First Direct Fees: How to Avoid 'Em or Ditch 'Em Discussion Area

timswf

Hi.. have just chased up FD as to why they haven't closed my account yet after asking a couple of weeks ago...and the reply said they are dealing with a backlog of requests and should complete it within 21 days.. so the anti-fees backlash is going very well! rgds timswf

jeffk

timswf wrote:

Hi.. have just chased up FD as to why they haven't closed my account yet after asking a couple of weeks ago...and the reply said they are dealing with a backlog of requests and should complete it within 21 days.. so the anti-fees backlash is going very well! rgds timswf

Or from their point of view maybe the charges have been very sucessful in ridding them of accounts they don't want?

Impossible to say which without knowing the details of the accounts they're closing.....

japitts

Another reason why I'll defend First Direct here - my wife and I have a joint Visa credit card account with FD alongside our current and savings accounts. We always pay our Visa balance off in full, but lets say it's due for payment on a Monday morning. With other banks, we'd have to send the payment by 3.30pm 4 working days before. With FD, the deadline is 8pm that day. And on a couple of occasions this has saved us from late payment charges. Ok, we always plan ahead etc - but at least the facility is there, that for interest purposes we can pay our credit card on the same day it's due. There's not many banks offer that!

DemiDee

Yes Japitts, it's good that you can save yourself from late payment charges. But for those of us who do not wait until the last minute to pay off our visa charges, but do not earn enough to qualify for avoiding their 'stealth tax', it doesn't help very much at all! Personally, I didn't want the trouble of switching banks, and so I've opened a savings account with the intention of putting zilch in it. It seems to me as though FD have lost their reputation completely by introducing this fee. If it was dormant accounts that they (quite understandably) wanted to target, then why on earth introduce a criteria based on income?

japitts

DemiDee wrote:

Yes Japitts, it's good that you can save yourself from late payment charges.

It's not just that - it's the ability to keep the money in my (interest-bearing) savings account until the actual day the credit card is due, rather than 4-working days previously.

I can see some people's point about "what if I'm safe from the charge now, but not in future" - but just opening another account will cover for that eventuality. Moving your accounts just strikes me as cutting off your nose to spite your face, but each to their own I suppose.

allan2006

I`m not very happy with first directs planned £10 monthly fee, but my situation at present mean i dont really want to move the account. I already have another current account with a building society which i plan to start using when its more convienient.

How can i avoid paying the 10 quid fee for say the next 6 months, can i just open an esaving account and put in 50 quid??

Wen i rung first direct they was just trying to flog me insurance and credit cards with them, he hardly mentions the savings accounts.

dik23

FD and HSBC are the same company. This means that transfers from one to the other happen instantly.

I just move the 500 quid over draft back and forwards using internet banking on two browser windows. I've been doing this ever since the account was first opened and wanted 1000 a month deposited. Takes 1min a month

Thought you'd like to know

umami

Honestly just found out they still haven't closed my account after I have meticulously followed their instructions to close the acount and sent them my cut up debit card etc.
I must now ring them costing me even more money!
I wrote to them nearly 2 weeks ago.

greenoak

Can anyone help me here.

I have a dormany first direct account, that had a 1p debit balance for debit interest from years ago. I phoned them and asked to close it and was told NO, you must send us a cheque for 1p and send a letter requesting account closure. I thought stuff that they can carry on sending me statements every month costing them money.

Well today I got a odd letter from them saying I now owe them £68.63 from interest and charges.

They say they wrote to me and therefore they can do what they like. I am just a bad boy for not maintaining my account properly.

Does this qualify for illegal bank chages. How do I reclaim them. Do I pay it off so it stops and fight for its return. I would rather waste £30 than lets these crooks steal from me.

I dont have the statements will all the details as i just binned them each month without ever opening them.

I am very angry.

oldagetraveller

greenoak wrote: »

I am just a bad boy for not maintaining my account properly.

Yes:D
I would pay the charges (not illegal but unlawful) and ask them for copies of all your statements for the past 6 years if the account is that old. Then claim back the charges and close the account, first making sure the 1p unauthorised overdraft is paid off.
NEVER just bin bank statements or similar - look at them first then shred them.