First Direct - Is there a BACS transfer fee?

sun_tzu

Hi,
I am in the process of opening a First Direct account.
Just a bit that I can't believe is true.
Do they charge you if you make a payment through BACS / Faster Payments?

I have three bank accounts and is the first time I see something like that.

Any First Direct holders?

Biggles

No, there's no charge, nor did they say there would be one when I opened my account recently.

opinions4u

sun_tzu wrote: »

Hi,
I am in the process of opening a First Direct account.
Just a bit that I can't believe is true.
Do they charge you if you make a payment through BACS / Faster Payments?

I have three bank accounts and is the first time I see something like that.

Any First Direct holders?

Come on, give readers a clue? Why do you think there is a charge for this?

As far as I'm aware there isn't.

eslick

there is no charge

DAGS_2

I have been with FD for 17 years. There is no charge for faster payments but there is for certain guaranteed instant transfers to other accounts.

nic_santorini

there is a £20 odd pound fee for an immediate transfer of funds, i.e. when I transferred money to a solicitors for house purchase I had to pay a fee to guarantee the fees got to the destination. I can't remember whether it was called BACS or not, but there was certainly a fee for this type of transaction.

Mikeyorks

nic_santorini wrote: »

I can't remember whether it was called BACS or not, but there was certainly a fee for this type of transaction.

No - it's called CHAPS. And a fee for that is standard - as it's manpower intensive.

sun_tzu

opinions4u wrote: »

Come on, give readers a clue? Why do you think there is a charge for this?

As far as I'm aware there isn't.

Electronic Fund Transfers 25 GBP

http://www1.firstdirect.com/content_static/pdf/rates_charges.pdf

sun_tzu

Mikeyorks wrote: »

No - it's called CHAPS. And a fee for that is standard - as it's manpower intensive.

Thanks everybody!
I can understand a fee for CHAPS but not a fee for BACS or Faster Payments as it is not industry practice. :j

opinions4u

sun_tzu wrote: »

Electronic Fund Transfers 25 GBP

http://www1.firstdirect.com/content_static/pdf/rates_charges.pdf

I would guess that relates to a CHAPS transfer. But it explains your question nicely!

Olipro

Mikeyorks wrote: »

No - it's called CHAPS. And a fee for that is standard - as it's manpower intensive.

you must be joking, it's not manpower intensive, you're just paying a premium for the fact that the processing is RTGS (Real Time Gross Settlement)