How I love banks and the convoluted language they use to take your money from you. First Direct announced that it will charge £10 a month on current acccounts that are "dormant" to use its terminology. Current accounts are "expensive to administer". Then to add insult to injury, tortured language about needing to concentrate on customers having a "deeper" relationship (read, more credit).
"These changes are designed to encourage people to deepen their relationship with First Direct. I want to focus our efforts on our most important customers: those who use us as their main bank or have a number of products with us."
(Source: Business Guardian 15 Nov 2006)
To avoid the charge you must pay in £1,500 per month.
Since I no longer pay into my UK account each month, my "Always giving you extra" bank has dropped the interest to more-or-less zero on the balance. The idiocy is that should I withdraw the necessary feeder amount each month and promptly pay it back in, all would be well! This is the stupidity we get into when we let computers dominate our lives and remove all decision making from people.
If I didn't like it, I could close my account was the advice from the "banking advisor".
Well, I will do just that.
Maybe there is a more civilised form of banking than this blatant greed.
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