First Direct £10 monthly banking fee (merged)

Andy_Davies

David8844 wrote:

Close First Direct and move to another provider. E.g. Nationwide have a superior website and they have branches everywhere. I moved from FD to Nationwide years ago.

FD have been caught out like other banks with having to refund excessive charges on overdrafts. This charge is a way of recouping lost profits to ensure that shareholder dividends are kept up.

Close First Direct and move...

As far as I know First Direct haven't had a laptop with customer account details stolen from one of their employees' house's though.

Who knows what the employee was doing with these details on their laptop but Nationwide is currently in the process of writing to all 11 million of it's customers about it!

Bernard_Coleslaw

Andy_Davies wrote:

but Nationwide is currently in the process of writing to all 11 million of it's customers about it!

Could you provide me a link to the story that states:

A) That the laptop had sufficient details of 11million customers for this to be an issue; and
That Nationwide are writing to all of their customers about this particular incident.

Thanks.

ramzy_2

greenstreetprince wrote:

there were those who claimed back charges even though all they've ever done all their lives is live an overdrawn fantasy, couldn't control their spending, yet still felt it was the banks fault. suddenly when this site and articles in other media told them they could get those fee's back (in affect a reward for their financial ineptitude) they rushed into the craze.

I feel its these people who are mainly (not totally) to blaim for banking charges being introduced. the banks paid out hundreds of thousands of pounds to customers who knew penalties will be imposed for going and staying overdrawn.

Well Said Sir! :T :T :T

James

Yep but Nationwide has promised to make good any losses to victims of ID Fraud. More than can be said for NatWest.

Back to First Direct (HSBC).

A one off £50 incentive to pay in over £1500 per month, every month for the duration. Great if you have more than this account with them, you won't be charged £10 per month (and it's charged on a monthly basis, so I'm told), if you drop below £1500. So what happens when you need First Direct most, when you change or lose your job and you've nothing like the required amount going in

This is customer care at it's best - NOT.

TonyOB_2

I recieved the letter on Monday.

This is 100% wrong.

What they are saying is take more of our products or we will charge you! What other industry anywhere in the world would allow that sort of marketing to go on.

I called to complain and all I got was a string of people pointing out what other products I could take to avoid the charge. I asked why they were doing it and was told "to encourage customers to deepen their realtionship with the bank"

Even if I was thinking about taking another product I would not take it know after recieving this letter. I had to read it three times as I could not believe what it was saying.

They have even titled the letter "banking the way you want" I don't think so!

I don't know what angers me most. The fact they are doing it or the fact they are allowed to do it.

The charge is £10 per name on the account as well. Whan I called they were quick to point out that our charge would have been £20 per month as it is a joint account. We have a savings account with them but that is only in my name so my wife would be subject to the charge.

Something has to be done about this because I am sure that if FD get away with others will follow.

Tony

mo_rafiq

A lot of people are thinking that paying in £1500 a month will avoid the FD charge, it wont, you have to maintain an average balance of £1500 too, there is only 1 version of their letter being sent out, some people are interpreting it incorrectly!

benood wrote:

This is a pain as we .....use their daily text message banking to stay in control - any other good text message providing accounts out there?

Lloyds offers text message alerts, not sure exactly if they are similar to FD's or how they work, but worth taking a look on their website.

surfsister

We must all close our accounts immediately to show them we don't want to pay £10 a month for banking! If all MSE clodsed their accounts it must be a message to them surely.

We have already closed ours as do not intend to keep £1500 in as we can get interest with Alliance and Leicester.

Perhaps this needs some sort of campaign?

surfcat

WestonDave wrote:

If this works FD will rid itself of a load of time wasters and accounts which cost money thus improving its profits.

You've hit the nail on the head there. The story here http://news.bbc.co.uk/1/hi/business/6148776.stm says there are 40000 dormant accounts! Presumably people who joined up to get £50 and now don't seem to want to pay for the service...

James

Bernard_Coleslaw wrote:

Could you provide me a link to the story that states:

A) That the laptop had sufficient details of 11million customers for this to be an issue; and
That Nationwide are writing to all of their customers about this particular incident.

Thanks.

Info you require is here

FSA Probe.

NationWide Red-Faced.

going2die_rich

regularsaver1 wrote:

I think other banks are going to start charging a fee sooner or later too. Didn't HSBC say so too?

I've heard HSBC are too, but it might be an annual charge.