin for the advice!!
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Has the Halifax not learnt to change it's ways. Like others i too will be closing my account of 15 years. Not only are these new charges going to cost people with overdrafts more but they still only have 4 day clearing and making a bill payment also takes 4 days. However small no interest on a Current Account? Our government on our behalf should be concerned..........
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Thankfully I'm not with Halifax but I always try to keep up with all bank charges just in case I ever have to leave my current bank. I have to say this latest change by Halifax is shocking, it's just another example of the absolute greed and disregard for customers which banks all seem to have now.
And the people who've left supercilious comments on here about 'if you don't use your overdraft you won't get charged' - I hope one day you find yourself in financial difficulties and realise what it's like to drown in a sea of debt with no way out - perhaps then you won't act so superior and pompous to those who are struggling and will be hit hard by the greedy bankers.
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O come on hasn't anyone heard about budgeting.
If you ain't got the cash (thats real money not credit) DON'T BUY IT
Budget
Keep a note of what you spend,
go on try it for a week
then have a hard look at it,
Was it a want or a need.
IF YOU AIN'T GOT IT DON'T SPEND IT
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Martin Lewis within this interview made comments regarding 'Hardship' cases. He was in fact fundamentally wrong in his comments. There is nothing to force a bank to make a repayment if they decide not to do so. The process is totally voluntary with regards to financial institutions making refunds of bank charges. With the current 'stay' in operation that means you cannot enforce and potential County Court judgement either with regards to this.
Michael
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I said good riddance to the Halifax over five years ago and not a moment too soon. It was their unfair charges with the string of other customer service issues I'd encountered with them that prompted me to close my account.
I wrote a really strong but constructive letter to the manager of my holding branch detailing my every complaint without mincing my words. After a 'go to the FSA' letter came back, I moved my account, writing to the Hell-ifax once more confiriming my decision to close the account. Their reply, which stated "... we are very sorry to have lost a much valued customer.", I then sent back after writing on it with a big marker pen, "You could have fooled me!".
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When Halifax launched this account, Martin Lewis recommended it as a way to 'beat the banks'. Writing in the Mirror, 17th February 09 he said: '£ FREEBIES Halifax is offering Reward Current Account holders a monthly £5 pay-out if they pay in £1,000 each month.'
[removed for legal reasons]
As you can tell, I am absolutely sick of the distorted media platform given to consumers who do not manage their finances. The media never speaks up on behalf of the silent majorty, the 60 million plus accounts run properly who are having their banking faciltiies that have worked perfectly well turned upside down by this loud mouth and his 6 million downloads.
Some of us have not spent the past 10 years spending money we did not have and are not in debt. Some of us do not take out multiple credit cards for freebies as Martin Lewis recommends. We think that is stupid. Some of us do not take up the deals Martin Lewis parades every week on GMTV. Some of us are not going out to eat on Mondays or Tuesdays which we've never done before because Martin Lewis says there's a voucher we have to grab.
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I have been a Halifax customer for 20 years and hold various accounts with them, I am disgusted that they can treat their loyal customers this way. I vary rarely go into my over draft on any of my accounts but sometimes have to at the end of the month. When I contacted the Halifax regarding the new charges I was advised to change my account to their Ultimate Reward (they will only allow me to change 1 account)which will cost me £12.50 a month for a £300 overdraft, free breakdown cover, travel insurance etc. Being that I dont drive and cant afford to travel this is a complete wast of £12.50. IT STINKS!!!!
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How dare these self righteous people add their comments about other people's finances and budgets when they know absolutely nothing about them or their financial situations!
I suspect that like me, most of the people writing here are in financial difficulties through no fault of their own, not through bad budgeting. Perhaps redundancy, illness, an accident or a divorce costing the innocent party £30,000!
Not everyone can get a well paid job, even the ones with amazing qualifications.
I wonder if these people know what it's like to barely have enough to eat and still have to pay the mortgage/rent, council tax etc. etc. With no holidays, no luxuries, EVER!
