First Direct to charge £10 per month for current account

pennylane99

On Sky News site...

First Direct will become the first leading bank to charge customers for a standard current account.

£10 a month charge unless you maintain or deposit at least £1500 a month...

http://news.sky.com/skynews/article/0,,30000-1240817,00.html

Curlyz

I hope everyone on here who has a current account with them will vote with their feet and move - people power could dissuade other banks from following suit - as they will be closely watching to see if they can get away with charging you to have your money!

DontDoDebtKids

I've closed all four of my accounts.

southernscouser

Well said Curlyz! :T

Without us they wouldn't even survive. Think it's called cutting your nose of to spite your face! :rolleyes:

southernscouser

DontDoDebtKids wrote:

I've closed all four of my accounts.

What today? Did you tell them why?

scootw1

When is the financial industry going to realise that they cannot get away with high charges, ripping people off? I hope everyone leaves First Direct.

tyllwyd

£10 per month seems a huge amount. I'm resigned to the idea that I might have to pay something for my current account eventually, but I couldn't justify £120 a year.

Serialdieter

Hi

I've just phoned them to clarify this. Apparently if you have more than one account then you are exempt from the £10 charge.

Don't like the idea at all, off to see if A&L are still doing the quidco cash back.

Jx

mossy

If I had an account with them I'd switch!!!

An average business account gets charged £5 a month (depending on the account there are additional charges although some have accounts for people who use cards, bacs and dd so they don't incur many charges), not sure where the £10 a month charges came from but I hope it falls back on them so that it sends a message to the rest of the banks not to follow suit!

JohnInDebt

scootw1 wrote:

When is the financial industry going to realise that they cannot get away with high charges, ripping people off? I hope everyone leaves First Direct.

Unfortunately thats what's kept the shareholders happy over the years, now that the consumers are hitting back they are trying to recoup that money by other means.

Vote with your feet and leave, only then will other banks realise that it isn't going to work.

southernscouser

tyllwyd wrote:

£10 per month seems a huge amount. I'm resigned to the idea that I might have to pay something for my current account eventually, but I couldn't justify £120 a year.

I honestly don't think it will come to that. I'm not gonna pretend I know anything about the industry but look at it this way.

Lets say there are 20 banks. 19 of them charge for a basic account. 1 of them doesn't. All rates are competitive. Who would you bank with and which bank is gonna make the most money?