First Direct £10 monthly banking fee (merged)

Bernard_Coleslaw

trets77 wrote:

word assocaition time

HITLER = 2nd world war
BLAIR AND BUSH = IRAQ
PILLING = DOWNFALL OF MOST LIKED BANK IN ENGLAND

hope you enjoy your place in history

Look, I'm sorry, but some people really need to get a perspective check.

regularsaver1

some people need to chill I think. I think other banks will follow suit

laughing_cow

heatherw_01 wrote:

I wonder if I would have to pay the charge seeing that I have a savings account with them too?

I must say that I don't use the bank account that much but I never use the savings account.

I just don't know if this excludes me from paying or not?

As others have said above, you should be ok for now.

I've just phoned First Direct for some clarification on this. The person I spoke to told me I had no need to worry - I meet the £1500 credit per month rule and I also have a savings account and an e-savings account (both with £0 in them at the moment as I prefer my ING pots).

However, I pressed him about the savings account loophole. Me: "Surely if lots of people open savings accounts simply to get round these charges, and they then don't use them, you will at some point close this loophole?" He said that they would "encourage customers to use them by setting up standing orders etc" but if this had no effect then "I can see that there may come a time when that loophole is closed".

I'm against the fees in principle as I think it might penalise those on lower incomes/pensions and I don't like the precedent it sets for the other banks. However, I'm much happier with this bank than any others I've been with and I appreciate their call centres who handle queries so much better than others I've experienced. It's a difficult one for me; from a purely selfish point of view, it's not going to effect me and I've got no reason to change my bank, but the revolutionary in me feels like closing my account in protest on behalf of others!

chrisnorden

I've taken the time to re-read the letter. It applies from 1/2/07, and from May 2007 changes occur to the overdraft facilities.

However, towards the bottom of the 1st page it says "In recent months you have met the requirements to avoid paying the banking fee. As long as you continue.... day to day banking for free" Que?


In July I was £300 overdrawn, I have never paid my salary in, and up to last month I was £0.87 overdrawn.

They also said (by phone) in late October that as I was not using the account as expected of me, they had closed it in July, and wanted the credit card repaying as well.

Words fail me!! I'm not sure I want to bank with them if there records are this good!

M_Thomson

CARLSB1892 wrote:

Too many people dont come close to putting in £1500 every month into their bank account i.e Pensioners, low income families , students etc

I doubt many Pensioners, Low Income Families or Students have accounts with First Direct, as they have a much stricter criteria than most banks.

CopperPlate_2

Ah, a list of FAQ's on their website that might reveal more information.

http://www.firstdirect.com/faqs/index.shtml

I remember reading on their media pages that the type of customer they had was "cash rich and time poor" - sort of says it all doesn't it. Too busy to check that they're being fleeced for a tenner a month, and even if they did, couldn't be bothered as it's only a tenner...

tom188

I think that people must realize that First Direct is not the first bank to do this. Alliance and Leicester have been charging those customers who do not pay in £500 per month into their premier acs £5 a month for some time now. I would not be suprised if this sort of remit did not become the norm, to enforce people to use one current account. It would hurt me more than most, I have 11 current acs, but if push came to shove I would move everything to one place. Enforced loyalty if you like.

morlandbanks

Dagobert wrote:

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

It was bound to happen. People have complained that charges are unfair, so instead of those people that don't manage their money having the charges, all of us will have to suffer.

Sorry if that's harsh, but it's true.

Climba

...with an element of jest. Can't wait for the response.



Re: the current account charges to come in

Having read the public comments by First Direct's chief executive, Chris Pilling, I must convey my annoyance at the charges to be introduced.

Taken from the BBC web site: "I want to focus our efforts on our most important customers: those who use us as their main bank or who have a number of products with us," said Chris Pilling, First Direct's chief executive.

If this 'move was aimed at dormant or rarely used accounts' as stated then the bank has much to consider as my account is in regular use but my monthly income does not bring in enough to let me escape the charges. Having seen other people's comments, it appears that rather than being in a minority, I am amongst a significant proportion of your customers.

This move appears to show the bank losing touch with its customers. Although a previously very satisfied customer, my opinion of First Direct has fallen and I am now considering moving my custom elsewhere.

If Mr Chris Pilling wishes to contact me himself, I would be happy to discuss with him the needs of his customers.

Yours Sincerely

A Not So Dormant Account User

Turtle

I really like this website and spend hours on it, however I am really fed up of those people who've claimed all their charges back. If you've incurred charges you've spent money that's not yours. Now, I don't disagree that the charges were too high but what I don't understand is Martin encouraging the claiming back of ALL the charges and interest? Who should expect to borrow money effectively for free? I don't see how this is encouraging responsibility with money if anyone can just expect to do this for free.

On a first direct note, I personally don't see a problem with this. There appears to be many ways you can get out of the fee, and who would argue that any business doesn't have a right to target the market it wants? That's all they're doing. Coutts, for example, have a very small target market and I don't see anyone complaining about how they operate.