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

[Teacake]

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?

Perhaps teacake can shed more light on the subject.

I refer to Mr Ends initial post as that is it in a nutshell really.

BTW annual fees for Credit Cards will be reintroduced not to far down the line either (I'm speaking generally, not HSBC or FD in particular)

[The_Ant]

There is one way of avoiding the charge.  Get a First Direct credit card, when you receive it cut it up and you won't have to to pay the £10 charge

[lazaroonie]

Also illegal

www.bankcharges.info

actually this is partly behind the moves  by banks to introduce account management charges, because people have started claiming back "unlawful" charges levied against their accounts. Which tells you quite a lot about how much bank charges contribute to the profit figures

[Jinky04]

We ALREADY pay for the service.
We all know why First Direct are introducing this extra levy, to weed out the customers who don't deposit regularly and are therefore of little use to the bank financially. Make no mistake, other banks will follow suit.
Customers should fight back, not pander to every whim of big businesses. £10 now, how much next year? And the year after?
I work damned hard to earn a living and I refuse to cower down to these bigots. There is always an alternative and a little hassle is worth it to save £120 a year.

Most current accounts in the UK are free. Also particular charge does not apply to those who hold a balance of £1500, not just those who pay in that amount.

To be fair, considering the service a normal bank provides if you only use a current account (no loans, credit cards etc.) £10 a month seems reasonable. Phone/internet banking, branch service, convenience of atms, debit cards, direct debits, BACS the list goes on. While some of these services have a low marginal cost, overall provision of these services do cost the bank substantial amounts, without any guarantee of return.

In the case of First Direct though, this argument doesn't hold as their costs are probably substantially lower than rivals (who maintain current account charging is not on its way).So they're just at it.
 Rather than move your account, why not get a credit card and never use it?

[Jon MW]

We ALREADY pay for the service.
We all know why First Direct are introducing this extra levy, to weed out the customers who don't deposit regularly and are therefore of little use to the bank financially. Make no mistake, other banks will follow suit.
Customers should fight back, not pander to every whim of big businesses. £10 now, how much next year? And the year after?
I work damned hard to earn a living and I refuse to cower down to these bigots. There is always an alternative and a little hassle is worth it to save £120 a year.

Most current accounts in the UK are free. Also particular charge does not apply to those who hold a balance of £1500, not just those who pay in that amount.

To be fair, considering the service a normal bank provides if you only use a current account (no loans, credit cards etc.) £10 a month seems reasonable. Phone/internet banking, branch service, convenience of atms, debit cards, direct debits, BACS the list goes on. While some of these services have a low marginal cost, overall provision of these services do cost the bank substantial amounts, without any guarantee of return.

In the case of First Direct though, this argument doesn't hold as their costs are probably substantially lower than rivals (who maintain current account charging is not on its way).So they're just at it.
 Rather than move your account, why not get a credit card and never use it?

£10 a month isn't reasonable. It's almost impossible for you not to make the bank a profit, anything you put in will be invested by them, they'll receive an income from this investment and pay you less than 1% of the profit they've made on it (generally).

The bank's aren't doing this to make a profit when they weren't before, it's so that they make even more profit. And - in the very few cases where your income is so low that that the bank's do only make a negligible profit, it should be part of the bank's CSR (Corporate Social Responsibility) policy to accept this as part of their contribution to society as a whole, bearing in mind their vast profit made elsewhere.