Please note that on Ciao, I'll be spending sundays as my reading and rating day - the site is so s...
Please note that on Ciao, I'll be spending sundays as my reading and rating day - the site is so slow generally that the only way to avid meltdown is to do it all at once!
Member since:26.05.2004
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I’ve had an account with the Halifax since I was 13, when I joined a choir that paid me for singing with them. I didn't actually have a choice about which bank to put my money with - as far as my mum was concerned, it was her bank, it worked for her, so i was going with them.
You can either apply the old fashioned way by going into a branch, or you can do it over the phone or the internet. I myself applied in branch, as it was directly opposite the supermarket where I go food shopping, so didn't involve an extra trip. You need to take ID with you when applying - including at least one photo ID - either a passport or driving license. You also need something such as a utility bill as proof of address. There are several different kinds of accounts which they will discuss with you, all with different features.
Once you’ve opened an account you will get a bank card which allows you to draw money out from cash machines. Depending on your account, your card may also be a Switch, Solo, or Visa
Electron Debit card. (Debit cards meaning you can't spend what you don't have, as opposed t a credit card where you spend money that isn't yours and then have to pay it back.). You may also have a checkbook, credit card, and an overdraft, but again, this depends on the type of account you choose.
Myself personally, not having a high income, I have a Card cash account - I don't need to put a minimum amount in the bank each month, I don’t have an authorized overdraft, and I don't have a checkbook. I do however have a solo card, which allows me to make cash withdrawals, as well as working as a debit card. Solo is widely accepted, and it’s very handy. It allows me to withdraw up to £300 a day from cash machines, up to £1000 total in branch, and the ability to withdraw more with reasonable notice.
Halifax cards also work on a "Link" System, meaning I can withdraw money from cash machines other than the Halifax. Most times, there is not charge for this, although some of the independent cash machines in corner shops and the like tend to charge £1.50 a time.
You can set up standing orders and direct debits on your account also. This is convenient if you always have money in the bank and don't want to go to the hassle of traipsing to the post office to pay bills, or paying them to the companies over the phone. The downside is - if a standing order is returned unpaid due to a lack of funds in your account, they charge you £39 for the privilege of being told you missed a bill, and a further £28 if your account go’s overdrawn as a result of the charge . They give you a weeks notice for the charges, which is fine if you get paid weekly, but a pain in the bum if you get paid monthly and it’s a long time till your next paycheck.
The interest rate, sadly, varies depending on how much you earn. Since I earn significantly less than 1000 a month, my interest rate is a paltry 0.1 % AER on my account balance. The bank likes to work in its own favour though, adding a noticeably higher 2.2 % interest if I go overdrawn by mistake (which I have never done EXCEPT when the bank has issued penalty charges).
Halifax also offers telephone and internet banking. I don't use the internet banking, but the site seems clear and straightforward. I do use the telephone banking for such times when I want to request back statements, or check what date an amount went in, but generally I prefer to pop into the branch.
Customer service with the Halifax, in my opinion, isn't that great. For starters, you are unable to withdraw less than 300 over the counter - which is understandable as a time saving exercise. However, on one occasion when my handbag got stolen, I thought I was lucky to have my bank card still safe in my inside coat pocket - I had 5.60 in there, and I could get home. However, the bank completely refused to allow me to withdraw the £5.60, despite my explaining the situation. The best they could offer was that if I was able to deposit another £4.40, I could then withdraw £10 from a cash machine - which would have been great if I had the £4.40 to put in. I ended up having to phone my mum in tears for her to come and get me from town in a taxi, and I wasn't very impressed.
Also, on one occasion I lost my income, and asked the Halifax if they could arrange for me to have an overdraft of £30 , just to catch any bills I might forget to leave money in for as I was struggling - they refused due to my low income, choosing instead to charge me for every missed bill .
One thing i will say for the Halifax is that the staff are generally polite and in most cases the service is prompt.
Halifax offer several different kinds of accounts - savings, student, under 18's. However, not having used them I really can't offer an opinion. but I CAN tell you where to find the info.
From my own experience with the Halifax, I'm not very happy, and am looking into changing banks, perhaps finding one that will allow me that small overdraft, just to save my money from going on huge fees.
There is one sunny side to the fees though. Recently, threes been a lot of media publicity about bank charges being unfair, and about people successfully reclaiming the charges. I've worked out that the bank has taken £1641 in charges from me in the last 6 years for missed bills and unauthorized overdraft caused by the missed bill charges , and I'm taking action to get that back. So, if I regard the bank charges as an unorthodox savings method, I can look forward to a nice holiday in the USA, thanks to the Halifax and its 'The bank comes first' attitude!
Overall, I’m not happy with the Halifax – I dislike the high bank charges, I dislike being unable to withdraw my own money in an emergency, and I dislike the lack of flexibility at times when I could really need it .Had they given me the small overdraft I requested, I would never have spent £1641 on fees while I was unable to work for medical reasons, and I would be a lot better off today.
1 Star .
www.halifax.co.uk - for information on account types etc. http://news.bbc.co.uk/1/hi/business/6170209.stm - for info on reclaiming bank charges - since I mentioned it, I thought I might as well tell you where to get more info!
How helpful would this review be to a person making a buying decision? Rating guidelines
all banks are greedy and most people have free banking which costs the bank money instead. Furthermore why should high value investors like me have to subsidise you when you spend money that blatantly is not yours.
koobra 29.08.2007 20:16
I have similar experience with that bank. Very inflexible and yes, quite greedy too.
Jul 5th, 2007
exceptional by (6%):
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