First Direct Customers - Staying or going?

moneymode

Staying with FD

northern_monkey wrote:

Originally Posted by northern_monkey
(1) They want to get their hands on all the money in dormant accounts, before the government gets it's act together and works out how to leverage it from the banks and what it would be best spent on. This is not First Direct's money, and should go to a good cause such as fighting world poverty.

gt94sss2 wrote:

Actually the money in dormant accounts belongs to those customers who put it there - not the bank and not the government...

Regards
Sunil

Hi there,

Thats correct....most banks have a place for unclaimed balance closures and this is where any credit balances from dormant accounts are kept. The money does not belong to either the bank or the government and thats how it should be.

So the OP should really get the facts before ranting and raving about something they dont know about

Cheers
moneymode

bankersmug

Well I've just closed my ISA with them. I know the bank charges won't affect me but this is the only way I can register my disgust, and hopefully deter other banks from following suit.

Save&Spend

I will be switching to Halifax current account ASAP. Act and register your dislike with FD, otherwise other banks will follow FD route soon!

mrcow

Changed to another bank

gt94sss2 wrote:

Actually the money in dormant accounts belongs to those customers who put it there - not the bank and not the government...

Regards
Sunil

So FD won't be taking £10 per month from these accounts? Why not if they are from everyone else?

thrombanks

Thinking about changing bank

I'm also disgusted at this action by FD and I'm looking into moving to A&L.

I don't want to do it because I have enjoyed a very good experience with FD over the last six years. My current account rarely if ever falls below £1500, so i won't be directly affected, but I just don't like the way this is being done.

I have let FD know exactly how I feel and I'm hoping that the complaints by customers, will let them know that they have shot themselves in the foot with this action and the tey will reverse their decision.

If February arrives and they start charging, I'll be gone.

moneymode

Staying with FD

What I want to know is those that decide to shut down any FD accounts they have and move them elsewhere what happens when every bank/building society start charging whether it be next year or 3 years from now and on top of that the customer service is crap?

Can we sit back and laugh when they try and come running back to FD :rotfl:


An awful lot of people on here rave about the Halifax and the Nationwide. Nationwide telephone service is ok but had to call them last week and was in a queue for 15 mins before speaking to someone which i think is an unacceptable waiting time. As for HBOS wouldnt waste the time with them - awful service and thank goodness have no accounts with them any longer.

Also FD's internet site far superior than the Nationwide's

At the moment have my mortgage with the Nationwide but thinking of moving it to FD soon - the Nationwide are great at putting the mortgage interest rate up the minute the BoE raise the base rate but not so quick at bringing it back down if the base rate decrease. Certainly not as good as they are cracked up to be.


Cheers
moneymode

moneymode

Staying with FD

Originally Posted by gt94sss2
Actually the money in dormant accounts belongs to those customers who put it there - not the bank and not the government...

Regards
Sunil

mrcow wrote:

So FD won't be taking £10 per month from these accounts? Why not if they are from everyone else?

Because as i said in my post in reply to OP any credit balances in any dormant accounts that are closed down are put into a unclaimed balance closure suspense a/c . The dormant a/c's are now closed so the bank doesnt have to maintain them and so its not costing them anything so thats why they would'nt be charged.


Cheers
moneymode

chairman_miaow

Changed to another bank

But if there are "unused" accounts with small balances on them , FD will "claim" the money by debiting £10.00 each month to them...

moneymode

Staying with FD

chairman_miaow wrote:

But if there are "unused" accounts with small balances on them , FD will "claim" the money by debiting £10.00 each month to them...

Not if the account holder closes the account. The account would be closed down and any funds due would be sent on to wherever they wanted.

If they dont close it then yes they would be charged. But everyone has the choice to either accept the charge, get an additional product to avoid the charge or close their account down. Its quite simple really

chairman_miaow

Changed to another bank

moneymode wrote:

Not if the account holder closes the account. The account would be closed down and any funds due would be sent on to wherever they wanted.

Obviously !

moneymode wrote:

If they dont close it then yes they would be charged. But everyone has the choice to either accept the charge, get an additional product to avoid the charge or close their account down. Its quite simple really

The point I'm making is , for example , there must be loads of people who opened FD accounts to get whatever deal was on offer at the time , but who haven't used it since or have moved house or simply forgotten they had a small balance in the account.....FD can now legitimately charge £10 pm to get the money and then close the account.At least that's what I understood the OP meant by dormant accounts...