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Halifax cuts interest rates but does not tell you

bryan monroe posted a topic in Halifax Bank and Bank of Scotland

Halifax branches will offer a new customer an interest rate, which it tells you is fixed. But after 12 months this is reduced to just net 0.4% per year, paid monthly. The bank does not bother to write to tell you that it has lowered the rate. Instead, when you come into the branch to query matters, staff does everything that it can think of to prevent you from closing your account. At the Kensington branch in London, it took 80 minutes to get my money out. Every device imaginable was used to delay me and persuade me to leave from sheer frustration, Much of the time I had to listen to their absurd TV commercial. Nowhere in the branch is their interest rate posted. On every £1,000 of deposit Halifax is paying out just over 1p per day or £4 per year. I note that on an unauthorised overdraft of the same amount, they would charge £300 per month or £10 per day. This is 1,000 times as much as they pay me for my deposit, which finances somebody else`s overdraft. These people owe their jobs to the British taxpayer, after their insane frenzy over buying debt and debt-laden banks. This is how they show their gratitude. I am told that Halifax customers are moving their deposits in droves to other Building Societies in Kensington..

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