What's all this about FIrst Direct?

Have I missed summat?

 

You must have

http://news.bbc.co.uk/1/hi/business/6148776.stm

 

Thanks ES

I'm one of the ones who wil be affected.
Time to look elsewhere then

 

GET IN! Power to the people!

 

Own fault for giving people cash to open accounts...

no surprise when they take the money and then don't use them. Still you can understand Banks wanting to charge people, its not like they make much of a profit these days......

 

In July, HSBC posted an 18 per cent rise in first-half profits to £6.71bn

 

We use ours as a bill acount

- so there's never anyting like £1,500 in it! so bye bye first direct!

 

RE: In July, HSBC posted an 18 per cent rise in first-half profits to £6.71bn

my business bankers 'reviewed' our overdraft facility for the next 12 months. The account was run correctly. Charge ??? £600 !!!! Kicked absolute fecking hell up about it.... revised to £200 still feel really done. If I charged £200 for my customers taking credit with us then i wouldn't have any customers !!!</p>

 

it won't take long for the others to follow suit

 

So first direct ditch a load of accounts they make **** all money on

I'm sure they are desparately upset about it.

Does anyone actually think a retail current account is profitable.

Sorry to dispel any feeling that First Direct might be sorry to loose any business, but unless you're taking your loans and mortgage away too, as far as banks are concerned, they don't mind you dragging down other banks profit margins.

 

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RE: So first direct ditch a load of accounts they make **** all money on

It sounds like you work in a financial institution.</p>

The thing is that First Direct don't have branches around like the HSBC or Barclays do  (yes I know that First Direct is part of the HSBC) - so if they are going to sell loans and mortgages and other financial products, they will do so predominently to current account holders. </p>

First Direct don't lead the way on cheap loans or mortgages rates (they tend to be a little more expensive) - people tend to go to First Direct as a quality brand which is customer focused and easy to use. If you tarnish the reputation for customer care, and close a large number of  current accounts, you will necessarily see a net effect on mortgage sales and loans etc. That should wake First Direct up to how callous and greedy this new charging policy genuinely is. As an example I'm a first direct customer with a current account, a loan, and a credit card, within the next twelve to eighteen months I expect to be shopping for a mortgage. I have phoned First Direct to inform them that I feel the new policy is ethically unacceptable and that I will be taking my business elsewhere - all my business, current account, loan, credit card and mortgage potential. That's not good for their business and I am one of the customers they wanted to keep. There will be others who feel the same and do the same. They have made is clear that I won't be subject to any charges - but I don't think anyone should be. </p>

 

Move to smile.co.uk. Far Far Far better than any other.