Corporate speak.....the Bank that wants you to leave!

[matt674]

Ok, breaking hibernation - but just this once.

the solution is simple, my wages do not cover the £1500 per month deposit limit so the moment the cheque clears i go to the ATM, withdraw some of my wages go straight into the branch and pay it back in again.

My account balance remains exactly the same and i do not lose any interest and i will have deposited more than their required £1500 per month to avoid any charges.

[Newmanseye]

Whats wrong with a buisness wanting to make money?

In particular banks seem to get a rougher deal than most. There are plenty restraunts, automobile manufacturers, and purveyors of handbags etc. who cater to those with deeper pockets, why aren't we voicing our disgust at them this fine morning?

There are also tailor made banks for those with deeper pockets too Tank, What you will find in this case is its limited to one particular account, the first Direct current account. Perhaps teacake can shed more light on the subject. Although charging customers for the use of a current account does seem like a step back in banking terms.

[thetank]

I think it's a bad idea because just because someone doesn't earn £1500 a month now, doesn't mean they won't in the future. In particular kids, students, etc.

On the other hand, will they be able to offer more competitive interest rates to high rakers now?

[Jon MW]

... I suspect First Direct will find that they lose a lot of customers and, therefore, money through this - time will tell, but I wouldn't be at all surprised if the idea got scrapped before it even came into force.

Sadly, I doubt it. Banking is one of those products which has been shown people will hardly ever move however badly the banks treat them - this is the probable reason why FD know they can get away with, and it will provide them with another revenue stream. It's more likely that other banks will follow suit rather than it being scrapped.

...  And is it grammatically ok to start a sentence with 'And'? ...

Yes, sometimes, but it's not advisable unless you know what you're doing. 

[Claw75]

unbelievable.  If I banked with them I'd take my £1.5k+ a month and deposit it elsewhere out of principle!

 >:?

If you did everthing out of "principle" in life you'd go mad.   


Regards

M   

not quite sure what to make of that comment! 

[thetank]

I buy all my clothes out of Principle.

Pink really suits me and makes me feel pretty.

[Claw75]

I buy all my clothes out of Principle.

Pink really suits me and makes me feel pretty.

looks like Mpower was right then  >:?

[Newmanseye]

I think it's a bad idea because just because someone doesn't earn £1500 a month now, doesn't mean they won't in the future. In particular kids, students, etc.

On the other hand, will they be able to offer more competitive interest rates to high rakers now?

Students and kids have tailor made accounts, it wont affect them. 

[MPOWER]

unbelievable.  If I banked with them I'd take my £1.5k+ a month and deposit it elsewhere out of principle!

 >:?

If you did everthing out of "principle" in life you'd go mad.   


Regards

M   

not quite sure what to make of that comment! 

OK I'll post this slowly.

If you have been a customer of theres for years and everything was fine, would you honestly
move banks out of principle. think of the Hassle etc.

Regards

M

P.S      

4000 Posts

[TightEnd]

The UK banking system makes a fortune out of the inertia of their customers, barriers to moving accounts etc


The competition authorities are investigating barriers to moving accounts

[Jon MW]

unbelievable.  If I banked with them I'd take my £1.5k+ a month and deposit it elsewhere out of principle!

 >:?

If you did everthing out of "principle" in life you'd go mad.   


Regards

M   

not quite sure what to make of that comment! 

OK I'll post this slowly.

If you have been a customer of theres for years and everything was fine, would you honestly
move banks out of principle. think of the Hassle etc.

Regards

M

P.S      

4000 Posts

Exactly - the answer should be yes you would move, if everybody did this the banks might actually start considering customer service instead of profit.

[totalise]

unbelievable.  If I banked with them I'd take my £1.5k+ a month and deposit it elsewhere out of principle!

 >:?

If you did everthing out of "principle" in life you'd go mad.   


Regards

M   

not quite sure what to make of that comment! 

OK I'll post this slowly.

If you have been a customer of theres for years and everything was fine, would you honestly
move banks out of principle. think of the Hassle etc.

Regards

M

P.S      

4000 Posts

Do you understand what principles are? I'll let others elaborate.

[thetank]

A shop that sells ladies clothes?

[MPOWER]

unbelievable.  If I banked with them I'd take my £1.5k+ a month and deposit it elsewhere out of principle!

 >:?

If you did everthing out of "principle" in life you'd go mad.   


Regards

M   

not quite sure what to make of that comment! 

OK I'll post this slowly.

If you have been a customer of theres for years and everything was fine, would you honestly
move banks out of principle. think of the Hassle etc.

Regards

M

P.S      

4000 Posts

Exactly - the answer should be yes you would move, if everybody did this the banks might actually start considering customer service instead of profit.

I think people who sail close to the wind with there finances, are unfortunatly on lower pay ( Or Poker Players LOL) and the charges do seem high for the offence i.e £25 O/D and get a £30 bank charge. I think alot of people think this is bad customer service but it's all in there T&C's . As for Profit.There a Business thats what Banks do.

Regards

M
  

[Claw75]

OK I'll post this slowly.

thanks - i get it now.