Barclays overdrafts overhaul. Is it better or worse for you?

ader50

BexTech wrote: »

If you don't go past your overdraft limit then it doesn't matter if you stay in or opt out. If you are likely to go past your overdraft limit then for most people you are better of staying in the new system.

True, but it all depends on how much you go over by. I found out one of my Barclays accounts had gone over by £0.98 while on holiday and I was charged twice, so I ended up with a total charge of £44. In the old system you were not charged anything if you went over by a max of £5. I quickly removed the reserve on both my accounts.

I didn't even receive the letter that explained the new arrangements and I was totally unaware of these charges. Apparently they sent me a letter in June explaining all of this and therefore I'm not entitled to a refund. While my letter probably just got lost in the post (not the first time), I still think they should have asked for approval rather than just assuming we'd all want this service.

redwax

I think the reserve is an interesting development. You will notice how their standard charges for returned payments have come down to something approching reasonable.

I think this is because they know they are going to get hammered regarding the unlawful charges of the past (ongoing) and have opted to pre-empt this with this system which aims to get people to deep into the reserve (mine was £1000 on top of a £200 overdraft), meaning they spend the vast part of the month there (because if it is there it will get used) and they can therefore charge you more legitimately (in their eyes).

It really is very sneaky but I would suggest to everyone to cancel this and you will have ultimately had a cut in your other charges.

Personally, I told them to stick the reserve because I figured this was the plan. I had a returned payment on my account and was charged £12 and not £35 odd = Winner!

roney

Barclays have charged me £88.00 for diping inot my personal reserve whilst I was on holidays - Does anyone know if there is any way I can reclain these illegitimate charges as I never asked them to apply this to my account.

I would rather have preferred my card stopped working once I got to zero as I have a Natwest account with a hefty overdraft

Any assistance will be very much appreciated

Thanks

ShelfStacker_3

They won't let you have them refunded. You didn't ask for them to be applied, but you were given ample opportunity and notice to opt out.