Another Way - Stress Free 'First Direct' Bank Charges Refund

[rorksdrift]

I've been closely watching the recent Bank Charges Rebate frenzy and in particular have been using the CAG forums for research before launching my strike against First Direct!

 

I have to say that after reading numerous responses on the forums by self styled refund 'experts', I was expecting a white knuckle ride with many twists and turns leading to a lengthy and stressful fight with the big behemoth that is FirstDirect!! I've often seen forum expert's on here put the fear of God into refund seeking newbies like myself with phrases like, 'you don't enter into this lightly' and 'you must follow the process rigidly', with the various letter templates given their own naming conventions and terminology! Utter Rubbish!!

 

My experience has been completely different and for those slightly cautious people out there who are told this process is 'all or nothing' and 'you can't just dip yout toe in', I did just that and have had a swift and easy conclusion to my enquiry.

 

The issue I had is that I actually quite like First Direct. Their customer service is superb snd though their charges are high and their current account interest rate is not that competitive, whilst I wanted a refund of my charges, I didn't really want to stop banking with them.

 

So initially I sent a polite, non template letter (2nd class) requesting details of my charges over the last 6 years (without a £10 cheque, which seemingly wasn't required). In good time statements covering that period arrived and I set to work with the highlighter. I totalled up £700 of Bank Charges and sent another 2nd class letter on 31st March (again a much more polite and simplified version compared to the templates here) and then went on holiday to Portugal. I came back yesterday (16th April) to find a nice letter from FD offering me £600, which I am happy to accept. Ok, so its approx 85% of what I requested and doesn't include additional interest but I think the offer is fair enough and for the sake of two letters, a couple of hours on the calculator and two 2nd class stamps, well worth the effort. What's more...despite me setting up a parachute account incase, I am still a (reasonably) happy FD customer! Job Done!

 

So for those afraid to dip your toe....remember!

 

*You won't get your Bank Account closed unless you push it them to the limit, so therefore no need to apply for a replacement account

*You don't need to send letters recorded/registered

*You don't need the lengthy letter templates on here and various other websites

*Relax and enjoy a nice windfall for very little effort.

 

I Thank You,

Rorksdrift

[alanfromderby]

Welcome to the forum.

 

Of course, you are entitled to your opinion, however I am sure First Direct would be extremely happy if all their customers donated 15% of their charges back to the shareholders.

 

The law says that you are entitled to get back 100% of your charges, unless and until they provide proper justification for the level of the charges levied.

 

It is worth also noting that there is a less stressful route for those who wish to take it, and that is via the Financial Ombudsman. This route may take longer - but they also are of the opinion that the banks must pay back 100%.

 

But, as I say, you are entitled to your opinion.

[Bookworm]

As for the "utter rubbish" comment, go and tell that to the people who have had their claims struck out because they tried to cut corners. Go and say that to those who are as I type this preparing because their case has been transferred to the Mercantile court. To those who are thinking of jacking it in because Cobbetts have yet again sent them a Part 18 demand, and they don't know what it means.

 

Simply because you got lucky with one of the easy ones doesn't mean you know what others have to go through to get 100% of their charges back.

[rorksdrift]

Thanks for your comments Alan & Bookworm. I do not mean to belittle the trials and tribulations that others have suffered in their attempts to get bank charges returned but I suspect that there are many people out there like me who didn't want to go 'all the way' and go to war with their bank. I merely wanted to highlght to those people, following my experience, that you can tip your toe in the water and get a nice result with minimum hassle.

 

I suspect if I did persue a 100% rebate I would now be entering more choppy waters but I was happy with an 85% refund and retaining the status quo with my bank. I'm certain that many others out there would be satisfied with that too. I now take the view that for 6 years worth of banking with First Direct, where to be honest I have been guilty of poor management at times, an approximate cost of £100 for total charges is a much more fair reflection of the overdraft facilities I've enjoyed.

 

The CAG has been a very useful resource for me and I intend to make a donation but, and it is merely my opinion, that I do not believe you need to be quite so rigid in your approach as is often suggested on here.

 

Hope everyone else is as 'lucky' as me in their dealings with our high street friends!!

 

Rorksdrift

[Volcano]

So for those afraid to dip your toe....remember!

 

*You won't get your Bank Account closed unless you push it them to the limit, so therefore no need to apply for a replacement account

*You don't need to send letters recorded/registered

*You don't need the lengthy letter templates on here and various other websites

*Relax and enjoy a nice windfall for very little effort.

 

Sorry but this is quite likely the worst advice I've come across yet relating to bank charges.

 

The 'belt and braces' approach is adopted to ensure maximum chance of success as many banks use 'dirty tricks' tactics to delay and put off claimants. First Direct have so far been quite good with repayments, but generally ONLYif the amounts are relatively small (such as yours). You do not know if their policy on being helpful will change to bring them in line with other banks and for this reason it is entirely sensible to ensure everything is sent using the templates, recorded/registered etc as this method has been proven, time and again, to be successful.

 

Perhaps if you had used this method (as I did) FD would have offered you 100% of your claim (as they did to me)? Proof enough that the CAG way is the best way?

[rorksdrift]

Thanks for your response Volcano and congratulations on your success......you didn't detail this but at what stage did FD offer you 100% and approximately how was much your refund. The 'CAG way' certainly does seem to have worked in your case but judging from other FD threads it doesn't always appear so straightforwrd.

[Volcano]

I followed the templates (and personalised them a bit more), sent my SAR then sent my first letter (with spreadsheet printout) and received a letter offering the full amount (around £320).

 

I firmly believe that sticking to the formula means the banks know you are serious, this also helps those with a little less confidence/ability to stick to a formula that they know will work for them.

 

It is true that if the bank is not too severe (like FD) and you are articulate and competent enough (which you clearly are) and you've read a few threads on here then there is no reason for you to not be successful with your 'own method'.

 

But it is also true that there is a chance it could go to court and for those with perhaps less confidence than ourselves it may well be a frightening prospect.

 

I think this site is correct in being a bit overcautious, better that people take the process too seriously and get their money than not serious enough and loose it.

[Fox Mulder]

rorksdrift, I'm glad, if it is true, that you had that experience. Mine, as an intelligent, competent, considerate and reasonable person, has been entirely different. I gave FD one additional chance to settle at 3k but was rebuffed, so am now claiming the entirety of my claim at close to 4k. My court papers went off yesterday.

 

Furthermore, not only am I claiming back these charges but I am a disabled person who has found, repeatedly, that FD cares not a jot for its disabled customers and is quite happy to take disability benefits in payment of penalty fees imposed upon my account.

 

You quite like FD. Hmm. It's a bank, not a love-in. As a bank, it's a business and puts its own interests first, whatever the hype. Same as any other bank.

 

To anyone else reading this, stick to formula. Ignore rorksdrift's appalling and suspiciously bad advice. You have rights. Behave politely, respectfully but firmly in exercising those rights.