Do you think First Direct will reopen to new customers in 2020?

irelavv

When the Covid-19 pandemic began First Direct closed  their new customer application process. For more than three months their website states "we have taken the decision to withdraw first direct current accounts to new customers". Do you think they will reopen for new customers this year and do you think there will be great cash incentives as there had been in the past?

Zanderman

How on earth will anyone, other than First Direct employees, know?  
You're asking people to guess?
What's the point?

Grumpy_chap

I didn't know this had happened. 
Are First Direct (HSBC) in financial trouble? 
I have accounts with them and will move elsewhere if they are going to fail - my balances are well below the protected levels but I just don't want the hassle of the bank failing and the stress that will mean if all the accounts are locked down and no access to funds while I get it sorted.
I know some people have been campaigning against HSBC lately and the situation in Hong Kong could impact their viability???

greyteam1959

I don't think FD are in any way in financial trouble.
I would think they decided not to accept any new customers during the current crisis due to the fact that they could not cope with the extra work load.

irelavv

Zanderman said:

How on earth will anyone, other than First Direct employees, know?  
You're asking people to guess?
What's the point?

The point is I'm interested to know other people's thoughts and speculations? If you're not interested then don't take part, this is a purely speculative poll and there is nothing wrong with it being speculative.

Grumpy_chap said:

I didn't know this had happened. 
Are First Direct (HSBC) in financial trouble? 
I have accounts with them and will move elsewhere if they are going to fail - my balances are well below the protected levels but I just don't want the hassle of the bank failing and the stress that will mean if all the accounts are locked down and no access to funds while I get it sorted.
I know some people have been campaigning against HSBC lately and the situation in Hong Kong could impact their viability???

No, I do not believe they are in trouble because I have no reason to believe it. As mentioned, their website for new applications hasn't been updated for a long time but that should not be an indication that as an institution they are going to fail. 

ischris85

irelavv said:

When the Covid-19 pandemic began First Direct closed  their new customer application process. For more than three months their website states "we have taken the decision to withdraw first direct current accounts to new customers". Do you think they will reopen for new customers this year and do you think there will be great cash incentives as there had been in the past?

Interesting thread, I've been wondering will FD reopen to new applicants this year or not.

IAMIAM

I have a feeling FD is a very labour intensive organisation compared to its parent company HSBC which is probably where the issue arises. They spend far too much on employees carrying out activities versus customer self service which HSBC do. 

Grumpy_chap

IAMIAM said:

I have a feeling FD is a very labour intensive organisation compared to its parent company HSBC which is probably where the issue arises. They spend far too much on employees carrying out activities versus customer self service which HSBC do. 

Yes, everything with FD requires a phone call - they do have an online service but it is appalling.  I do have a comparison as I have Barclays online which is must more amenable and full-service.

It is odd, because FD started out as an alternative, modern way of doing banking with no branches being the future but they have just got stuck at that point and not continued to stay at the top of the game.

EarthBoy

The poll's a bit limited. What about an option for "First Direct will be closed down and the accounts converted to standard HSBC accounts"

IAMIAM

Streamlining First Direct into HSBC is more likely. Intelligent Finance to Halifax kind of thing. 

Highland76

OP, why not create a new poll asking folks to guess this week's lottery numbers?
Cheers