Yes I agree that there are people who just spend and spend on their credit cards through utter greed and selfishness, but then how can you blame them when we have a government and council bosses who steal from the tax payers money and the poor, claiming for second homes that some don't even have, their gardens and decorating, outrageous wages for family members, enormous travel expenses and not paying taxes by knowing all the dodges.
And the big bank and company bosses getting richer and richer at our expense by paying themselves massive bonuses!
I think you'll find that they are the greedy ones who don't care about budgeting or anyone but themselves.
No-one knows when life's going to deal a really harsh blow or blows. You're turn may come!
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Sorry, correction to grammar - Your turn may come!
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@ Megatonibella,
Enough with the 'I was pressured to sell through conversational selling'. Unless your gormless you would have known what the role of a Banking Advisor entailed before you took the job??
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So everyone that might go into their overdraft and is moaning about the charges have never heard of internet banking, telephone banking, ATM statements, the branch counter service?? You know these right the FREE services offerred to help you keep track of your finances!!!! We all have a certain responsibility to keep track of our spending and the effect that wil have on our bank account balance. But not everyone will be happy, thats life. And for those moaning that a current account doesn't give you any interest, that is the job of a SAVINGS account!! Think of all the free services that we use on a current account: debit card transactions, payment of DD's and S/o's, cheques, statements etc etc. That is the point of a current account, its for day to day banking not saving.
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just been charged £245 for this months bank charges rang them up and they said lifes tuff
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I've been with the Halifax since 1984 when it was still a building society. I introduced my son and daughter to them when it was time for them to open accounts.
Within the last few months, both of them have switched because of the swiftly deteriorating attitude of Halifax staf, both at the counter and on the telephone.
This latest scam with the overdraft charges has finally pushed me into switching as well.
Halifax (or whatever you're calling yourself now) stop sending me marketing stuff - you had me. You didn't show me respect - you lost me. Live with it!!!
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I received my letters from the bank and i am appalled. I hold several accounts with them, i have had loans, credit cards so i can honeslty say i am a loyal customer. I am certainley not opening an account which will cost me anymore. Obviously this is very good business decision to recoop the losses they have made but why should the customers be penalised. Whilst i agree with there reasoning behind it there should be a limit or cap.. for example no charge for o/d under £100. Come on Hbos.. re think your decision and start treating your customers with the respect as without them you would not have a business and it looking likely that you are going to loose a lot in the next cpl months.
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As a loyal customer of the Halifax for over 15 years I have a current account with the Halifax, a mortgage with their sister company [removed] and two buy to let mortgages with their sister company [removed]. The change to the Halifax current account is nothing shoort of ripping off its customers. I am annoyed they are allowed to make these changes and put its customers through the hassle of having to move banks because the new charges are so unreasonable and unacceptable. I have lost all confidence in this bank enforcing such unwanted changes to my account that I no longer feel my mortgage products are safe from this greedy banks tinkering. All are up for renewal and all of my business will now be directed away from the Halifax and its sister companies. SHAME ON YOU HALIFAX
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just to add to this if you are a member of staff you are charged 50p a day rather than the £1 and £2 fees!!! simple and fair for all, think not....
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I have been with the Halifax more than 25 years.
We have an Ultimate Reward Account (amongst others)which costs us £12.50 per month. Among the "rewards" is travel insurance and unfortunately this year we had to claim as we were burgled, we have never claimed on insurance before.
We had a camera and MP3 players amongst other things stolen whilst we were asleep in a villa. On our return we put in a claim for about £460 (with several receipts) and we have been offered £16.
The reason for this is that cameras and audio equipment MUST be on your person or in a safe. In addition there is a £50 excess per claim and as we have a joint account the excess is £100.
Under trade discription I wonder if Halifax are in breach but as they call it Ultimate Reward I don't think they are as they do not state WHO GETS THE REWARDS.
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