Warning for First Direct Customers!!

moneymode

ksrao wrote:

Is it not possible for you to help fellow-moneysavers to get out of FD Mr moneymode?
You seems to be here only since we had problem with FD.We are not loyal to any bank who robs us.

Actual fact I joined here in August and the new charges were announced in November

Why would I want to help towards someone leaving FD
As others have said many times on here already it is not like FD are holding a gun to everyones head telling them they must do this or that. The majority of customers are not affected and those that are can either pay the charge, take another product to avoid it or move eslewhere. Everyone has these choices.

Also I must say that for every customer I speak to that wants to close their a/c(s) I speak to another 5 that are staying with FD.

anniecave

Rafter wrote:

Under the banking code you have to be able to transfer your account within 7 days and must be compensated for any charges that arrise during the transfer process.

R.

where is this?

In my experience it takes a lot longer than this for direct debits to be transferred over. Yeah standing orders and salary payments you may be able to do this. But it all depends on how quickly the direct debit beneficiaries are able to update their systems, and that isn't likely to be able to be done within 7 days under the current system.

jonesMUFCforever

moneymode wrote:

So tell us nollag2006 which bank do you work for?
I ask this because you seem to want to stick the knife into FD at every opportunity.

I also think and yes i am biased seeing as i work at FD but a lot of the nightmare scenarios that people put on here how do you know that it really happened. I have worked in FD now for over 2years now and i can honestly say that yes errors do happen afterall we are only human however we try to correct them asap and also very rarely is it a major error.

My opinion is that people are just jumping on the band wagon and having a sling shot at FD just for the hell of it

Thank god for First Direct!!!
We are out of the firing line for a week or two!

jonesMUFCforever

moneymode wrote:

Actual fact I joined here in August and the new charges were announced in November

Why would I want to help towards someone leaving FD
As others have said many times on here already it is not like FD are holding a gun to everyones head telling them they must do this or that. The majority of customers are not affected and those that are can either pay the charge, take another product to avoid it or move eslewhere. Everyone has these choices.

Also I must say that for every customer I speak to that wants to close their a/c(s) I speak to another 5 that are staying with FD.

I would be very worried if my bank lost 20% of the accounts - they will not be all bad ones that close.

Rafter

anniecave wrote:

where is this?

In my experience it takes a lot longer than this for direct debits to be transferred over. Yeah standing orders and salary payments you may be able to do this. But it all depends on how quickly the direct debit beneficiaries are able to update their systems, and that isn't likely to be able to be done within 7 days under the current system.

Annie,

Section 7 of the banking code states that your current bank must provide all the direct debit and standing orders to your new bank within 5 working days (ie 1 week)

Your new bank must provide you with everything you need to run your account (cheque book, cards, internet details etc) within 10 days.

Under section 7.4 both your current and new bank must cancel any bank charges arising from mistakes or unnecessary delays during the transfer process.

R.

peter999

ejones999 wrote:

I would be very worried if my bank lost 20% of the accounts - they will not be all bad ones that close.

That's right, they're the smart ones who are on the ball.

And they won't be back to First Direct, than you very much.

peter999

Volcano

and yes i am biased seeing as i work at FD

You're not biased sweetie! You simply daren't question the hand that feeds you, nothing wrong with that. But defending them? Stockholm Syndrome anyone?

anniecave

Rafter wrote:

Annie,

Section 7 of the banking code states that your current bank must provide all the direct debit and standing orders to your new bank within 5 working days (ie 1 week)

Your new bank must provide you with everything you need to run your account (cheque book, cards, internet details etc) within 10 days.

Under section 7.4 both your current and new bank must cancel any bank charges arising from mistakes or unnecessary delays during the transfer process.

R.

Great, thanks for the clarifiction. I didn't know about the last bit about the bank charges, always useful to know.

nearlyrich

peter999 wrote:

That's right, they're the smart ones who are on the ball.

And they won't be back to First Direct, than you very much.

peter999

I have to disagree with this statement, if FD are the first to start charging and everyone else follows I would rather pay £10 to FD for their amazing service than to some of the really bad banks with operators who can't speak english!

I have been a customer of TSB, Natwest and Halifax in the past and they were all absolute rubbish in many ways and at the time they were all charging per transaction.

So if next year all the banks charge £10 per month for their services and they offer rubbish service these "smart" people have cut off their nose to spite their face.

Anyone who uses First Direct as their primary bank account and has a CC or a savings account alongside a current account doesn't have to pay, you don't have to have £1500 paid in or £1500 in a savings account. I feel a lot of people have thrown a wobbly and are up in arms about the charges without really thinking about what they are losing, if they only joined for the £50 and they don't need the account then fine but to portray it as a campaign to defend the poor is a bit OTT my opinion.

missprice

I just read most of this post (if i skipped a bit sorry)

I dont have an account with FD and i dont work for a bank, but when i saw that a bank (in this case FD) was going to charge for using, I went slightly off the wall (wandered around muttering mostly) and told my kids and anyone else who would listen to never bank with any institution that charged for the priveledge

the banks make an absolute fortune in the billions now, when i was a kid it was millions.

and even if you say these profits that are announced on the news are pre-tax, the bank still keeps easily half as pure profit.

I even enquired at work about how to get paid if all the banks started charging!!!!. as it turns out they can and will pay me in cash if nec. not ideal i know but if enough people did this the banks would have to stop charging.

they have our money to invest and make billions from us, they charge the pants off you if you dare to be a day late on a DD, they charge businesess massive amounts for cheques etc, and now they have the cheek to start charging.

right off my soapbox now

sxx