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First Direct To Charge For Current Accounts

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No

The banks are not doing this because they can see a down turn – it’s because they are being forced to stop over charging for when you go overdrawn – this makes them a lot of money –so they have to find new ways to claw some of that money back – if they don’t charge I don’t know what they could do – so expect all the banks to follow suit

Thing is, the banks are rejigging to ensure PROFITS are maintained. Its not like they need to charge to make ends meet.

God forbid that they accept a reduction in their ridiculous Profit margins. Greedy shower of C*nts.

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The banks are not doing this because they can see a down turn – it’s because they are being forced to stop over charging for when you go overdrawn – this makes them a lot of money –so they have to find new ways to claw some of that money back

So, yet again, we get laws to benefit the irresponsible who take more money out of their bank account than they have in it, with the costs lumped onto the poor but responsible who don't go overdrawn but don't make enough to pass the earnings limit instead.

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I know a few sole traders who use First Direct (and other) personal current accounts on the sly for business purposes. The irony is, as they pay most of their gross turnover into the account they would easily pass the "income" requirement to avoid charges like this, whilst also avoiding all the charges they would pay if they had a proper business current account!

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First Direct - the best bank I have ever been with, bar none.

yes the best

I'd agree their customer service is excellent. However, as I've now returned to university, I'll have to close my account. There's no way I'm juggling my finances further just to avoid this charge. £1500 pcm seems a lot, as does leaving £1500 there earning (?) a measly 2%.

Don’t think you will have to worry about it – apparently if you have a savings account as well – you will not have to pay (only costs £1 to open)

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Annoyed by this news when I heard it this morning and my gut instinct was to close immediately. However, I really like banking with them - it is fantastic being able to ring a Leeds based call centre where someone will actualy deal with your problem. I have got around this by setting up a direct debit merry go round, should work fine. Failing that, it is the 1p savings option.

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On the news the bloke said people could just open a savings account, take out a loan or credit card with them to stay free banking... and most of his customers hge said have more than one credit card...

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On the news the bloke said people could just open a savings account, take out a loan or credit card with them to stay free banking... and most of his customers hge said have more than one credit card...

Looks more and more like a move to see what effect this will have on customer numbers. If most FD peeps put up with it, I'll wager that HSBC customers will be waving goodbye to free banking mid 2007.

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FD sound like my sort of bank. I think I'll swap and use them.

Any bank that keeps the riff raff away has the right idea. Let's not forget which section of society owns the debt mountain.

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I keep seeing HPC threads decrying the spread of offshoring which companies undertake to satisfy pension funds and other shareholders.

So now we have FDirect trying to underpin thier business model with a modest charge and none of you like that either.

Imagine you owned a Bank. You provide a place for people to manage thier money. You note certain tight customers always avoid charges, never buy your insurance, love 'card tarting' (jumping from one 0% offer to the next) and demand fees free mortgages.

How would you view these customers?

Id want shot of them, stingy gits. First Direct has always attracted this type of profile. YOU KNOW WHO YOU ARE. You demand highest wages from your employer but expect everyone else to be stripped to the bone.

The £10 charge is a way of recouping the losses that result from such clients.

Banks make money from all customers. If you stay in the black and avoid charges, the bank makes money by lending out your savings and charging a higher rate of interest than they pay on your account.

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FD sound like my sort of bank. I think I'll swap and use them.

Any bank that keeps the riff raff away has the right idea. Let's not forget which section of society owns the debt mountain.

just had a reply from FD - they won't charge me - I am such an ENORMOUS customer for them. They are now trying to flog me something called 'premier'. With concierge services. Niiiice.

:lol::lol::lol:

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just had a reply from FD - they won't charge me - I am such an ENORMOUS customer for them. They are now trying to flog me something called 'premier'. With concierge services. Niiiice.

:lol::lol::lol:

I always like wandering into my local branch of Barclays - as a Premier customer they kowtow, pay homage and generally roll out the red carpet.

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Any bank that keeps the riff raff away has the right idea. Let's not forget which section of society owns the debt mountain.

....but if you have a credit card or a personal loan they let you off the charge as well !

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Guest Charlie The Tramp

I always like wandering into my local branch of Barclays - as a Premier customer they kowtow, pay homage and generally roll out the red carpet.

