First Direct - Is there a BACS transfer fee?

eslick

Olipro wrote: »

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)

you pay a premium as its a more manual process however if a company makes a chaps payment they are only charged a few pounds and not the fortunes that normal customers are.

colony

sun_tzu wrote: »

Electronic Fund Transfers 25 GBP

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

So whats the verdict? I am thinking of changing to FD but a £25 fee for a bank transfer is crazy! Any FD customers who can confirm this is just for specialist transfer?

medic1978

colony wrote: »

So whats the verdict?

The verdict's pretty clear. Just read a few posts above.

colony wrote: »

Any FD customers who can confirm this is just for specialist transfer?

So far in this thread there's Biggles, DAGS, and probably eslick. Oh, and if you include me there's another. No charge for BACS/FP has ever been charged

colony

medic1978 wrote: »

The verdict's pretty clear. Just read a few posts above.



So far in this thread there's Biggles, DAGS, and probably eslick. Oh, and if you include me there's another. No charge for BACS/FP has ever been charged

I read the posts already, thanks. I was rather concerned perhaps they had instated a new charge as is says on the "charges" part of the agreement I was about to sign and send back.

Hopeless_Case

medic1978 wrote: »

The verdict's pretty clear. Just read a few posts above.



So far in this thread there's Biggles, DAGS, and probably eslick. Oh, and if you include me there's another. No charge for BACS/FP has ever been charged

And me , been with them since 1994 and never been charged for a transfer

sun_tzu

colony wrote: »

So whats the verdict? I am thinking of changing to FD but a £25 fee for a bank transfer is crazy! Any FD customers who can confirm this is just for specialist transfer?

Colony, almost all the banks in the UK charge large fees for CHAPS (same day) transfers.

BACS transfers (3 days) are usually free.
Due to the exorbitant charges for CHAPS, the Office of Fair Trading in March 2005 proposed to copy the Scandinavian "Elle" system thus giving birth to the Faster Payments Services (FPS).
FPS tends to be free as well; however FPS has a limit of money so if you want to wire big chuncks of money on the same day you need to use CHAPS.

I was asking because it was not clear from the First DirectTerms & Conditions whether it was CHAPS or all the transfers.

moonrakerz

Been with FD for a few years now. Very good bank, never been charged for anything.

KosmicPink225

If it helps I opened a single and a joint account with FD last month and in order to (hopefully) acheive the £100 bonus did a couple of fast transfers between the 2 accounts (salary credit has not yet been set up) and was not charged for this service