First direct warning

melian73

Hello all, thought I would post here as First direct are recommended in the banking section....

Having moved to them recently from Nat West for our everyday bank / current account all was going well until after christmas we were away with family and so didn't really have a chance to keep up to date on how our finances were going and like all people this time of year is a particular struggle.

To cut a long story short we went over our overdraft limit and despite being registered for txt messaging etc. we heard nothing. We got charged £25 a day... A DAY!!!!!!!!! for going over our overdraft. We received a bill in the post this morning for £125.00.

THIS AMOUNTS TO NOTHING MORE THAN RACKETEERING,
I suspect I could have got a better rate from a loan shark!!!!

We phoned them up and just went round and round in circles so we are in the process of finding a new current account and seeing if we can reclaim or dispute the charges. If any one out there can recommend ways of going about this, and all I can say is beware of FIRST DIRECT.

Dave101t

all charges are laid out in the contract YOU signed.

Lokolo

Are the charges the same as HSBCs?

melian73

Dave I know we signed the contract and unfortunately, I suspect like most people we didn't read every minute detail, I know ultimately it was our fault as we went over and we dont mind paying a fee, but £25 a day is taking the p**s. Other bank accounts we have had charge you a one off fee for going over and that is it. Lokolo I would check and sooner rather than later.

Dave101t

maybe if you tell them you will be closing the account with immediate effect due to unfair charges they will waive the value? and even if they do, id close it anyway, it will only happen again.

talulahbeige_2

Do it the right way and they will give you £100 for leaving!

melian73

Talulahbeige - Funny that... To qualify for you £100.00 I think you have to leave within 12 months and that period ended at the end of Feb!!!

pmduk

They are open 24/7. Surely you keep some track of what you are spending? Even if not, they're always there to ask.

samarajames

I think you may find the same with a lot of banks - most have changed their t'c and c's due to high levels of bad debt.

Lokolo

melian73 wrote: »

Dave I know we signed the contract and unfortunately, I suspect like most people we didn't read every minute detail, I know ultimately it was our fault as we went over and we dont mind paying a fee, but £25 a day is taking the p**s. Other bank accounts we have had charge you a one off fee for going over and that is it. Lokolo I would check and sooner rather than later.

I don't need to, I never have been and never will be charged.

But if they are the same as HSBC their charge isn't a daily one, its a per transaction one (per day). If you went a day without using your account, you would not have been charged £25 for that day.

simax

melian73 wrote:

Dave I know we signed the contract and unfortunately, I suspect like most people we didn't read every minute detail.

Ignorance is no excuse. Your fault, you pay.

Sorry.