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Halifax: changing their overdraft scheme

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After receiving a letter from Halifax this morning being told that they are changing their overdraft scheme from. If you go over your overdraft, you get charged with a wack of £35, whereas now, if … Read More
danny09 Avatar
7y, 8m agoPosted 7 years, 8 months ago
After receiving a letter from Halifax this morning being told that they are changing their overdraft scheme from.

If you go over your overdraft, you get charged with a wack of £35, whereas now, if you even use your overdraft, you will get charged! it works out to be if you have an arranged overdraft of up to £2,499 you will be charged £1 per day, if you have an overdraft of £2,500+ you will be charged £2 per day, if you have a unarranged overdraft you will be charged at £5 per day.

With this being extremely high and stupid, can somebody please recommend me a good bank to use as im refusing to stay with halifax as they have done this!

Thanks, rep will be added!
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danny09 Avatar
7y, 8m agoPosted 7 years, 8 months ago
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#1
We had our letter a few weeks ago and will be switching!!!
#2
go to the nationwide mate. no problems and rewards for credit not penalties culture.
#3
it seems their halifax reward scheme is better to move too if you stuck with horrid halifax.
#4
Ive been with the Halifax for 27yrs and got my letter about 2 weeks ago. Ive always had a free overdraft and only became overdrawn on regular basis for past 12 months. I did some research on MoneysavingExpert.com and decided to switch to Alliance and Lester. Overdraft is free for 1st 12 months then 50p per day with a max of £5 per month. And you get £100 for switching and £45 via quidco. If I stay with Halifax it would cost me £28per month. I only did the switch 6 days ago so fingers cross it will go smoothly.
I also have a friend who has switched to A and L about 10 days ago.
#5
errr don't go into overdraft then, its to stop people going into the red and living on their overdraft, i think its called managing your finances.

lol and people moaned about banks lending too much money, strange
#6
Alfonse
errr don't go into overdraft then, its to stop people going into the red and living on their overdraft, i think its called managing your finances.

lol and people moaned about banks lending too much money, strange


It used to be called responsible lending and they charged a tiny % for going into an arranged overdraft.

Halifax will swap everyone over by November to the new £1 a day for arranged overdraft and just to make sure of it they are stopping interest on the account you hold with them now until you go to the new account.

SLY. I had a meeting with the bank asking me if I wanted £5 free a month every month. I said no thanks because if I ever decided I would like to use my £1,000 authorised overdraft I could and @ 0.000004% or for the pennies a day it would cost to do so would beat any credit card or loan etc. So I said no thanks I will stick with my current account please. Looks like lots of others after their review also decided I don't like the conditions of this reward account with regards to the Authorised overdraft and also decided no thanks.

So with those results in they just decided screw you we are closing your account and moving you to a new one that suits us not you.
#7
ms_63
Ive been with the Halifax for 27yrs and got my letter about 2 weeks ago. Ive always had a free overdraft and only became overdrawn on regular basis for past 12 months. I did some research on MoneysavingExpert.com and decided to switch to Alliance and Lester. Overdraft is free for 1st 12 months then 50p per day with a max of £5 per month. And you get £100 for switching and £45 via quidco. If I stay with Halifax it would cost me £28per month. I only did the switch 6 days ago so fingers cross it will go smoothly.
I also have a friend who has switched to A and L about 10 days ago.


that sounds like a deal i want :) do i have to do it online to get the £100 and the £45 from quidco ? also i have signed up to quidco but i haven't paid the £5 annual fee, there was another type of website basically the same as quidco but you don't have to pay the annual fee, do they offer this same deal ?
#8
Alfonse
errr don't go into overdraft then, its to stop people going into the red and living on their overdraft, i think its called managing your finances.

lol and people moaned about banks lending too much money, strange


I don't think they do this to stop people going in the red but to benefit from them when they do.
#9
Marina
I don't think they do this to stop people going in the red but to benefit from them when they do.


its recipiorcal, you stay in black no money lost, good for you, you stay in red good for the bank
#10
Alfonse
its recipiorcal, you stay in black no money lost, good for you, you stay in red good for the bank


ALF i stay in black 50 weeks of the year but often go overdrawn at xmas for 2 weeks max usually.
Im 32 years of age and this year first time my OH and i ever got a credit card ( which has a zero balance).

We only took it out as went abroad with a 17 month old and it was left in our safe in appartment in case the worst happened.

Like others im peed at Halifax as i have also had a mortgage with them for 11 years and i will be switching and possibly my mortgage too and my sons savings.

But atm ithought id wait and see if other banks follow them b4 i switch and end up no better off
#11
We tried to go to Alliance and Leicester but you have to be in credit for more than so many days a month. So if like me you go overdrawn after you get paid and bills come out they won't accept you
#12
the thing is most folk will be deep into there overdraft or dependant on it and wont have the finances to get them back into the black before they bring this in and this is a rotten thing to do before christmas, you could actually imagine them in a boardroom thinking this up.

SODS.

I will be moving as soon as I get in the clear.
#13
danny09
that sounds like a deal i want :) do i have to do it online to get the £100 and the £45 from quidco ? also i have signed up to quidco but i haven't paid the £5 annual fee, there was another type of website basically the same as quidco but you don't have to pay the annual fee, do they offer this same deal ?


To get the quidco you would have to it online. I understand from reading on HUKD that Topcash is better than Quidco. To get the £100, you can do it online or over the phone.

As to all the other comments about dont get over drawn in the first place, Ive never been overdrawn untill ex hus became unemployed 1 yr ago so lost CSA, and supporting 2 teenage boys on a partime wage!!
#14
128plant
go to the nationwide mate. no problems and rewards for credit not penalties culture.


its an overdraft........not credit:?
#15
a pound a day??? that's awful!

Mine works out to about a fiver a month.. A&L.
banned#16
Let's hope all the banks follow suit!
#17
Alfonse;6656814
its recipiorcal, you stay in black no money lost, good for you, you stay in red good for the bank

Yeah reciprocal, will they give similar interest to the people who are in the black upto £2500? If I had an £30 in my account will they put £30 interest at the end of the month?
#18
Marina
Yeah reciprocal, will they give similar interest to the people who are in the black upto £2500? If I had an £30 in my account will they put £30 interest at the end of the month?


lol yeah I remember when borrowing was like that

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