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    • holborn111
    • By holborn111 16th May 17, 6:53 PM
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    holborn111
    Bank Daily Fees
    • #1
    • 16th May 17, 6:53 PM
    Bank Daily Fees 16th May 17 at 6:53 PM
    Apologies if posted elsewhere, new to site and cant find it!

    For the past several years, Barclays Bank has charged both myself and my wife an average of £40pcm "daily fees" on our overdrafts. Up to the first £1000 overdrawn its 75p per day, after that its £1.50. We originally had student accounts for uni, but in 2012 these were "converted" and some time later the new daily fees came in. Is there any way these could be reclaimed? Its not mis selling or a ppi. . i estimate we have now paid them over £4000 and not a penny has come off reducing our overdrafts (have just taken a loan to clear them).appreciate any clarity on this! many thanks!
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    • dunstonh
    • By dunstonh 16th May 17, 6:58 PM
    • 88,168 Posts
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    dunstonh
    • #2
    • 16th May 17, 6:58 PM
    • #2
    • 16th May 17, 6:58 PM
    Is there any way these could be reclaimed?
    no.

    Its not mis selling or a ppi. .
    PPI stands for payment protection insurance. It is clearly not na insurance.

    It is not missold either as you incurred the fees because of your choices in borrowing money via overdraft. You cannot be missold that way.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • holborn111
    • By holborn111 16th May 17, 7:05 PM
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    holborn111
    • #3
    • 16th May 17, 7:05 PM
    • #3
    • 16th May 17, 7:05 PM
    thanks for the response. I know its not ppi or missold, my question was in situations where neither of those 2 things have occured or apply, can anything be done about it? and no, didnt have a choice. the overdraft was in use when they converted the account from student to current, and as i was unemployed coming out of uni could not clear it.
    • dunstonh
    • By dunstonh 16th May 17, 7:35 PM
    • 88,168 Posts
    • 53,390 Thanks
    dunstonh
    • #4
    • 16th May 17, 7:35 PM
    • #4
    • 16th May 17, 7:35 PM
    thanks for the response. I know its not ppi or missold, my question was in situations where neither of those 2 things have occured or apply, can anything be done about it? and no, didnt have a choice. the overdraft was in use when they converted the account from student to current, and as i was unemployed coming out of uni could not clear it.
    Originally posted by holborn111
    When you borrow money you have to pay it back. Overdrafts are an expensive way to borrow money. They are really meant for very short term borrowing. The daily charging method came about before the banks won the charges case in court. That method was seen to be fairer. Although ironically, it resulted in higher charges for many people.

    Banks do consider goodwill gestures to those in CURRENT financial hardship but not towards those with historic issues. As you have converted this to a loan, it would appear there are no current hardship issues.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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