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Phillipa
Veteran Investor
Joined: 05 Feb 2005
Posts: 419
Cash Points ££ 3383.78
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 Posted: Wed Nov 15, 2006 8:38 pm Post subject: First Direct - How to avoid the £10 charge |
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First Direct (HSBC's online banking arm) is to charge Current Account customers a fee of £10 per month if they do not deposit £1,500 per month or maintain an average balance of £1,500. Other banks could follow suit to recoup money lost as regulators clamped down on fees in other areas.
The £10 fee will be charged from the 1 February 2007, if the only product held with First Direct is a Bank Account or Cheque Account and if paying in less than £1,500 per month or maintaining an average monthly balance of £1,500 or less. The banking fee will be charged monthly in arrears, so the first charges will be debiting accounts during the month of March 2007.
How to Avoid paying the £10 monthly fee
All is not lost for First Direct customers, as there are ways to avoid paying the monthly fee, even if you do not maintain a balance of £1500 on your current account.by taking out another First Direct product.
Home or Car insurance
Flexi loan
Credit Card - Do not need to use it
Savings or esavings Account - Can open with just £1, and is probably the best way to avoid the charge,
First directory
Mortgage
First Direct's move is seen as an attempt to cross sell more products and identify customers who rarely use the account. The online bank said it had 40,000 dormant accounts and over 250,000 accounts that have fewer than 10 transactions a month Other banks already have minimum funding requirements such as the Alliance & Leicester which requires a transfer of £500 a month for its Premium Direct current account, while Lloyds TSB's Classic Plus and Nationwide's FlexAccount both require £1,000.
The Midland bank was the first UK bank to introduce free banking in 1984 (later taken over by the HSBC), and Britain remains one of only a handful of countries that do not charge customers on their current accounts, who remain in credit. |
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Wade
Saving Enthusiast
Joined: 17 Feb 2005
Posts: 185
Cash Points ££ 2569.94
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| Posted: Mon Nov 20, 2006 3:07 am Post subject: |
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| It seems like it has engineered to hit the poor, they are trying to squeeze money out of people who don't have much and are relatively financially illiterate |
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Quinn
Saving Enthusiast
Joined: 06 Feb 2005
Posts: 181
Cash Points ££ 2817.02
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| Posted: Wed Nov 22, 2006 3:10 pm Post subject: |
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| First direct used to be a good bank but this and other changes make it not one of the best, i prefer to bank with the halifax now. |
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