Barclays Personal Reserve, An Expensive Lesson Learned

bobbydazzler_3

Well, as quite a few barclays customes will know, their accounts have changed to their personal reserve.

earlier this week i found out an expensive lesson.

it used to be the case with my barclays account, that if i had a direct debit come out of my account, on a particular date, and not enough funds at the start of that day, the DD would be processed and my account ledger would show a minus figure, therefore letting me know that i should transfer some money from my business account to cover the debit.

The change over happend on 18th Aug, it comes to the end of the month, the mortgage is due on 31st Aug, i check the online banking on Friday, and i can't see any minus figure on the welcome screen, so i assume that it would come out over the weekend, and i would then ensure sufficient funds are in the account on Monday morning to cover the debit.

By chance i thought i would check online on Saturday morning and i find that the DD has been returned, and i've been charged £8 for the pleasure, plus another 30 quid when i called the mortgage provider to make a debit card payment.

So it would now appear that if your debit exceeds the amount of your personal reserve, the DD is returned automatically at the start of the day, instead of giving you chance to make a credit to cover the outgoing debit.

That bit wasn't explained (or very well hidden in the small print), i do know that they say in their terms that Barclays will honour payments up to a certain amount (in our case this was for £500, 400 quid over our overdraft amount), which does grate somewhat as our mortgage DD is £720 a month and they have previously honoured DD payments up to this figure).

Does anyone know if i opt out of the personal reserve scheme, would barclays work as before, ie honour the payment and give me chance to put funds into the account that day or just return the DD and charge me for the pleasure again!

robertjonesuk

bobbydazzler wrote: »

Well, as quite a few barclays customes will know, their accounts have changed to their personal reserve.

earlier this week i found out an expensive lesson.

it used to be the case with my barclays account, that if i had a direct debit come out of my account, on a particular date, and not enough funds at the start of that day, the DD would be processed and my account ledger would show a minus figure, therefore letting me know that i should transfer some money from my business account to cover the debit.

The change over happend on 18th Aug, it comes to the end of the month, the mortgage is due on 31st Aug, i check the online banking on Friday, and i can't see any minus figure on the welcome screen, so i assume that it would come out over the weekend, and i would then ensure sufficient funds are in the account on Monday morning to cover the debit.

By chance i thought i would check online on Saturday morning and i find that the DD has been returned, and i've been charged £8 for the pleasure, plus another 30 quid when i called the mortgage provider to make a debit card payment.

So it would now appear that if your debit exceeds the amount of your personal reserve, the DD is returned automatically at the start of the day, instead of giving you chance to make a credit to cover the outgoing debit.

That bit wasn't explained (or very well hidden in the small print), i do know that they say in their terms that Barclays will honour payments up to a certain amount (in our case this was for £500, 400 quid over our overdraft amount), which does grate somewhat as our mortgage DD is £720 a month and they have previously honoured DD payments up to this figure).

Does anyone know if i opt out of the personal reserve scheme, would barclays work as before, ie honour the payment and give me chance to put funds into the account that day or just return the DD and charge me for the pleasure again!

with dd and s/o you must ensure funds are available 24hrs before. you will be charged otherwise. £8 returned fee or £8 guaranteed payment fee (if they pay dd)