Halifax/Bank of Scotland Megathread - Read Post #1 First!

Jay D

I found them nice to deal with as well although have to admit in all fairness any of the staff I dealt with had the worst sales pitch ever trying to flog them Visas of theirs

All that aside I opted for their 3.75% savings thing a while back and was trying to flog it on to others putting their money into the post office or other lower interest organisations. Swallowed my words today when speaking to one of those very people I was trying to persuade but there ya go.

Is it a start of something much broader among Irish banks as has been suggested on various radio stations this morning I wonder.

100gSoma

makeorbrake wrote: »

Is anyone in the market offering interest on current account balances?

Not anymore. It was just an nice ancillary benefit to having the Halifax account. sure its only 6euro a month (if you add 1500 to your account per month each month) but it was nice gesture.

Heisenberg.

This post has been deleted.

Gryzor

cormie wrote: »

Hi,
With the unfortunate news of Halifax pulling out of Ireland and my main reason for being with them being their great Visa Debit card service, I guess I'll have to find an alternative now!

Exactly the same position here...

Ulster bank is the only alternative i could find. Seems there were\are teething problems with their card.....sounds like they are getting sorted though...

cute_cow

Oryx wrote: »

I havent a hope of clearing my cc debt by May. So I will watch this space.

I am in the same position. We switched our credit card about 18 months ago, and we are paying the minimal payments since I became unemployed in August.

We are going to try and switch to another lender. However, if this doesn't work, we have no idea how to pay off the balance.

I understand we have 3 months to do it, but its not possible. I suppose at least one of us is working, so we can pay a tad more every month until then, but it won't make too much of a dent in the balance.

What I am wondering is, if there are 2 people unemployed, will the other banks accept the switch? And if not, how can they be expected to pay off the balances?!

Annasopra

What is happening with existing BOSI mortgages, I have a mortgage with them and I'm not fully clear what's happening

Tippex

nothing will happen. they will still be serviced by BOSI.

Hellrazer

Heres a thought and maybe the wrong forum.

Depending on the number of credit card customers/loan customers could the recall of all this debt altogether within 3 months bring the country to its knees for a second time??

Or should that be bring it even lower than that.

Peeps have credit cards/loans>> were going to spend on XYZ this year>>>halifax pull out and demand payment of all debt>>>>people use their savings to pay the debt back and no one spends on anything else this year>>>>even further into recession.

JJ1505

Well I just called Halifax regarding my card. Like others here I can't transfer my balance to another lender as I lost my job for a couple of months and only now am getting back on my feet. My credit rating has gone from excellent to rubbish in the space of 12 months - but i'm lucky enough it's starting and i'm getting things cleared.

Anyways called Halifax, and they told me that any accounts not cleared by May 31st will go to a collections agent - the girl on the phone would not go into any more details.

So i'm wondering does that mean that people who can't transfer balances or get personal loans to clear the cards - will it show up as defaulting on their card and effect their credit rating???

Toots

Guys until there is an official announcement on what way loans and credit cards are to be dealt with, please do not speculate on thread.

Hellrazer

JJ1505 wrote: »

Anyways called Halifax, and they told me that any accounts not cleared by May 31st will go to a collections agent - the girl on the phone would not go into any more details.

So i'm wondering does that mean that people who can't transfer balances or get personal loans to clear the cards - will it show up as defaulting on their card and effect their credit rating???

Wont affect your credit rating but your health might be at risk--The men with the baseball bats are coming

100gSoma

Good article here http://www.independent.ie/business/irish/halifax-retail-arm-exit-to-prompt--increase-in-fees-by-other-banks-2055654.html regarding possible rise to fees with only 4 main choices for retail banking in Ireland on the cards.

BOI
AIB
EBS / Irish Nationwide / Permanent TSB (to merge)
Ulster Bank / First Active (merged)

we've already seen some of the institutes increase their variable mortgage rates. The experts warn the fees will be on the cards to increase next. The UB seems to be the only real choice for me personally. I don't fancy the PTSB forthcoming Visa Debit if they are merged with EBS and Irish Nationwide. I would imagine fee hikes would follow as the competition shrinks.

