Letter From First Direct

ajbrynoffa

Had a letter this morning from First Direct bank who we`ve had an account with for 2 years.Basically from February 2007 if you only hold one account with them then you must pay a minimum of £1500 in to your account monthly or incur a charge of £10 per month!!I`m really cheesed off with this as we only pay in about £800.This means we`ve now got to pay off our £1000 o/d and look for another account!Anyone else in a similar situation?

sal

That's interesting, I've got a First Direct current account which I pay a very small sum into monthly, then draw out to put into a First Direct ISA (it's a long story), if they send me that letter, I'll close the account pronto.

sal

iceicebaby

Are they allowed to change the terms and conditions of your account like that without you agreeing?

Check the terms and conditions that you signed up to when you took the account out.

WestonDave

sal - you won't - the charge is waived if you have other products - in your case the ISA.

It seems they are trying to get rid of loss making accounts - those where people pay in small amounts or just have them dormant, and keep those who have other products on which they make money.

edit - iceicebaby - yes they are - their terms give them the right to change them provided they give notice - since these changes aren't coming in until February 2007 that probably covers it

iceicebaby

I would be moving my account then!

Will any other bank match the overdraft you have?

KatieKins

There is a thread on this over in Budgeting and Current accounts where it is being discussed. A lot of people are talking of changing. This was something people didn't think would actually happen as it was being discussed on the thread for quite a while! Definitely change accounts!!

derrick

Thread HERE re this topic

angelatgraceland

Easy way around it is to open a savings account with them and put in £1. This will probably get around it. If FD do this, they won't be the only ones-others will follow.