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| Version 4 | Version 5 |
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| First Direct to end free banking | First Direct to end free banking |
| (40 minutes later) | |
| First Direct is set to charge its customers for running a current account unless they pay in or keep a balance of at least £1,500 a month. | First Direct is set to charge its customers for running a current account unless they pay in or keep a balance of at least £1,500 a month. |
| It is proposing to charge people who only have a current account a £10 monthly fee, potentially affecting up to 195,000 customers. | It is proposing to charge people who only have a current account a £10 monthly fee, potentially affecting up to 195,000 customers. |
| The fee will be waived if customers open a savings account or buy products such as home insurance or loans. | The fee will be waived if customers open a savings account or buy products such as home insurance or loans. |
| The bank said the move was aimed at dormant or rarely used accounts. | The bank said the move was aimed at dormant or rarely used accounts. |
| Primary customers | Primary customers |
| About 40,000 of its basic accounts are not used at all while a further 250,000 accounts see fewer than 10 transactions a month. | About 40,000 of its basic accounts are not used at all while a further 250,000 accounts see fewer than 10 transactions a month. |
| The new charging structure, part of an overhaul of fees for accounts and overdrafts, will come into effect in February. | The new charging structure, part of an overhaul of fees for accounts and overdrafts, will come into effect in February. |
| I want to focus our efforts on our most important customers Chris Pilling, First Direct chief executive End of 'free' accounts? | I want to focus our efforts on our most important customers Chris Pilling, First Direct chief executive End of 'free' accounts? |
| First Direct, the UK telephone and internet banking arm of HSBC, will write to all its 1.3 million customers to let them know how they can avoid the £10 charge. | First Direct, the UK telephone and internet banking arm of HSBC, will write to all its 1.3 million customers to let them know how they can avoid the £10 charge. |
| The fee will apply to those paying less than £1,500 into their account each month or those who have an average monthly balance below £1,500. | The fee will apply to those paying less than £1,500 into their account each month or those who have an average monthly balance below £1,500. |
| "I want to focus our efforts on our most important customers: those who use us as their main bank or who have a number of products with us," said Chris Pilling, First Direct's chief executive. | "I want to focus our efforts on our most important customers: those who use us as their main bank or who have a number of products with us," said Chris Pilling, First Direct's chief executive. |
| "Many of our customers do not enjoy the full benefits as they use us for a secondary account." | "Many of our customers do not enjoy the full benefits as they use us for a secondary account." |
| First Direct said it believed 85% of its customers would be unaffected by the charges. | First Direct said it believed 85% of its customers would be unaffected by the charges. |
| "Some customers are more important than others because those customers who have the deepest relationship with us, benefit from the offer we have got," Mr Pilling said. | "Some customers are more important than others because those customers who have the deepest relationship with us, benefit from the offer we have got," Mr Pilling said. |
| Maybe First Direct is a sacrificial lamb, put out there to see what's going to happen Mark GanderConsumer Action Group | |
| Mark Gander of the campaigning website Consumer Action Group said First Direct's move was the first step towards the end of free banking in the UK. | Mark Gander of the campaigning website Consumer Action Group said First Direct's move was the first step towards the end of free banking in the UK. |
| "This is an example of banks putting their toe in the water of ending free banking," he told the BBC. | "This is an example of banks putting their toe in the water of ending free banking," he told the BBC. |
| "First Direct is a small bank and maybe it's a sacrificial lamb to put out there to see what's going to happen." | "First Direct is a small bank and maybe it's a sacrificial lamb to put out there to see what's going to happen." |