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If you are concerned about todays announcement re:FD implementing a £10 fee for a/c's


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There is a thread for discussion about this subject here: http://www.consumeractiongroup.co.uk/forum/general/46776-first-direct-bank-charge.html

 

I have re-posted my post here for information only.

 

 

It is worth noting that FD do a different bank account. I think they literally call it a "bank account" rather than a current account. They downgraded my current account while I was banking with them due to my difficulties (caused by their charges).

 

I don't think that it had the same restrictions (i.e having to pay in £1500 per month).

 

It had a white card, no switch/solo and no chequebook, but if all these aren't improtant, and it is just a basic bank account you're after, it may be worthwhile exploring the possibility of downgrading. I could still use the online banking and telephone banking in the same ways.

 

ALSO, their announcement states that if you have a savings account you won't be charged this fee, so maybe you could open a savings account with them and deposit the minimum amount (which I seem to recall is £1.00), or am I missing something, as this seems stupidly obvious as a "solution".

 

Quite a shame to see FD going this way, as I think they're the best of a bad bunch (banks) in terms of my dealing with them on a day to day basis (forgetting the charges issue). Their call centres are in the UK (Leeds and somewhere in Scotland, either Edinburgh or Glasgow, can't remember), they answer their phones VERY quickly (generally, although I understand that their phonelines are taking a hammering today...) and their staff are very friendly.

 

Oh well, such is life...

 

 

 

Hope this info helps some of you.

If you found this post useful, please click on the "scales" icon in the bottom left of my post and say so!

 

The opinions of this post are those of monkey_uk and do not constitute sound legal advice. I am not a lawyer.

--

 

Halifax Unlawful Bank Charges: S.A.R - (Subject Access Request) Sent 28/02/07 - CC Statement's rcv'd 18/04/07 Bank a/c statements rcv'd 19/04/07

 

 

 

First Direct Unlawful Bank Charges: Settled in Full 12/05/06 | £2235.50

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Am I unusual in thinking that FD's decision is actually fair? Banks for years have clearly subsidised the running of loss-making accounts due to the bank charges paid to them by "poorly run" accounts. At least what they are saying is straight. What business wants customers that do not make them money. If someone is a low earner and doesn't use any facilities that make the bank money, then a monthly fee seems reasonable.

 

I would happily pay small transaction charges, much as I do on my company accounts, whilst not being penalised for small mistakes.

 

Honest and transparent. Two things banks are not, but I thought FD's comments were refreshing.

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