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MSE News: Barclays Premier Life or First Additions package account customer? Beware..

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Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
edited 6 November 2015 at 1:33PM in Budgeting & bank accounts
Premier Life, Premier Life 25 and First Additions package account customers will be hit with price hikes from today...
Read the full story:

Barclays Premier Life or First Additions package account customer? Beware price hikes

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  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    MSE wrote:
    those who earn an annual gross (pre-tax) income of £75,000 or above

    How does Barclays know anyone's pre-tax income? Or the post-tax income, for that matter?
  • Paul_1977
    Paul_1977 Posts: 992 Forumite
    I would assume its based on what is paid into the account.

    If you get £75k or more paid in (or have 100k savings/investments), you go to the free premier.

    If you bye bye to the basic account.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    What's being paid into an account has little to do with pre-tax income. No bank will know how much tax an individual pays, or what their gross income is. They might be taking an educated guess but they have no sight of anyone's taxable income or tax code. Some people might feel they need to share this information with the banks but there is no requirement to do so.
  • Kim_13
    Kim_13 Posts: 3,434 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    Doesn't the way this is being done amount to misselling?
  • Paul_1977
    Paul_1977 Posts: 992 Forumite
    They must have to give 60 days notice.
  • shinkyshonky
    shinkyshonky Posts: 2,782 Forumite
    Paul_1977 wrote: »
    They must have to give 60 days notice.

    Which they have not done
    “When the debate is lost, slander becomes the tool of the loser.” Socrates

    Haters gonna hate
  • Paul_1977
    Paul_1977 Posts: 992 Forumite
    Can anyone who is a customer and had this change made confirm this?

    Also check the terms, maybe they don't have to give notice?

    I would be surprised if the bank has defaulted on its own terms, given the scrutinity banks are under at this present time.
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