Avoid First Direct - They are gonna charge all customers £10!

nbbradshaw

mrcow wrote:

:rotfl::rotfl::rotfl:

Massive lol that you posting this today.....

.... I received a letter from FD today with a handwritten cheque stapled to it for £0.01 interest that hadn't been credited when I closed the a/c off.

I'm going to cash it too!

:dance: Your in the money, your in the money.......:dance:

spooky timing though.....:eek: :eek: :eek: :eek:

gt94sss2

going2die_rich wrote:

Isn't it more likely they are using delay tactics in closing accounts as they are going to have some explaining to do to their shareholders about all these customers walking away?

HSBC, who own First Direct, have 125 million customers worldwide. I suspect their shareholders would cope however many First Direct customers moved their accounts (especially if most of them were not profitable) and perhaps just put this down to an experiement re: charging. Its worth remembering that HSBC were also the first big bank in the UK to get rid of such routine fees in the first place.

I have no sympathy for FD, it deserves to go under for introducing fees at all.

For the same reason, its not going to go under. Its worth remembering A&L have fees as well:/

Also, do you really think some of the others are not going to introduce fees? Especially when they have taken the decision to concentrate on things like UK call centres instead of choosing the cheapest option each time.

How much resource exactly are these dormant accounts taking? A few records in a database, it isn't like they actual take up the resource at the customer service helplines and computers calculate the interest so what exactly is all this extra resource thats justified moving them on or charging them?

I have not (yet) received a letter from First Direct but do have a savings account and a credit card with them (no current account) - neither of which I have used for years. However, I still get occasional statements, T&C's etc from them - I think the banking code states that banks have to continue to send you these - hence its more than just keeping electronic records of dormant accounts.

Regards
Sunil

kenshaz

Click on these FAQs

How will I know if I have an average monthly balance of £1,500?
Why are you introducing this fee?
What if I can't pay at least £1,500 a month into my account or maintain an average monthly balance in excess of £1,500?
Will you be writing to everyone?
What am I getting in return for my £10 per month?
How can I continue to receive free banking from first direct?
I have only just joined first direct, and am in the process of moving my banking, will I be charged?
When will the banking fee apply? Will I be charged for banking with first direct?

fallen121

I notice that HSBC shares WERE £10.28 before the announcement by FD. Now they're £9.68.


Mind you, Bank shares in general have been taking a hammering today.....

Phoenix79_2

going2die_rich wrote:

Probably worried about his job as I am guessing quite a few customers have just switched as soon as they got the letter. FD shouldn't have sent the letter to the customers that weren't going to pay. Talk about a stupid idea. If you recieve a letter saying accounts will be charged £10 a month, you are going to presume that applies to you and not that you actually don't have to pay.

I have no sympathy for FD, it deserves to go under for introducing fees at all.

Yeah lets hope the workers who have no say in what goes on lose their jobs! That would be justice wouldn't it?! Jeez..... :rolleyes:

FD going under? Bankrolled by the HSBC giant. I don't think so!

Phoenix79_2

fallen121 wrote:

I notice that HSBC shares WERE £10.28 before the announcement by FD. Now they're £9.68.


Mind you, Bank shares in general have been taking a hammering today.....

Would have no baring on it. The 1028p share price was a 5 year high a few weeks back. The shares have been over 1000p early this week. They were about 900p early in the year. They're up and down like yo-yo! They'll probably take a hammering when year end figures are announced. They always do! They have taken a battering today though! I've seen about £500 disappear from my share value

fallen121

Phoenix79 wrote:

Would have no baring on it.

Nick Leeson come back, all is forgiven........!!!

Phoenix79_2

Its been a long day!

CopperPlate_2

Calendar month means just that. Having checked the fd site it is clear when they describe the calculation of 'average monthly balance' - opening balance on the first day of the calendar month and closing balance on last day of month, etc...

nollag2006

Avoid First Direct - Full Stop

I am in court with them currently trying to recoup funds fraudulently obtained from my account while on hols in Turkey.

While they might offer wonderful customer service if you want a chequebook re-issued or an extension on your overdraft, they are piddle all good when you really need their help and some fraudster has emptied out your account !