Halifail overdraft charges

MadMossy said:
Maybe we should start charging the banks £1 a day for borrowing our money when the account is in credit.
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Except banks see deposits as liabilities, as they have to pay interest on them.

The most powerful thing we can do is to withdraw money from banks that do this. In a large enough group, we will create problems with their fractional reserves, which will **** off the shareholders, and then let them vote off the board of directors.
 
now they are changing the rules with electron cards, they'll allow up to £ 20 pounds to be debted even if you havent the money, just found that out today, when i had a transaction i was complianing about fraud..
 
Click here.

A&L looks good to me! do it before Sunday and you get £100 + £25 if you join with a friend and they will transfer all direct debits, standing orders and salary! 0% Overdraft for 1 year and 50p per day from there on... but maximum charge of £5 per month!
 
Halifax wont care if you go elsewhere as they just want customers with cash in their accounts.

Surely all banks charge interest on overdrafts though?
 
I occasionally dip into my arranged overdraft, never have i gone more than £90 into it and never for longer than 10 days.

But even in that instance I would have been robbed for £10 with these new charges, which is why last night my Halifax account got closed & I moved everything to another bank.

That's one way to lose a customer of 9 years.
 
Just remember, this policy from Halifax was a result of a vocal minority campaign to reduce/alter unauthorised overdraft charges...

Can we compare this thread against the bank charges thread and see who is advocating moving (exactly the sort of market pressure that led to the 'free in credit' charging structure in the first place) and what their position on UA overdraft charges is to see if they just expect something for nothing?
 
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v0n said:
This was predictable. This is what happens when court removes power from watchdog. Since OFT cannot now question such charges Halifax was the first scoundrel to try what would happen if they tried to change overdraft into usury. £150 a month til you get your statement through post for going few pence below 0 if you don't have an overdraft arranged? Mother ef. That is out of order.
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Whats this got to do with OFT? A bank is a business and if you borrow their money (as you would be were you to go into an overdraft) then they are within their right to charge you for it surely?

The obvious choice is to change banks which I would certainly do if I had an account with them.
 
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v0n said:
This was predictable. This is what happens when court removes power from watchdog. Since OFT cannot now question such charges Halifax was the first scoundrel to try what would happen if they tried to change overdraft into usury. £150 a month til you get your statement through post for going few pence below 0 if you don't have an overdraft arranged? Mother ef. That is out of order.
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This was all set up and put into place before that court victory.

http://forums.overclockers.co.uk/showthread.php?t=18060665&highlight=halifax

Thread from back in October stating it was going to happen.

If anything, it is a response to the idea that the previous fee structure could be considered excessive, and this one could be considered more reasonable, but they still (as many people said would happen) have to make their money somehow.
 
I don't really have an issue with this, if people want to have an overdraft then they can take out a different sort of account. Effectively it's just an additional charge for credit.

That said, I dare say they are more than happy to dish out authorised overdrafts to everyone in the hope that some of them will fall foul of this.

Anyway what with most current accounts paying such a low rate nowadays (I used to get 6% on balances up to £2500) I like the fact that you get £5 net a month for making regular monthly deposits, that's roughly the equivalent of getting 6% gross on an average balance of around £1200.

So the reward account is actually an extremely good return on small savings, you get £60/year after tax from somewhere where you can basically just have around £1000 in there for only a few days (bearing in mind Halifax allow faster payments out). Managed the right way you could easily be talking well in excess of 100% effective 'interest'
 
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