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Halifax / Bank of Scotland

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posted on Oct, 8 2009 @ 02:00 PM
I want to start this thread to ask if other people have seen banking practices like this and if it is really moral.

My wife received a letter today about her bank account with halifax/Bank of Scotland.

They are using there right of 30 days notice to change the charging structure of her account on the authorised over draft.

At the moment she is charged an interest rate on any over draft she has within her agreed limit, the changes are that instead of any interest charge there will be a £1 per day charge for every day her account remains overdrawn upto £2500.

If you have an overdraft of over £2500 (thank god mine is is'nt) then it is £2 per day charge.

They claim that this will infact mean that these charges are fairer and will mean customers will not face large interest charges.

At the moment her overdraft is small well under £1000 so infact she will be far worse off as her normal interest charge is only a few pennies a month.

This change I feel is tantamount to stealing we will of course be closing that account now but I wonder if this is sight of things to come.

[edit on 8-10-2009 by jpmail]

[edit on 8-10-2009 by jpmail]

posted on Oct, 8 2009 @ 02:23 PM
i dont really know much about overdraft facility expect that i never want to use it. but is it cheaper than having a small loan from another bank?

posted on Oct, 8 2009 @ 02:24 PM
I think the moral issue starts with your wife first and not the bank.
I told my bank that I don't want any overdraft whatsoever and I don't have those problems.

Pay it off and get rid of you want debt and living beyond your own means?
These are tough times and the banks are stepping it up to protect themselves.
I think its fine for a bank to do that...maybe people would quit going into debt.

Debt is your enemy so get rid of the overdraft and balance the books.

Sorry if I sound harsh...its not my intention,I am just calling it as I see it.

The banks used to love having people in debt as thats how they do they need to tighten the strings to balance their books as well.
If you want debt then they are going to make you pay for it.

posted on Oct, 8 2009 @ 02:27 PM
reply to post by DrumsRfun

some people have no chioce but to use the overdraft facility, like for popel who get paid monthly, and need to pay their bills, then pay back the overdraft.

some people also go to pawn shops constantly selling and buying back jewlery.

posted on Oct, 8 2009 @ 02:38 PM
reply to post by MR BOB

I don't doubt that in the least.
My point is the times are tough and getting tougher.
Everyone has to tighten their belts and banks have to as this day and age if you want to have credit,or debt as i say,then you will have to pay the piper for it in the end.
It sucks for the op but its how it is.
Not trying to sound like a jerk but the op might have to find a different way of doing things because he is going to pay for it if he continues this way.
My heart goes out to you op.

I have been a user of pawn shops at a few points in my life.

posted on Oct, 8 2009 @ 02:45 PM
This is funny.

I am for fair practices on the CONSUMER and PRODUCER side.

With that said, I believe when you sign a contract (or use credit cards or loans), you have to follow their terms. Another thing is, when you are in debt to someone, you normally do not get to make the rules.

That should apply to both sides.

If you are in debt that you can not pay, you should not have entered such debt in the first place.

The world will only get better when people on BOTH sides sees the fairness in everything. Just because you are the consumer and do not have as much money, does not make you right.

posted on Oct, 8 2009 @ 02:51 PM
reply to post by FritosBBQTwist

Your absolutely right...both sides should have a say.
How many times in the past few months have I heard about people calling banks and trying to re-negotiate and get a big NOOO.
Your also right in that when you take a debt on then you don't get a say.
It is after all a business deal and deals mean negotiating.

posted on Oct, 8 2009 @ 02:53 PM
I got this letter also and I thought it was a bit tight and annoyed me a bit, I have £1000 overdraft facility which came automatically with the account and I am fortunate to never have used it but I always considered it as a bit of a safety net if things went Pete Tong.. this new process has been deliberately designed to generate as much cash as possible you can be sure of that.. I used to work for RBS and am well aware of the tactics they use to generate the big bucks..

Anyway as has been stated already the only thing you can really do is avoid using the OD facility if at all possible or take your custom elsewhere and if you do make it very clear why you are doing this, HBOS/RBS are very paranoid about their customer service and you have a bigger voice than you may realise with these guys.



posted on Oct, 8 2009 @ 02:58 PM
You are right about not using overdrafts and the other poster is right about getting monthly paid it helps out every now and again.

So I am getting rid of it asap I was just wondered if this was going to become a common practice.

Also the banks are in debt to the people of the nation so really each side needs to get a fair deal.

[edit on 8-10-2009 by jpmail]

posted on Oct, 9 2009 @ 06:24 AM
Its due people winning their charges claims against UK banks.

Free accounts will be very rare soon !

i'm expecting HSBC to start charging me soon...........

posted on Oct, 9 2009 @ 06:33 AM
reply to post by DrumsRfun

i actually think you are being rather harsh! some people on low wages use this as a safety net,(you know boss late paying wages or any other eventualities)

posted on Oct, 9 2009 @ 07:48 AM
reply to post by illece

If someone is going to use debt as a safety net then they will surely have to pay for it.(thats why credit cards have interest rates)
This is reality so don't tell me I am being harsh....tell the banks and the system that...don't blame me for telling the truth.
If you want to call me out then I can do the same.
Prove the system is not harsh and tough on the people and then you will have made your point....til then you are putting the blame on me instead of the banks.
Debt and credit costs money,that is a fact!!!
Prove me wrong and then I will accept your statement of my being harsh...I only told you how it is.
Sometimes the truth hurts.

posted on Oct, 9 2009 @ 04:54 PM
reply to post by DrumsRfun

DrumsRfun I don't see your remarks as offensive or harsh because they are true thansk for the honesty I think its something a lot of people are missing nowadays "above all be true to thyself" pretty much says it all.

That debt needs to be paid for is true but how much should you pay for that debt to the bank?

There is no reason why the banks need to make obscene amounts of money from this just to get people to pay whats due.

I understand people need paid, banks have over heads ect ect, but when will they pay there debts and would they dare charge one another the same charges they enforce on the public.

At the end of the day we have a debt society. You want a house thats debt so you rent, all your are doing is paying someone elses debt.

What worries me is how much will we as the people that did not get a single pennie (thats us that pay our debts and try our best to live within our means) in bail out money have to pay to cover debt in the future.

If the banks don't want people to have debt stop lending money, stop creating money that does not exsist and abandon this notion that constant growth must be experianced every year in order to show higher and higher profits.

Then we might actually have a society that is not debt ridden.

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