First Direct Fees: How to Avoid 'Em or Ditch 'Em Discussion Area

MSE_Martin · 15 November 2006 at 11:50PM

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First Direct Fees: How to Avoid 'Em or Ditch 'Em Article

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southernscouser · 15 November 2006 at 11:54PM

I hope people vote with their feet. Even if it is a hassle. :cool:

Without customers no business can survive. Whether you are a small independant dealer or multi-million pound franchise.

I personally think it's cutting your nose off to spite your face! Lets hope so eh?

southernscouser · 15 November 2006 at 11:58PM

Or let them really know what we think and boycott them all together!

wearside_2 · 16 November 2006 at 12:06AM

I am as confused as the next person but as I am in Florida I don't know if I or my wife have a letter or not. We have a joint acount that is only creditied with my Mystery Shopping fees and debited with my HSA payments. Our joint saving account has a balance of £0. My wife's account is credited a few hundred pounds each month with her wages and she has a small savings account. I have a Gold Visa card that I used in the past for a interest free balance transfer but has no outstanding balance and is no longer used. I guess we are the sort of customer they want to get rid of as we cost them money

southernscouser · 16 November 2006 at 12:10AM

Don't be fooled by the fact they want to get rid of 'dormant' customers. It's just crap. It's a way of making more money with a made up name.

I don't even blame them. They are a business. They are there to make as much money as they can. It's just down to us as consumers to say 'actually no, we aren't happy with your products or services so we're going elsewhere'.

Milarky · 16 November 2006 at 1:00AM

The article mentions Alliance and Leicester - I have to say that apart from the bribes (£50, 12 months interest-free overdraft) I really don't rate them. They had no one point of contact - and their website looks nice but does next to nothing that you need. First Direct's site is a dream by comparison. Thus if it was a toss up between A&L+freebies and FD+£1 in savings (for now) I would/will stick to the latter. I fully intend to close my A&L current account once the Regular Saver pays out. IF I can keep the FD account without incurring the fee then I shall. (One thing I don't like FD for, however, are their incessant mailshots - I have never known anyone to send so much junk mail - does it actually work?)

seven-day-weekend · 16 November 2006 at 1:40AM

I closed my First Direct account yesterday and took my £46 elsewhere.

grex9101 · 16 November 2006 at 2:00AM

I'm with FD and the halifax. I have overdrafts with both.

The simple fact is that I CANNOT leave FD as I CANNOT simply pay off the overdraft and walk away. So, I'm stuck with them. The fact that I have two savings accounts with them plus a credit card may save me, but I won't (ahem) bank on it...

I think they may have lots of people with them in a similar situation - they will proclaim that less than x% have left them. The truth is that a fair few people CANNOT leave them!

bridiej · 16 November 2006 at 2:05AM

We kept our FD account open as it's useful if DH gets paid any cheques in the UK but I think I will be closing the account now.

Havent had a letter about this, although they seem very lapse about sending us post, most things are dated two months prior to the date we receive them!

stevepetmonkey · 16 November 2006 at 5:43AM

I think I qualify for not paying the fee as mine and wifes wages both paid into FD every month, we also have a loan and savings account with them, however we will still be changing banks just to let them know this is a bad idea. Noticed when I made withdrawals in Spain, they charged me £2.70 each time!! Nationwide dont charge, I may go with them or Alliance, any thoughts on who's best?

tbh444 · 16 November 2006 at 11:45AM

While the article makes sense logically, what I don't understand and hasn't really been explained is if this fee-free natural state of affairs is caused by competition and low interest, then why is there not a similar situation in Australia, Canada, USA etc where fee-free accounts don't seem to exist? The explanation given of 'culture' doesn't make much sense, as surely if the model here works for banks then why doesn't say one of the smaller banks in Canada start a similar fee-free model, and presumably win a whole load of new customers?

Intuitively I think it's disgusting the idea of having to pay when essentially I'm lending THEM money, but that's exactly what banks seem to get away with abroad.

First Direct Fees: How to Avoid 'Em or Ditch 'Em Discussion Area

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