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02/11/2009
Halifax Customers Defy Overdraft Costs
There's rebellion in the air as banking customers have expressed anger at Halifax's plans to effectively increase their overdraft charges six-times over.
Halifax bank, which the government part owns, will shortly vastly increase charges for overdrafts.
Under the guise of making charging clearer - Halifax customers using an arranged overdraft up to and including £2,500 will be charged £1 a day for each day they use it, instead of the current typical 19.5% interest.
Some customers are angry at the proposed overdraft fee changes
The proposals could mean some people face hundreds of pounds in annual fees every year.
If they use an agreed overdraft of more than £2,500 the daily charge is doubled to £2.
One customer said the new charges were "a bloody disgrace" while another said: "I am voting with my feet and looking for a new bank!"
According to MoneySavingExpert, a Halifax customer who is overdrawn by an average of £300 for 15 days a month would currently be charged around £30 a year for the privilege.
Under the new system, the annual fees would be six times higher at around £180.
Customers have circulated an email highlighting the overdraft changes and urging people to complain to the Financial Ombudsman Service.
(BMcC/KMcA)
Halifax bank, which the government part owns, will shortly vastly increase charges for overdrafts.
Under the guise of making charging clearer - Halifax customers using an arranged overdraft up to and including £2,500 will be charged £1 a day for each day they use it, instead of the current typical 19.5% interest.
Some customers are angry at the proposed overdraft fee changes
The proposals could mean some people face hundreds of pounds in annual fees every year.
If they use an agreed overdraft of more than £2,500 the daily charge is doubled to £2.
One customer said the new charges were "a bloody disgrace" while another said: "I am voting with my feet and looking for a new bank!"
According to MoneySavingExpert, a Halifax customer who is overdrawn by an average of £300 for 15 days a month would currently be charged around £30 a year for the privilege.
Under the new system, the annual fees would be six times higher at around £180.
Customers have circulated an email highlighting the overdraft changes and urging people to complain to the Financial Ombudsman Service.
(BMcC/KMcA)
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The Halifax is to pay out more than £7 million to 10,000 of its borrowers. The mortgage lender made the decision after a ruling by the Financial Ombudsman found that it was wrong to keep some types of mortgage holders on higher rates while offering cut-price loans to new customers.
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