Major bank is axing crucial service for 1.9million customers with exact date confirmed

Major bank is axing crucial service for 1.9million customers with exact date confirmed Newspoint | 21/01/2025 10:39:16

First Direct customers will no longer be able to pay in cash at all branches.

does not have physical branches - instead, you access its services by phone, online or through its mobile app. At the moment, its customers can use HSBC services to pay in cash at the counter or through a self-service machine, as First Direct is part of HSBC Group.

However, First Direct - which has 1.9 million customers - has now confirmed this service will stop at some branches from April 9. You’ll only be able to pay in cash at HSBC Full Service Branches, Cash Service Branches, Banking Hubs or at the Post Office. You can pay in up to £3,000 per day or £20,000 each year at the Post Office.

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First Direct customers can still withdraw cash at HSBC cash machines, but you’ll need to call 03 456 100 100 first to arrange to make a withdrawal at a counter. Channel Islands and Isle of Man customers can no longer pay cash or cheques into their accounts at HSBC branches. The has contacted First Direct for comment.

It comes after First Direct axed text message alerts that gave customers information about their balance in August 2024. First Direct used to send a text statement to customers each week along with five recent transactions - but now, you need to log into your online banking account to access this information.

First Direct will still send text messages if you go overdrawn on your account, or if your mortgage rate is changing due to the Bank of England base rate. A spokesperson for First Direct said at the time: "We are removing text message banking services from August 10 for our customers that are registered for online or mobile banking. This service remains in place for those who aren't.

"There's lots of other ways for customers to access information about their account. Push notifications are now available to all customers through mobile and online banking, providing detailed and up-to-date information about their balance and transactions in real-time."

First Direct isn't the only bank making major changes. The interest rate on its Chase Saver account currently tracks at 1.25% below the Bank of England base rate, which is now 4.75% - but from February 19, the Chase Saver will start to track 1.5% below the Bank of England base rate.

It means savers will see the standard interest rate on this account go down from 3.5% to 3.25%. Chase newbies currently get an extra 1.5% bonus on top of this for six months only. If you took out a Chase account before December 9, 2024, the bonus on offer was 1% - and this ended on January 16.

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