Bank account upgrade/ with overdraft - now feel conned! Help?

[fran1phil]

Hi Everyone,

 

I am now about to attempt resolving an issue which is costing me more and more as time goes by, so now its time to address the issue and hopefully find some practical help and advice, in order to get myself back on track with bank - without being constantly penalised by CHARGES, CHARGES, CHARGES!

 

Originally I opened the account as I wanted the benefit of a £300.00 overdraft facility. Unfortunately I did not fully understand the actual implications of opening an account such as this, which has proved to be most unsuitable for me. Whilst I have the benefit of the Overdraft facility - it is costing me dearly!

 

I just dont know what to do now - fortunately I did not close my original Cashcard Account, which I still use as my main account. The disadvantage of not being able to go overdrawn, seems pretty insignificant now.

 

To put you in the picture, I opened the account approx May 2011. I used the overdraft facility from time to time and simply transferred funds from my Cardcash account periodically, to cover transactions, clear overdraft etc.

 

However, in November 2011 - I was aware that my overdraft needed clearing and on receipt of some backdated disability allowance I was owed, I immediately transferred £1000.00 into my ultimate reward account., My intention being, to clear overdraft and keep the rest safe, for later use as a downpayment on my summer holiday.

 

But, immediately after transferring funds into my account - I noticed I only had a balance of approx £400.00? I was gutted, confused and a bit frustrated as to how this could be???

 

I then began to scrutinise my account (statement) more closely, to try and identify the problem. Then the nightmare began to unfold, as before me I had taken extracts of charges applied to the account, which to date total some £490.00 !!!! This is appalling, I just cannot believe that I could be 'conned' in this way, by a bank - I thought a bank was as credible as a doctor or a policeman, not a mere firm of petty conmen! Its disgraceful.

 

Here are a list of all the charges applied to my account:

 

30/06 unplanned overdraft fees £15.00

30/06 planned overdraft fees 6.00

03/10 unplanned overdraft fees £45.00

01/09 monthly fee 15.00

31/08 unplanned overdraft fees £65.00

31/08 planned overdraft fees £ 1.00

01/08 ultimate reward monthly fee 12.50

01/12 unplanned overdraft fee £65.00

01/11 account fee £15.00

01/11 unplanned overdraft fees £165.00

03/10 account fee 15.00

_______

TOTAL: £ 419.50

________

 

I am extremely disappointed and totally disillusioned in having moved to an account which I had been led to believe, would bring about more benefits and less charges for me. But sadly, I was very much mistaken - its just awful and so very costly. For me the disadvantages, far outweigh any possible benefits this account may have to offer! It doesnt seem right that a bank would just let you merrily enter into an account of this nature, without further vetting and investigating your situation first. They make it so easy to simply open up this 'highly publicised' account, authorise you to have an overdraft - offer other benefits and 'freebies?'

When all they are doing is allowing you to be misled into believing you are getting a really good account, which can easily be managed etc when all the time, they probably just sit back thinking "aha another fool has fallen into our trap, now lets get to work on taking their cash: by imposing charges, charges and even more charges !!!! "

Anyway, I am feeling such a fool - but worse still, lost a lot of my money and stuck in this situation for I dont know how long, allowing them to continue taking my money in charges and fees - UNLESS ANYBODY HAS ANY IDEAS THAT MIGHT HELP? I AM REALLY OPEN TO ANY HELPFUL SUGGESTIONS 1. WITH A VIEW TO RECLAIMING CHARGES and 2. CLOSING THIS ACCOUNT DOWN AS UNSUITABLE.

helpppppppppppppp Me pleaseeeeeeeeeeeeeeeeee!

Thank you to everybody who reads this with a view to trying to help, its really appreciated so very much. I just dont know where to begin???????!!!

bye for now NADIA X

[BankFodder]

Sorry, but you will have to tell us your story a bit more methodically because other than the fact that you have suffered charges, your story is not very clear

[fran1phil]

Sorry if my 'dilemma' is not clear - I may have rushed through many of the details in such a way that everything seems crammed in and not easy to follow.

 

Anyway, I shall try and write a better log of events and details, which I hope you will be able to understand better - will try and do so this evening when I can sit down and relax a bit with fewer distractions etc.

 

thanks

nadia

[rnscotch]

Nadia this seems to be a common story now your description of events is almost exactly identical to my mothers. I am now reading up as many posts as i can and researching into this to try and help my mother get out of the catch 22 she has found herself in with this account.

 

My mother is on a state pension and disability allowance so the first thing i have did for her is send in a notice of appropriation letter you can find the template on this very forum. Next step is try for a hardship claim to try and get the charges back.

 

I have also got her to move away from the Halifax and open a co-operative bank cashminder account which her pension is now paid in to, The Cashminder Account is one that should not have any overdraft, so it's one that should not go into the red at all so no more bank charges it has on-line banking so easy to check balance each day.

 

Hopefully what little i have put can help out in some way.

[BankFodder]

rnscotch - please start a new thread and we will see what help we can give you if you can lay out your story

[BankFodder]

Sorry if my 'dilemma' is not clear - I may have rushed through many of the details in such a way that everything seems crammed in and not easy to follow.

 

Anyway, I shall try and write a better log of events and details, which I hope you will be able to understand better - will try and do so this evening when I can sit down and relax a bit with fewer distractions etc.

 

thanks

nadia

 

Still waiting for your info - I'm sure that then we can offer you some helpful support

[rnscotch]

I was replying to this thread explaining to the OP what i have did in a similar situation after reading many threads on here, I was not hi-jacking the thread.

 

I have been on here long enough to know i need to open my open thread if i need help and advice.

[BankFodder]

I was replying to this thread explaining to the OP what i have did in a similar situation after reading many threads on here, I was not hi-jacking the thread.

 

I have been on here long enough to know i need to open my open thread if i need help and advice.

 

I didn't think that you were hijacking. It was clear that you were only making a supportive comment.

However, your story sounded as if you needed some help and my suggestion was simply that we could try and look at your problem separately if you wanted to start your own thread.

That's still the case.