First Direct £10 monthly banking fee (merged)

digp

Dagobert wrote:

Thank those who are claiming back so-called unfair bank charges. Now we have the pleasure of subsidising them.

So it's okay for banks to break the law as long as you get free banking?

crankup

going2die_rich wrote:

That's what will happen, people will stay using the loophole of opening another account, then months down the line all banks will do the same charges. Then further still one will decide to charge them additional accounts and all will follow, leaving the customers with monthly charging accounts.

As soon as any charge for an account is in place, it'll be rolled out to the rest sooner or later.

Much better to vote with your feet now than just use a loophole because you are too lazy to switch.

There is no need for you (or anyone) to get in a state over this as long as the loophole will ensure good service for free. Its what MSE users are good at - spotting the loopholes and using them to their advantage. The service that FD provides is far superior to others that I have experience in recent years so play the game and get it for free.

WHEN the loophole closes, then by all means, start flapping and call people lazy even though you dont know them.

MPH80

Tim_L wrote:

And obviously if a bank has already lent someone money at 0% they can't make money by lending it again unless the borrower deposits it with them. So I don't really understand the first statement.

Precisely my point - for a stoozer - the net amount of money in the banking system available is 0. For a rate tart - the effect is negative whatever they borrowed.

Tim_L wrote:

Capped v. uncapped? Well capped is always a step towards uncapped. MBNA were very cautious in introducing fees of any kind - most people were initially exempt, then capped fees came in, and then they moved to uncapped. They will try to get away with whatever they think they can get away with - Martin puts this very well in his concept of an adversarial consumer culture.

You have to laugh don't you - you come out with this - and then just below:

Tim_L wrote:

With respect, we are seeing charges from a small, expensive (to HSBC), niche bank, which are extraordinarily easy to bypass if you want to. But there are plenty of banks still looking for market share and the prospect of generalised bank charges is a long way off. Incidentally this is also Martin's view I think.

We've gone from no BT fees to uncapped in a very short space of time. I don't see any reason why the same thing can't happen in the C/A market.

Tim_L wrote:

This is money - if you accept the charges were unlawful - that was never the banks' in the first place, and it matters not a whit if the charges were in the terms and conditions, because t&c do not transcend contract law.

It doesn't matter in this discussion. It make no bones how we got here - we ARE here. Now we have to deal with it.

Tim_L wrote:

No, but I don't expect to be subsidised by people in worse financial situations to me. I just shop around for decent deals. If it costs (for the sake of argument) a tenner a month over the value of the money I have on deposit with a bank to provide a banking service, then it's not unreasonable for me to pay that rather than some poor sod struggling with an overdraft.

Ok then - please make a commitment, right here, right now, to all of us here that you will always ask a bank to be charged the highest rate of interest they will give out for all their products.

Until you do that - you are always going to be subsidised by those who are worse off than you.

M.

Sterlingtimes

It seems that First Direct's call centres are rather blocked today.

Although I do not fall under the present fee paying criteria, I have sent them a warning shot anyway by email. Could be the thin end of the wedge.

even_steven

Will be closing my accounts (current and savings) with FD tomorrow. I haven't really used them in a while so I'm probably one of the people they want rid of. I'm only too happy to oblige them.

cheggers

If oneone does not have a friend already with A&L and wants to be referred for the £50 bonus drop me a PM and I can help you out :beer: :beer: :beer: :beer: :beer:

ajbrynoffa

ok this may be one way around it,although it means giving FD more business!I`ve just received a letter off them advertising car insurance,they guarantee to beat your existing insurance by £30 in the first year and £50 in the second.This would then stop the charge as you are getting more than one product from them.

speldrena

did people think there wouldn't be a back lash to everyone claiming there charges back...........
if they had kept to there agreements in the first place they wouldn't have been charged

first direct also have done things first in the banking world
can see the other high street banks following suit

cheggers

What next charging to use someone elses ATM machine?? I can see that charge coming back soon from all the banks.

With the death of the 0% balance transfer on credit cards on the horizon, it is not looking good for all UK banking customers. Just remind me how many millions of £££££££££'s profit these financial organisations make each year????

going2die_rich

crankup wrote:

There is no need for you (or anyone) to get in a state over this as long as the loophole will ensure good service for free. Its what MSE users are good at - spotting the loopholes and using them to their advantage. The service that FD provides is far superior to others that I have experience in recent years so play the game and get it for free.

WHEN the loophole closes, then by all means, start flapping and call people lazy even though you dont know them.

Just say everyone uses the loophole come January. Won't that just mean every other bank do the same charges since no customers were lost, in fact were gained since they now have increased the accounts? Surely prompting other banks to jump in on the easy money making scheme.

Then one will say it requires a minimum this and that until you are forced into having all your money at one bank if you don't want to pay a monthly charge for having a bank account.

Money talks, closing an account makes a business worry as it's lost that customer, and worse still it's lost it to a rival without the rival having to do anything.

Much easier to stop bank charges by voting with your feet now, rather than try and vote with your feet once they all start rolling it in because customers were too lazy to show they weren't happy by switching else where.