Oryx

They may be allowed to do this as part of their terms and conditions, but I can see this being a huge mess for all parties concerned. Many, many people will be unable to pay, and if they can continue with mortgage repayment arrangements, then why not do the same for cc's?

Cabaal

JJ1505 wrote: »

So i'm wondering does that mean that people who can't transfer balances or get personal loans to clear the cards - will it show up as defaulting on their card and effect their credit rating???

That I don't know, but if it goes to a debt collection agency you can expect the DCA to add on their own admin fee's thus making the debt even larger#

Oryx wrote: »

if they can continue with mortgage repayment arrangements, then why not do the same for cc's?

I'd imagine its all in the T&C's, smaller amounts of debt, different form of debt etc

robbiefat

check out the cost comparison in this link for savings accounts
http://itsyourmoney.ie/regularsavingsaccountcomparison

GerardKeating

100gSoma wrote: »

With Halifax you could add a beneficiary no problem instantly with the account no. and sort code.

Not always a good thing, someone hacks into your account, they can transfer all the money out, which cannot happen with the AIB code card.

Lux23

PTSB will also be offering Visa Debit soon and there are rumours that BOI will take it up too.

RoadKillTs

Think Anglo Irish bank are one of the best at the moment. 4%.
Doubt you will get much more than that for regular savings.

Link

cormie

Thanks for all the replies everyone!

100gSoma wrote: »

With Halifax you could add a beneficiary no problem instantly with the account no. and sort code. With Ulsterbank you need to use a card reader and a pin card to generate a unique code number to use on the online banking. A little bit awkward. they send out the machine and the card free though.
The fees are slightly different.

Halifax were 1.75% on foreign currency VISA transactions.
UB are 1% exchange fee + 1% transaction fee on foreign currency VISA transactions. (capped at €6 each (€12 euro together?)

I never noticed any charges while using my Halifax to buy stuff in USD and GBP online, but I've been told that the 1.75% was defo charged just not listed so probably the exchange rate was adjusted downward to take this 1.75%.

UB have 0% credit interest on currant accounts. Halifax had 5% up to 1500euro (6euro per month approx). The opening hours are different too.
any other disadvanatges? not working on paddy power apparently?

That's very helpful thanks, UB Beneficiary adding doesn't sound so bad.

The 1.75% was indeed taken off the Halifax non EURO Visa debits, it was hidden in the exchange rate alright, if 1EUR=£0.88, it would show up as £0.8646 or whatever it may have been on the Halifax statement.

THE UB way seems slightly confusing, with Halifax, if I bought something for £3,250, divide that by the exchange rate, say £0.88 = €3693.18, then take 1.75% off that making .88 .8646, divide the initial £3,250 by .8646 and you will know the charge will be €3758.96, an increase of €65.78.

How would the same £3,250 purchase work out with UB do you know? The credit interest isn't really an issue as I only ever had money in there before I'd spend it again :P

fobster

GerardKeating wrote: »

Not always a good thing, someone hacks into your account, they can transfer all the money out, which cannot happen with the AIB code card.

You have to answer a security question which you set yourself, so unless they have a good bit of info on you, it's unlikely they'd be able to do anything.

Oryx

From the financial regulator:

Statement 9 February 2010

Bank of Scotland (Ireland) has informed the Financial Regulator of its commercial intention to close the Halifax retail banking business and the Bank of Scotland (Ireland) intermediary business in the Republic of Ireland, commencing at the end of May 2010. The Financial Regulator is working with Bank of Scotland (Ireland) to ensure that customers’ interests are protected in accordance with the Consumer Protection Code. As required by the Code all customers will be given three months notice of branch closures.
Mortgages, personal loans and fixed rate savings with the Bank will operate to maturity. Bank of Scotland (Ireland) has advised that customers do not need to do anything at this stage. The Bank’s Commercial Banking and Corporate Banking operations are unaffected by this development.
Bank of Scotland (Ireland) will begin writing to all customers by the end of February 2010 to set out how the changes will affect them and to explain the next steps that they may need to take. The implications will vary depending on the type of account or product consumers may hold and the Financial Regulator would recommend that consumers read the details very carefully.
Bank of Scotland (Ireland) has established various customer contact points, which are listed at branches and on its website. Customers with any concerns or questions about their accounts are advised to contact Halifax / Bank of Scotland (Ireland) directly on 1890 818181 or at www.halifax.ie.

