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Is 'new' First Direct 1st Account confusing?
rich-ntg
Posts: 2 Newbie
in Credit cards
Hello,
I have been with FD for about 15 years now so am somewhat of an expert on their foibles.
I have been extremely happy apart from a couple of recent events. The first was the sneaky £10 charge which they tried to foist on us if we did'nt put monthly sums as big a City bonuses in regularly.
The latest is the removal of interest in the current account and a one way sweep facility. now I can live with a no interest current account but the sweep facility is basically one way, you can ring to transfer it, you can internet transfer it, you can set up a regular transfer, an automatic transfer etc etc to the saving account, but you have to ring up to do a simple transfer the other way round. Meaning you have to permanently analyse your current account to make sure you have money in to avoid overdraft charges. The other option is to leave sufficient funds in your current account earning nothing to cover any 'surprise' transactions.
Now for years the 2 way sweeps have worked for business accounts so why is it so difficult to have a 2 way one on the FD non business customer account.
I have to say it has made it far more complicated for me as all my bills do not go out on day one so I have to keep checking my account and do all the work!!
Is there anyone else feels this is a retrograde step.:rotfl:
I have been with FD for about 15 years now so am somewhat of an expert on their foibles.
I have been extremely happy apart from a couple of recent events. The first was the sneaky £10 charge which they tried to foist on us if we did'nt put monthly sums as big a City bonuses in regularly.
The latest is the removal of interest in the current account and a one way sweep facility. now I can live with a no interest current account but the sweep facility is basically one way, you can ring to transfer it, you can internet transfer it, you can set up a regular transfer, an automatic transfer etc etc to the saving account, but you have to ring up to do a simple transfer the other way round. Meaning you have to permanently analyse your current account to make sure you have money in to avoid overdraft charges. The other option is to leave sufficient funds in your current account earning nothing to cover any 'surprise' transactions.
Now for years the 2 way sweeps have worked for business accounts so why is it so difficult to have a 2 way one on the FD non business customer account.
I have to say it has made it far more complicated for me as all my bills do not go out on day one so I have to keep checking my account and do all the work!!
Is there anyone else feels this is a retrograde step.:rotfl:
0
Comments
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The 1st account comes with an interest free overdraft limit of £250 though.
"interest free £250 overdraft (0% EAR, 12.9% EAR for sums over £250)"
http://www.firstdirect.com/1st-account/0 -
It's worth remembering that if you have a credit card or savings account with FD - you will not be charged the £10 fee.
Also if you have a credit balance of £1500 every month, but that dosesn't apply to many.
The savings account is the easiest way to avoid the charge.
Their £250 free overdraft is unprecedented and well worth the no interest.
If you join now you can also receive £100 and then if you leave within I think it's 6 months, they give you another £100!0
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