Wednesday, November 15, 2006

Give First Direct a bloody nose Now!

First Direct to end free banking

Most banks have less than 3% liquidity. If more than 3% of First Direct customers ask for their money back they will be insolvent forcing HSBC, their owners to bail them out. If we act in concert we can stop the banks charging for current accounts. Kick them back into line. First Direct users, move your account elsewhere. Non First Direct account users, write to your bank via email etc. and tell your bank that you will close your account if they even think about following suite. We only need to get close to 3% to scare them back into line!

Posted by travisher @ 09:31 AM (450 views)
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12 thoughts on “Give First Direct a bloody nose Now!

  • I found a great definition of a banker today..

    Someone who offers you an umbrella when its sunny and takes it away when its raining!!

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  • I fail to see what all the fuss is about. If you don’t like the deal they’re giving you then leave the freaking bank! It’s quite common practice for current accounts to have some sort of minimum balance or transaction number requirement on them. That’s why they’re called CURRENT accounts and not call or savings accounts. What’s the point in leaving a current account dormant anyway? Perhaps an addiction to that 0.2% interest rate?

    Great definition of a banker, George. They’re not to be trusted, ever.

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  • Having worked in Germany I disliked the German model of Banking. You were billed for each cheque written, each time money was moved from your account, each time you smiled at a cashier etc. The upside was that interest rates were fairer (given the disparity between German and UK interest rates). Savers got a better deal. If this is the case, then it would make sense. However, I suspect First Direct will not be giving savers a better deal and the move is profit driven.

    I have lots of First Direct accounts and I’ll be closing all except one. I wonder how many other customers will act in the same manner – and I wonder how the Banks will view this.

    Can some one tell me if Bank charges appear in the CPI? Another sign of hidden inflation?

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  • monthly charge or not they are still the best UK bank by a long way. Their target market has significantly higher income than £1500 per month so will have limited impact to either them or their customers.

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  • monty, your correct that’s why I’m moving my accounts. Even though we’d comply with the £1500.
    btw. why you fussed that people are fussed?..

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  • In the newspaper today — funny thing how the banks are now talking about clearing cheques instantly rather than over a few days.

    After everyone pretty much stops using cheques!

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  • would you walk into boots and ask for some free asprin ? would you expect to get your haircut for free ? of course not so why would you expect a bank to provide their services for free !! Oh yes, and banks have to keep at least 8% in capital in respect of the lending they do based on the deposits they take in….

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  • Don’t see where you got the 3% liquidity figure from – quite an allegation to make.

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  • According to the all knowing (but not infallible) Wikipedia – http://en.wikipedia.org/wiki/Cash_reserve_ratio
    “The Bank of England hold to a voluntary reserve ratio system. In 1998 the average cash reserve ratio across the entire United Kingdom banking system was 3.1%.”

    So that’s 1998. Any updates on that?

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  • >> would you walk into boots and ask for some free asprin ?

    No, but then they aint got £1499 of my hard earned cash!!.

    I find it really funny, how some people are defending these actions.. :),
    Are you thinking the record £11bn profit was too low?

    It’s just pure greed, the city bankers have enjoyed there £1 million bonus so much, they obviously want more.

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  • Has anyone else noticed a drastic deterioration in service at HSBC?

    I used to reccommend this company to freinds, yet recently it seems it’s gone to the dogs.

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  • With record profit why are they starting to charge? Getting ready for bad debts?

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