Cabaal

Oryx wrote: »

From the financial regulator:

So basically they've given less information then whats available on halifax.ie...excellent :rolleyes:

100gSoma

RoadKillTs wrote: »

Think Anglo Irish bank are one of the best at the moment. 4%.
Doubt you will get much more than that for regular savings.

Link

This account is now closed for new applications.

100gSoma

cormie wrote: »

Thanks for all the replies everyone!



That's very helpful thanks, UB Beneficiary adding doesn't sound so bad.

The 1.75% was indeed taken off the Halifax non EURO Visa debits, it was hidden in the exchange rate alright, if 1EUR=£0.88, it would show up as £0.8646 or whatever it may have been on the Halifax statement.

THE UB way seems slightly confusing, with Halifax, if I bought something for £3,250, divide that by the exchange rate, say £0.88 = €3693.18, then take 1.75% off that making .88 .8646, divide the initial £3,250 by .8646 and you will know the charge will be €3758.96, an increase of €65.78.

How would the same £3,250 purchase work out with UB do you know? The credit interest isn't really an issue as I only ever had money in there before I'd spend it again :P

Yes it would work out substantially cheaper with a purchase of this size as the capped limit is 1% (capped at €6) for the exchange rate calculation fee and 1% (capped at €6) for the purchase fee per transaction, so you would only pay €12 on the above, not the €65 you would pay on the Halifax 1.75% rate (uncapped). For most people buying smaller goods like CDs in USA etc, they end up paying a few cent more with UB because they have a minimum of 50cent per transaction.

Example: a $15 dollar CD is about €10.91 and a fee of 1.75% with Halifax is €11.10 total.

With Ulster Bank a $15 dollar CD is about €10.91 and a fee of 2% (capped at 12euro and minimum 50cent per transaction) is €11.41 total. 31cent extra for your CD.

cormie

Ok cool, so I think that means anything over €685 works out cheaper with UB, anything under would work out cheaper with Halifax. I think

Lux23

JJ1505 wrote: »

Well I just called Halifax regarding my card. Like others here I can't transfer my balance to another lender as I lost my job for a couple of months and only now am getting back on my feet. My credit rating has gone from excellent to rubbish in the space of 12 months - but i'm lucky enough it's starting and i'm getting things cleared.

Anyways called Halifax, and they told me that any accounts not cleared by May 31st will go to a collections agent - the girl on the phone would not go into any more details.

So i'm wondering does that mean that people who can't transfer balances or get personal loans to clear the cards - will it show up as defaulting on their card and effect their credit rating???

This is not true, what will happen is they will give you a loan if you cannot transfer the balance of debt to another provider or clear the balance yourself.

Oryx

Cabaal wrote: »

So basically they've given less information then whats available on halifax.ie...excellent :rolleyes:

And apparently Brian Cowen has said he will make sure all customers are treated fairly by Halifax... Why am I not reassured??

gleep

Lux23 wrote: »

This is not true, what will happen is they will give you a loan if you cannot transfer the balance of debt to another provider or clear the balance yourself.

Any basis for this?

JJ1505

Lux23 wrote: »

This is not true, what will happen is they will give you a loan if you cannot transfer the balance of debt to another provider or clear the balance yourself.

They told me it would be passed onto a collections agent - if they would just give us all a loan it would be great

Lux23

JJ1505 wrote: »

They told me it would be passed onto a collections agent - if they would just give us all a loan it would be great

You can take it that this is the case unless you are already in arrears.