BOI turned down overdraft looking to switch to Halifax

Vampireskiss

Ok Im going into my local halifax branch tomorrow to open a current account with them and switch my current ac with BOI to this new account, im looking for a 900 euro overdraft, im a permanent fulltime employee, I am hoping to get this account open and have this overdraft by next week, is this possible?

ntlbell

I'm not sure if they will give you one straight away.

Normally if you all ready have one and are moving over they will give you the same.

In your case where you didn't have one they might make a call on it based on your last 6 months bank statments with BOI.

Most banks wait 6 months before giving out overdrafts

gleep

Opened a halifax a/c 6 months ago, switching from TSB. They offered me a 6 month interest free overdraft of €500 and 6 month interest free cred card. (I didn't have an overdraft previously). They were easy to deal with, I'd say you'll be ok so long as your cred history is alright.

Tip for you though, if your doing the switch (moving dd's etc automatically), make sure you ring BOI in about a weeks time and get them to confirm that they've transferred everything over. I had serious problems with TSB on this:mad:

Vampireskiss

A few months ago I ran into difficulty with paying back a credit card debt which was maxed out at 2500 euro

I was also paying back a loan of 340 euro a month which I missedone or two payments and I had a 1000 euro overdraft which was also maxed out

As a consequence I went into my local BOI branch explained the situation and we agreed to re-structure the loan to pay off the overdraft and credit card debt.

I have made all my payments since then but with the time of the year thats in it my finances are a bit strained.

I recently applied through banking 365 for an overdraft of 900 euro which was turned down beacuse it was part of the agreement for the restructure, and thats was that.

Now the main reason I got in trouble was my credit card not my overdraft and 900 euro is not alot of money really especially since I get payed 930 net every 2 weeks so it would be topped up every 2 weeks regardless

I was wondering if I talked to someone in my local barnch would they give it to me?

Vampireskiss

Did you get those perks for just opening the account or did you have to switch?

gleep

Good question! I went in there to switch, but was given the option of handling all that myself. I think the main thing for them is having your wages paid to the ac, they fill have u fill out a form then they post this to your employer, and your wages are automatically changed over.
If your doing this, shouldnt be a prob getting the od

Vampireskiss

I would do this but if I was to do this tomorrow , how soon would they open the ac for me?

c4cat

Vampireskiss wrote: »

A few months ago I ran into difficulty with paying back a credit card debt which was maxed out at 2500 euro

I was also paying back a loan of 340 euro a month which I missedone or two payments and I had a 1000 euro overdraft which was also maxed out

As a consequence I went into my local BOI branch explained the situation and we agreed to re-structure the loan to pay off the overdraft and credit card debt.

I have made all my payments since then but with the time of the year thats in it my finances are a bit strained.

I recently applied through banking 365 for an overdraft of 900 euro which was turned down beacuse it was part of the agreement for the restructure, and thats was that.

Now the main reason I got in trouble was my credit card not my overdraft and 900 euro is not alot of money really especially since I get payed 930 net every 2 weeks so it would be topped up every 2 weeks regardless

I was wondering if I talked to someone in my local barnch would they give it to me?

Seems yr bank is doing you a favour by forcing you to onlyspend within yr means, The simple thing is that the bank considers that if you can not afford to save, then def you can not afford to borrow either. Personally I always stick a few yoyos in the credit union every month for when crimbo time comes around

Toots

Threads merged

OP, regardless of whether or not you think €900 is a lot of money, if you had to restructure your loan only a few months ago, it's unlikely your current bank will give you any additional credit facility for a good while. Like a year or two probably.

I don't know will Halifax give you an overdraft straight away, they might want you to have the account open for a few months before they do. Also they'll take your current loan repayments into consideration in your overdraft application also. If you are switching banks, make absolutely sure that a standing order to repay your loan is set up on your new account, so that payments aren't missed when you switch.

sofireland

AFAIK, if you restructured everything, as part of it they would have removed your OD facility and possible restricted borrowing for a period of time. This should have been outlined to you when you were doing the restructure.

Jet Black

Halifax do offer an overdraft as soon as you open the account. But from reading your post it looks very unlikely you would be approved.
The check the ICB and will see you missed payments on a loan and maxed out your credit card.

Would the account be open by next weekend?
Well if you had all the correct documents it would be sent to customer service for the underwriter to see.
It would then be approved by late monday or tuesday. So you would have access to the account from wednesday. Of course this is the ideal situation. It could be delayed for any number of reasons.

100gSoma

I agree with everyone else. A colleague here switched from BOI to Halifax for the same reason to get an overdraft. It was not approved. He had assumed it would be 500euro OD no problem as soon as he opened the account and regularly funded it. wrong.
so don't take it for granted you will get an OD just for switching.

stepbar

More fool them for offering such facilities. But I suppose it's not surprising considering they were offering loans to foreign students on visas. Given that most of them were only allowed to stay in the country a year at a time, it was pure madness!