Fidor - current account w/o credit check

Anthorn

I went live with Fidor but it's not really all that alive:

First step is to register for their community which involves confirming an email address with a link sent to it and confirming a mobile phone number with an activation code sent by SMS.

Then click the link in your account to open a current account, fill out the application which is in different parts, upload ID and address documentation, in my case scans of passport and tax, and then wait for an email and a letter within 7 days.

I hope they do better that Revolut.

Not really a lot to it. Debit Mastercard, Standing Orders and Direct Debits are said to be "coming soon" but we know from the experience of Ffrees DD service that "soon" may not necessarily mean "soon". They do have a pic of a Debit Mastercard on their Facebook page so that may be imminent.

So far I'm waiting and no request yet to deposit funds.

slink85

Krash420 wrote: »

I believe Fidor don't have debit or credit cards yet either.... Or so said Metro... (More of an FYI)

they now offer a contactless debit card

pmjenkins

I've just tried to change the PIN for my new Fidor debit card (in a HSBC ATM). Although apparently successful, the PIN wasn't actually changed. Fortunately I only tried the invalid new PIN twice otherwise my card would have been retained and I would have had to order a replacement.

I've looked on their web site and there's no mention of this restriction in the terms and conditions. I did however find a sheepish admission in response to a question in their customer forums that they hope to offer this facility in the future.

Not impressed!

System

It doesn't seem to have much going for (other than the pretty debit card)

Rubbish interest, charges for ATM withdrawals, pin issues, doesn't have it's own account number but relys on a building society style roll number and doesn't accept BACS, cheques or cash.

Maybe I'm just being overly demanding?

Anthorn

Heng_Leng wrote: »

It doesn't seem to have much going for (other than the pretty debit card)

Rubbish interest, charges for ATM withdrawals, pin issues, doesn't have it's own account number but relys on a building society style roll number and doesn't accept BACS, cheques or cash.

Maybe I'm just being overly demanding?

Yet again we cross swords over Fidor UK: The danger is in comparing it with other banks. Fidor UK is probably the first of the new Fintech (Financial Technology) regulated banks to come out with ... something. Fidor UK works on an online Social Network framework whereas other banks such as Atom and services such as Revolut work with mobile apps.

Quite frankly, if you expect Fintech banks and services to be like those traditional banks and financial services we're used to don't hold your breath while you wait. On the other hand if you think Fintech is the future in the making you may well be right. C.f. mobile payments.

There is nothing wrong with it. You just don't understand it.

pmduk

Perhaps fintech companies should be providing what consumers expect rather than expecting them to change their expectations? It's the 21st Century and there's a lot of choice.

Anthorn

pmduk wrote: »

Perhaps fintech companies should be providing what consumers expect rather than expecting them to change their expectations? It's the 21st Century and there's a lot of choice.

It is the 21st century isn't it lol

pmduk

Finally we agree on something! So a company expecting consumers to accept things that aren't what they want/need just won't survive.

ChiefGrasscutter

It could be like ING Direct with their online only savings bank - then a new innovation.
The entered the UK market in the early 2000's and as they fully admitted later realised that the UK was errrr not like other European markets.

That realisation came when the BofE raised interest rates and they put out some guff about how they were going to keep theirs the same and how we all valued their exemplary service instead of a savings rate rise to match......Only to find that people removed their savings from them in droves.
Financial commentators in the papers at the time mused as to what on earth they were doing and were they deliberately trying to trash their own reputation.

They totally misread the UK market (or didn't bother in the first place).

System

It's all very good being all social networky like Giffgaff but they don't offer many of the bread and butter functions of a current account.

I'm sure they could get their own sort code, join the LINK atm network and even offer counter services via the Post Office without significant investment.

Anthorn wrote: »

Yet again we cross swords over Fidor UK: The danger is in comparing it with other banks...There is nothing wrong with it. You just don't understand it.