First Direct - service not so great anymore

katejo

grumbler wrote: »

How did First Direct come first in MSE polls?

Possible reasons:
First Direct - 20 minute phone quiz now needed to open savings account
First Direct want proof of identity years after account opened: anyone else affected?
Switching to first direct - horrid paperwork!

I read about the proof of identity issue some time ago but i still haven't been asked to provide this proof. I have been with FD for around 25 years now. i agree that you have to wait longer for the call to be answered but you do get a real person rather than a menu of options. I rarely need to ring.

awolo1

I was a customer of FD but I was extremely disappointed over recent times how they were taking longer to answer my call (sure, there is no IVR - but waiting times were not quick), I found the advisors I spoke to unhelpful, they still have to put you on hold to find out information - certainly not this quick or fast service the website/adverts try to suggest. Also, I found them very strict when it comes to lending, in some cases, extremely over the top. In this day and age with a wide range of self employed professions, it's nice to be seen as a customer and how you run the account, not entirely having decisions based on what a computer says.

They don't care - grown far too big for their boots. This is reflected in the website and online banking that hasn't been updated in years and years!

JuicyJesus

I actually left them a few weeks back. I got the distinct impression they didn't want my business, and viewed me as "not their sort of customer" - as reflected in my asking to borrow small sums of money feeling like begging from my mum (in particular one of their lending reps declined a perfectly affordable loan as per their own budget planner on the grounds of affordability and account conduct seven years prior(!)), whereas HSBC were more than willing to agree the same loan at a lower interest rate), and their declining a joint account for me and my partner (i.e. bringing them new business).


There'd also been the long hold times and a particular instance where one of the reps was just blatantly rude to me. They did apologise when I complained but it left a bit of a taste in my mouth, since if they couldn't even deliver on being nice to all their customers and they've made it abundantly clear that our banking "relationship" so to speak is going nowhere then what's the point?


Switched to Halifax and bagged £100 on the way; they may be bog standard service wise and the savings rates are worse but at least they don't pretend to be the be all and end all.

BlueScouse

After 16 years with the same bank, I decided to TRY to open a current account with first direct but was subjected to a 20 minute grilling on the phone, asking for the value of my house, proof that I had the savings I said I had, why I had so many pensions (three) - just about everything except my shoe size.
At the end of the call, I was told I would have to post copies of the latest statements from all my savings and investments, proof of my part-time, minimum wage retirement job and a copy of the deeds to an apartment in Turkey in which I have a 50% share.
Completely irrelevant to my application and I felt as though I was being subjected to a criminal investigation.
Needless to say I will not be opening an account with fd now or at any time in the future.
How are they rated so highly. They are easily the worst financial organisation I have dealt with in fifty years.
My advice? Avoid them and go to somewhere reasonable like M&S who took a grand total of two days to open an account for me without asking for any of the documents deemed to be essential by fd.
My guess is that fd do not want any more non-profitable personal current accounts. There can be no other reason for their ridiculous "vetting" process.

henm2

The FD (part of HSBC group) 'vetting' process is actually to do with their rigorous AML procedures and nothing to do with potential profitability of the account. The link with Turkey will not have helped in this regard as that is I believe classed as a High Risk country as regards AML.

The strict vetting processing is linked to HSBC's deferred prosecution agreement with the US in 2012 http://www.bbc.co.uk/news/business-20673466 after their slack AML procedures in Mexico and elsewhere over a number of years previously.

Surprisingly you found the process easier with M & S Financial Services as that is also run by HSBC.

BlueScouse

henm2 wrote: »

The FD (part of HSBC group) 'vetting' process is actually to do with their rigorous AML procedures and nothing to do with potential profitability of the account. The link with Turkey will not have helped in this regard as that is I believe classed as a High Risk country as regards AML.

The strict vetting processing is linked to HSBC's deferred prosecution agreement with the US in 2012 http://www.bbc.co.uk/news/business-20673466 after their slack AML procedures in Mexico and elsewhere over a number of years previously.

Surprisingly you found the process easier with M & S Financial Services as that is also run by HSBC.

Firstly, thanks for the response
Sorry, I have no idea what AML is - pardon my ignorance.
How having a 50% share in a holiday apartment in Turkey or anywhere else makes me a high risk is just laughable. My credit rating has been good for almost 50 years - can't this be easily checked?
I was aware that M&S Financial Services is operated by HSBC - the on-line application forms are almost identical, except that M&S DO allow for people like me to have a part-time job and more than one pension. They also see no problem in anyone owning a holiday home.
First Direct will lose custom with their aggressive approach to potential customers, but I get the feeling that they just don't care.

henm2

AML = Anti Money Laundering. AML procedures are completely separate to credit scoring.

katejo

henm2 wrote: »

The FD (part of HSBC group) 'vetting' process is actually to do with their rigorous AML procedures and nothing to do with potential profitability of the account. The link with Turkey will not have helped in this regard as that is I believe classed as a High Risk country as regards AML.

The strict vetting processing is linked to HSBC's deferred prosecution agreement with the US in 2012 http://www.bbc.co.uk/news/business-20673466 after their slack AML procedures in Mexico and elsewhere over a number of years previously.

Surprisingly you found the process easier with M & S Financial Services as that is also run by HSBC.

Yesterday I opened a Regular Savings account with FD (after having been with them for many years). I had a query about it first so rang them and was going to have the staff member set it up for me. However she advised me to do it online because they have to go through many security questions if you do it by phone. It can take half an hour to do this.

DonaldLMcVay

Show up at their office and surprise them. You waited enough on them. Now face them and give good answer. they wont be able to avoid you. Think next time you are engaging with a bank. Collect maximum info before going ahead with a brand, no matter howmuchever famous they are

bigadaj

DonaldLMcVay wrote: »

Show up at their office and surprise them. You waited enough on them. Now face them and give good answer. they wont be able to avoid you. Think next time you are engaging with a bank. Collect maximum info before going ahead with a brand, no matter howmuchever famous they are

What, at their head office?