Avoid First Direct

A question about : Avoid First Direct

Update Note: Now read Martin's full
How to beat the new charges article

Just moved my account to First Direct a couple of months ago, upon recommendation from a friend who works in the call centre there and she apologised to me today and told me that they are going to charge all their customers Ј10 a month from next year unless you have lots and lots of products with them so guess I have to know look elsewhere for a bank account but at least I got Ј50 from them when I opened the account

Best answers:

• Can anybody else confirm this? Seems like a backward step to me. I was going to transfer to them but uncertainty has taken hold!
• They seem to only give out money to me, as the previous poster can testify too.
  Ј50 better off for opening a FD account!
• I would like to know if this is true, my husband has a benefit payed into it.....we'll put it elsewhwhere if this is true.
• They will be losing my business after 15 years if this is true, how do they define lots? I have a current account and an ISA, we have a joint account too, they have tried to sell me a mortgage but we don't need one. I bought some insurance via HSBC after a chat with one of their advisors a few years ago.
  I have resisted the hard sell for the add on directory (?) as I don't need the extras and I pay less for the bits I do need ( travel insurance etc)
• I just called FD as I have been a customer for over a decade and would leave immediately if they made such a charge.
  They told me there is nothing of the sort happening.
  Where on Earth did you get this information?
• Made Ј150 from First Direct the other year opening an account and recommending friends, the biggest joke was my account only had a pound in it. Long since closed the account now.
• Maybe I am being cynical. However, the original poster (Mrs_Jangles) posted this message as his/her first message. I wonder if Mrs_Jangles is from one of First Direct's competitors and trying to spread false rumors.
  Bagger
• As above. Looks like nonsense.
• Not nonsense I can assure you. My friend has shown me the documents given to staff explaining all of this and that its going to start early next year but all customers will be told around september time. Staff are being told to be quiet about it although they all know about it. but I think if you push the people on the end of the phone hard enough or ask for a manager you will get somewhere. My friend who works there said to ask about project mandy. like I said I have got the Ј50 which is all I wanted although I was considering staying with first direct but not now. Just dont say that I didnt warn you when you get your letters later in the year. And yes this is the first (well second) post now on here now as have never had anything to say although have taken plenty of tips off this site in the last year or so
• I agree with most people who've posted, this sounds like nonsense. However, if it's not then they'll lose my custom pretty much instantly and I reckon most others won't put up with it either. This would certainly put them seriously out of step with the rest of the market - it's a real dogfight out there for your current account custom!
  I've got nothing but good words to say about FD - their customer service was the defining characteristic that got me there.
• Well, time will surely tell if it's nonsense? Personally, the short time I was with them was fine. Again, took the £50 and then found I didn't really need the account - was thinking of moving from smile at the time, but couldn't pay in at PO's which was a bit of an inconvenience so stuck with what I knew.
  Seems that it would certainly be a backwards step, but then HSBC is perhaps looking at other ways of squeezing the pips til they squeak...
• I think you can assume if FD are taking this step - that HSBC aren't far behind. If HSBC are heading down this route - you can expect the other big 3 to follow quickly too.
  IF this is true - I'd be willing to bet a bank (no idea which one), in a years time, will be running an ad showing how good they are because they are offering fee-free banking.
  M.
  P.s. I have to say - if FD are heading down this route - it surprises me that they are going to be the first to break ranks and start charging, but the fact it's being (supposedly) considered doesn't surprise me in the least.
• could this be for the text alerts
• I suppose this could be a pre-cursor to any action over bank charges? They've already had to reduce their 'charges' on accounts. Could be them lining up to say "okay, you've got your cake and you've even managed to get a bite, but you're not going to get to finish it...here's a ten pound charge for the privilege of having a current account with us...sorry, don;t like it? Tough."
• There appears to be a lot of "big bad bank" comments on this thread, all based on a single unsubstantiated "from a friend" comment by a new poster.
• I highly doubt they would charge everyone £10 for nothing, they would lose lots of customers