hbos new charges

[Lainie]

hbos are introducing new charges to their accounts. biggest change is to overdraft charges where they will now charge ?1 a day if you are overdrawn!! im looking for a new current acct!!

Halifax/ Bank of Scotland: a guide to account changes. - MoneySavingExpert.com Forums (http://forums.moneysavingexpert.com/showthread.html?t=1986907)

[dctyper]

so they will change a contractual agreement on an agreed overdraft?? like to see that stand

[Lainie]

yes they are and if they can others will follow. dont know what share of the market they have but its obv lloyds, tsb, halifax and bank of scotland so that must be millions of customers. ?1 a day for an overdraft!!

[opsmonkey]

this only applies to their ultimate reward current account, also note this bit..

If you use an arranged overdraft above ?1500/ ?2000, the difference between what you are currently paying in debit interest and the new fee structure should be negligible

i guess the best advice is live within your means.. i've never had an overdraft

[Gumbo]

So the BoE lends HBoS as much money as they want at 0.5% interest rate and they lend it to us at 5%+. Remember that it was tax payers money that bailed the bank out so in essence it is our money coming back to us via a broker which in this instance is HBoS.

Now they want to charge us ?1/day for an overdraft which is really just lending us our own money back in urgent situations. I bet we do nothing and put up with it.

[opsmonkey]

if you read the article and do the sums the ammount of debt interest on your overdraft will be in the region of ?1 a day anyway if your overdraft is very high

[Lainie]

i wish i didnt need one either but when i was married my hubby was on incapacity benefit and we got help with nowt so i needed to use it esp at christmas time although i try not to go over ?500 overdrawn (im allowed ?1000). ive no overtime in my current job so sometimes i do use my overdraft but not always. however its the principle of banks charging ?1 a day for this facility!! they make a bloody fortune as it is

[opsmonkey]

if you keep it under ?300 you wont get charged.. do you have the Ultimate Reward Current Account..?? If you dont then no need to worry as its only for that account.. as for the principle, from what i've just read and worked out if you have a high overdraft the daily rate of debt interest is around 97.7p anyway

[Lainie]

i dont have the ultimate reward acct - you pay ?12.50 a month for that one. another bloody con. think i need a rich man lol

[Danril]

Surely it will be if you don't have some sort of pre-arranged overdraft figure or if you go beyond the figure?

[Timmaa]

Surely it will be if you don't have some sort of pre-arranged overdraft figure or if you go beyond the figure?

Nope. The interest charges on the overdraft are being replaced with flat fees. AFAIK, the only people who get free overdrafts are students.

[CHRISTOF]

greedy bassaz i practically live on my overdraft at moment because my wage structure changed so they will be wanting about ?30 p.m from me pfffft anyone got royal banks number!!!!!!

[Danril]

Nope. The interest charges on the overdraft are being replaced with flat fees. AFAIK, the only people who get free overdrafts are students.

Total skank.

I don't utilise an overdraft but that will be a real money spinner for HBOS. Until everyone else goes ad gets a different account with another bank, that is.

Unless all other banks adopt the same tactic!

[forntida]

Look on the good side. They may start paying you one pound a day if you don't need an overdraft. Where did I put those pills?:help:

[Lainie]

hbos/lloyds tsb are so huge now they can do whatever they want. think i want my wages paid in cash and not bother with a bank acct. lol if only

[forntida]

hbos/lloyds tsb are so huge now they can do whatever they want. think i want my wages paid in cash and not bother with a bank acct. lol if only

The police would advise against anyone walking aroung with such large amounts of cash on them.lol

[hali_boi]

I've got the ultimate reward card and have a 1000 pound over draft just moved to Alliance and alliance and leicester i don't pay any interest on my over draft for 12 months :-)

[Lainie]

after a lot of thinking and looking about i went for the ultimate reward account. will see how it goes. you get free travel and mobile insurance with it and a few other things.