The Banks in the last year have been gradually upgrading all their respected customers to Premier Accounts as they don`t want to alienate them when the crossfire starts. Today FD have fired the first shot across the bow. :)

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There website says they are experiancing high call volumes, so instead of calling the 0845 number to close an account, i called the 0800 number for new customers and got straight through, then asked to close my account and was asked to call the 0845 number but warned it may be a long wait!!

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I always like wandering into my local branch of Barclays - as a Premier customer they kowtow, pay homage and generally roll out the red carpet.

And now pay 3% on your balances, £1000 interest free overdraft and your own special telephone banking number! Great service!

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And now pay 3% on your balances, £1000 interest free overdraft and your own special telephone banking number! Great service!

3%? I think the 'plus' account does better than that doesnt it? If not I shall have to close down my barclays accounts!

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http://news.bbc.co.uk/1/hi/business/6146348.stm

Like red telephone boxes and policemen on bicycles, the "free" bank current account is a
peculiarly British institution
which may soon become part of our nostalgic folk memory.

I still have current a/cs in the US and they are free if you stay in credit. I wonder why the BBC article is wrong?

Anyone else in another country where current/checking accounts are free?

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I was speaking to an Italian the other day and apparently they charge you everytime you use your card in shops about 1 pound. Also when you open an account they charge you about 100 pounds. She was saying how much she loves the banking in England as it is free!

To be honest the banks wouldn't make much money out of a customer who never goes overdrawn and just pays their wages in. Think of the cost of running the branches, cash machines and call centers. They just do it for free as the chances are you will take something like a mortgage out in the future.

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First Direct is a bunch of ***** anyhow. I banked with them for years and I can see no difference between them, and say, an ordinary bank account with telephone banking facility. Their rates are no better than other banks' so why would anybody stay with them? Somebody should remind HSBC that it's a f***ing bank, not god and then remind them of their Midland Bank roots. As one poster has pointed out, all it takes is 3% to withdraw all their money and they are screwed. HSBC, the goons local bank.

Edited by BarrelShifter

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I keep seeing HPC threads decrying the spread of offshoring which companies undertake to satisfy pension funds and other shareholders.

So now we have FDirect trying to underpin thier business model with a modest charge and none of you like that either.

Imagine you owned a Bank. You provide a place for people to manage thier money. You note certain tight customers always avoid charges, never buy your insurance, love 'card tarting' (jumping from one 0% offer to the next) and demand fees free mortgages.

How would you view these customers?

Id want shot of them, stingy gits. First Direct has always attracted this type of profile. YOU KNOW WHO YOU ARE. You demand highest wages from your employer but expect everyone else to be stripped to the bone.

The £10 charge is a way of recouping the losses that result from such clients.

£120 a year is a modest charge?

When they use my money foolishly to lend out to people who can't pay it back, make loads of money out of interest payments from those who pay up, then penalise me for not having insurance or debts with them?

The world's gone mad!

If banks lent sensibly in the first place this would never have happened.

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I keep seeing HPC threads decrying the spread of offshoring which companies undertake to satisfy pension funds and other shareholders.

So now we have FDirect trying to underpin thier business model with a modest charge and none of you like that either.

Imagine you owned a Bank. You provide a place for people to manage thier money. You note certain tight customers always avoid charges, never buy your insurance, love 'card tarting' (jumping from one 0% offer to the next) and demand fees free mortgages.

How would you view these customers?

Id want shot of them, stingy gits. First Direct has always attracted this type of profile. YOU KNOW WHO YOU ARE. You demand highest wages from your employer but expect everyone else to be stripped to the bone.

The £10 charge is a way of recouping the losses that result from such clients.

What utter idiotic tripe. Your statements are completely untrue. Banks make money out of investing their depositors' money and by lending it out to other people. How can you say that charges are fair when you are actually doing the bank a favour by lending them your money in the first place? Banks are thieves, plain and simple. They want you to use them (and society makes it increasingly difficult not to) yet punish you for the privelege. If I was lending my friend some money so he could start a business, I wouldn't expect him to charge me, which is effectively what banks charging their customers are doing. Banks make enormous profits as it is without charging their poor customers even more for simply moving numbers round inside a computer. Get with the program.

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They want you to use them (and society makes it increasingly difficult not to) yet punish you for the privelege.

Indeed, and now the post office card account is due to be phased out in 2010, with no replacement, the poorest members of society will have no option for drawing benefit... they will end up paying the banks for the privilege.

If my bank tried to charge me for a current account I would start dealing in cash for most spending, credit cards for online spending and head to the post office counter for bill/credit card payments. F*ck 'em.

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  • 338 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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