First Direct Customers - Staying or going?

Horasio

Is it just with current accounts?

I only have an Esavings account with them - do they charge for that too?

gt94sss2

moneymode wrote:

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.

Nothing to do with First Direct but its worth mentioning that the government/Gordon Brown have suggested confiscating these amounts from the banks/customers and spending them on charities/good causes/3rd world aid etc.

Only a matter of time before they do..

Regards
Sunil

ckerrd

going2die_rich wrote:

You've become laxed in your attitude to getting the best deal. They aren't even the best paying bank yet you stay with them, what does that make you, loyal or stupid?

Do you also stick with a higher priced energy company for your gas and electric because "you like dealing with them"??? or do you switch to the cheaper better for your pocket company?

Some people are just beyond help.

I enjoy the level of service they provide and am willing to pay more for a higher quality of service than I might receive elsewhere.

I appreciate that that might not be true money saving but I like to get value for money and for me FD provide that. If they don't for you move on, as I will when they no longer provide it for me.
One thing I don't appreciate is name calling, have a sensible debate by all means, and have your opinions but let me have mine without recourse to belittling them.

YnotL

merchistonlad wrote:

1. Is FD's move justified?
Yes. They are providing service and we customers pay for it, one way or the other. There is no free lunch. Everyone agrees banks don't make money out of dormant CA. You simply pay fees for it, if you can't make up by other means, say, use other profitable products for the bank. And I don't think the argument that the charge penalises lower incomers valid - they do have a option to use many other services which are not charged to get away from the fees.

I keep hearing about dormant accounts and deepening relationships with first direct. How about people who have been with First Direct for years and have say £1400 a month paid into their account. An amount that more than meets previous criteria. These people could very well be good customers but they're being tossed aside. Why should they have to use other services, that almost amounts to blackmail.

How about people who have been earing well in excess of £1500 a month but now don't due to maternity leave, illness, injury, where is First Direct's loyalty to them? I have yet to hear First Direct address the issue of good customers who are affected by this.

I wouldn't touch First Direct with a bargepole at the moment. I do wonder if they will really go ahead with this. They may well shake off some of the dead wood and then have a change of heart.

Patr100

Staying with FD

Well having been with FD for at least 15 years I got the letter this morning - I am presently officially exempt from the charge.
The past few years, I have been working part time and earning a fraction ( like 20%!) of the £1500 a month required but I already have a FD visa that I only very occasionally use - preferring my Goldfish MC which I earn about £10 worth of vouchers a year so I am no big spender either way. I could have switched to using my FD card for most card purchases but it seems the don't require that at the moment - I will just still use it now and again as I do.

The FD CC must have tipped it so I am staying with FD - also because as a non Passport/driving Licence/benefit book holder I would need to get a Tax office letter to prove my identity to open a new account at another bank!

So unless the screw tightens further I am staying.

gorilla

Changed to another bank

I've got a Cahoot account which I'll start using again, but it's a good time to re-evaluate one's banking position. I have no loyalty to any bank, I must have had at least 10 current accounts over the last 15 years. To be honest FD are one of the better ones, but I'm not going to set up a new account (with FD) just to avoid paying £10. I'd rather see what another bank is like. If it's crap, I'll move on.

Mercenary

Staying with FD

ckerrd wrote:

I will not be leaving FD.
I like dealing with them.
I will be surprised if they are the only bank that does this, but you never know.
If my circumstances change I may move but at the moment I am more than happy with FD.
They are after all a business not a charity and they exist to make money.

I agree completely :T ! I'm not going to cut my nose off to spite my face by moving from FD to another bank where the same or similar charges may happen quite soon...and where the CS is awful or non-existent.

Paul_Herring

merchistonlad wrote:

1. Is FD's move justified?
Yes. They are providing service and we customers pay for it, one way or the other. There is no free lunch.

Quite. Remind me again how much interest FD pay on positive balances in a current account? (Rhetorical question - their site states up to 2%) How much should they be paying?

mintymoneysaver

I've gone. I'd already changed to A and L anyway but was keeping my options open. i PHoned up today to close my account and they didn't even try and keep me!

oops_a_daisy

Changed to another bank

same here - moved to A & L when I reclaimed my bank charges back from FD, so only kept the accounts open as I did like FD but the interest is rubbish so this has just pushed me to get the accounts sorted and closed.
Im off