Halifax begins its branch closures today
RETAIL bank Halifax will close almost half of its branches at 5pm today with the rest to close next Wednesday.
Some 750 people are to lose their jobs following the decision by Bank of Scotland to shut its retail operations here.
Halifax would not say yesterday how many customers have so far failed to close their accounts. Before it announced it was closing, the Scottish bank had 50,000 current account customers and 50,000 credit-card holders.
Those customers unable to repay credit-cards bills or overdrafts will be offered a revised payment deal with an interest rate of 10pc, provided they are not too heavily in arrears.
For those in arrears, the debts will end up within the debt collections section of the bank.
Anyone who has a Halifax credit card will find it no longer works from the close of business today.
Those who still owe money on the card, but have been unable to clear it, will be offered a revised payment deal.
If they are no more than one payment in arrears, they will qualify for repayments at a rate of 10pc, compared with the credit-card rate of 13.4pc. They will be able to pay a minimum of 3pc of the outstanding balance.
Those more than a month in arrears have been asked to contact the bank.
"If they do not contact the bank, they will not move the revised repayment arrangement and the full amount owing to the bank under their Halifax credit-card agreement must be repaid. This may involve transferring their account to a collections agency," it said.
Current accounts will also be shut down from today, with any credit in accounts returned to customers. Those who have not exceeded their authorised overdraft limit for four consecutive months will be offered a loan at 10pc.
But those who have exceeded their limit for four months, or more, will be charged a flat overdraft rate of 13.5pc.