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When First Direct announced in February it's £10 monthly charge for customers holding bank accounts but paying in less than £1500 a month, it hoped to either rasie some cash or drive away those unprofitable customers. At the time it was estimated that almost 200,000 of the bank's 1.3 million customers fell into that category and five months on, 1 in 10 of those custoerms have closed their accounts.
The Bank has commented that it is pleased with the results, with many dormant accounts being closed and an influx of new customers to the bank who run active accounts.
The move is one of many changes of direction by banks recently and the whole marketplace is under review with the Office of Fair Trading (OFT) now investigating free banking to unearth whether "free" is really "free". Consumer groups and regulatory bodies are encouraging a closer look into banking fees and delays in clearing cheques as ways of extracting money from customers without complete transparency.
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