How do you feel about being charged just for having a bank account?

Question

First Direct have announced this morning that they will start charging customers £10 a month unless they 'deposit or maintain a balance of at leats £1,500 a month'.

There are measure customers can avoid to pay the charge. When interviewed the Cheif Executive said "If you do want to stay, then either please put more money into a relasionship with First Direct or buy a product from us, or pay the fee".

On explaining what a product should be he said, "either.. take a loan from us, a mortgage from us, or an insurance product".
I for one think that £10 a month is rediculous. I don't have that much and am glad I don't bank with First Direct.

What are you views on this situation?

just like to add that I do not bank with first direct, just wanted people's opinions on the situation.

Answer 1

absolute disgrace.the point of the bank holding your money is so that they can invest it for their own gain in the markets etc etc etc.
so now you might have to pay for the privilige of allowing the bank to MAKE MONEY ON YOUR MONEY.its mad!!!!!!

if i was with First Bank i'd swap immediatly to another bank even if this charge didnt affect me

Answer 2

I have had a savings at my bank for 13 years. Last month they deducted 10 dollars from my account! I called to see why and it was because my account balance had dropped below $1500.

The lady who took the call said she was removing the charge. But she also explained that when the account was opened the below $1500 was a part of the account. I didn't remember that.

I immediately brought the balance up so there would be no further charges and I think the whole idea is stupid.

However, I have just ordered 500 checks for this account, so I can't change banks for awhile.

All my future accounts will be with a non-charging bank!

Answer 3

Im not paying for a bank account no way, they are gonna lose so many customers. Even if a lot of banks start to charge, people are not gonna want to pay, so one or two will not charge and they will get all the business!

Answer 4

I already do. I have a Gold Current Account with Lloyds but get AA insurance, travel insurance and mobile phone insurance in that amount so it works out a lot cheaper than paying everything separately. As long as you get something in return for the charge that's fine. Also in South Africa we have been paying bank charges for the past 30+ years so its nice not to have to pay over here.

Answer 5

Don't have a bank account, try a building society.

I bank with Nationwide. I pay no fees and I get interest of 4.25% on my current account. I particularly wouldn't go to First Direct now because my net pay is under £1500 per month.

Answer 6

In Singapore, we had almost the same. All Bank in Singapore charge a monthly S$2.00 maintenance fee if the account is below S$500.00 of deposit at month-end.

Personally, I think pound 10 is too expensive.

Answer 7

First Direct? Are you in Europe?
I do not approve of a bank charge, and never have paid one. In the USA Washington Mutual Bank does not charge for your checking/saving accounts.

Answer 8

Yes the bank can define charges and customers can either choose another bank or pay the fee. Thats bad...

Answer 9

Well... it's the bank's business policy so I guess they're allowed to do what they like. Doesn't seem very customer firndly though.

Personally though I wouldn't bank with a company that requires ME to pay for them to have MYmoney - they use it to make their profits by loaning it to others.

So I would withdraw my account if I was with them.

Answer 10

greedy!!! money money money ,, I recently asked if my employer could pay me cash as I didn't want to use a bank .. unfortunately they aren't allowed.. even though I put more than that amount my my current back every month I just don't like the idea of being charged for banking my money..