Barclays Reserve

pink_princess

Gailk why do you want to pay £22 pound instead of arranging an overdraft.It would be free and not affect your credit report serverly .This is just another way of banks making money.
OP i was informed of the reserve weeks before it became policy and practice .Did you miss your mail or not updated your address ,under the old charges you would of paid alot more.
(£22 unauthorised nil authorised what do you imagine marks your credit history worse)

Extant

Gailk wrote: »

A question, for BarclaysManager if he's around.
If I use the Reserve facility and get charged the £22 fee for five days, does it show on my credit report that I went overdrawn?
(I don't have or want an overdraft limit, but may need a little help over Christmas. I actually really like the idea of the reserve, but is it a little black mark or not?). Thanks in advance.

We do not currently report Reserve usage, no. Even if you don't want the overdraft, you might be worth applying for one and taking it out if you can. You can also remove it in January if it annoys you.

It will give you that safety net you seem to be after, and won't cost you anything if you're not using it (and depending on the account you have, may not cost you anything at all).

Extant

Also, since I haven't already answered it previously - the introduction of Personal Reserve was a change to our terms and conditions. It formalized the existing unauthorized overdrafts arrangement. As such, it was an opt out, and we acted in accordance with our existing terms and conditions (clause 13) and with the Banking Code (see section 6) in notifying all customers.

All customers were mailed starting June 9, with "mop up" mailings carrying on through to July 9, with the service starting on August 8.

sillyvixen

barclays manager - i hope you sleep at night - because a lot of your customers dont!!!!!!!!!!!

Extant

sillyvixen wrote: »

barclays manager - i hope you sleep at night - because a lot of your customers dont!!!!!!!!!!!

I sleep fine, thanks - since I'm not responsible for the financial problems of others. I assume you post that because you have some gripe with the personal reserve, ignoring the fact that you can turn it off. Or the fact that it's cheaper. Or that if you choose not to use it, the most you will be charged is £8.

Gailk

BarclaysManager wrote: »

We do not currently report Reserve usage, no. Even if you don't want the overdraft, you might be worth applying for one and taking it out if you can. You can also remove it in January if it annoys you.

It will give you that safety net you seem to be after, and won't cost you anything if you're not using it (and depending on the account you have, may not cost you anything at all).

Thanks for that - I do have an overdraft limit available on my internet banking, but to be honest, if I have it put on my account I'll spend it. If I have the "facility" and know it'lll cost me £22 I'm much less likely to use it!!!
Converse I know but it works for me!

Cloister

What I don't understand in this day and age of computing, why you can't have the facility to have all transactions that would take you over your limit simply refused.

Surely it's all software so no-one really loses out apart from banks not making money for it. There would be no need to charge as no-one would be reviewing it a simple check have funds yes/no then refuse.

I personally wouldn't mind say a £2 charge for refusal which would take you £2 over and leave it there till you get paid again.

I did receive the letter in plenty of time and haven't gone into my "reserve" and don't intend to though I do make a point of checking my balance once a day during the week just in case. with the added safety that with Barclays if you have a payment that takes you over it shows in your available balance and you can get money transferred to it immediately and not incur a charge. (at least that was true in the past.)

anyway I'm rambling now so I'll go...

Gailk

I guess it depends on your opinion. Personally I would rather have a transaction paid, and know it was going to be paid, even if it did incur a £22 charge.
I have never had an item returned in a very long time, and hopefully won't need the reserve, but I find it reassuring to know that if anything goes wrong over Christmas I have it available to me. (especially between the mortgage on the 29th and pay day on the 31st!! Eeeeek......!!)

Extant

Cloister wrote: »

What I don't understand in this day and age of computing, why you can't have the facility to have all transactions that would take you over your limit simply refused.

Surely it's all software so no-one really loses out apart from banks not making money for it. There would be no need to charge as no-one would be reviewing it a simple check have funds yes/no then refuse.

I personally wouldn't mind say a £2 charge for refusal which would take you £2 over and leave it there till you get paid again.

I did receive the letter in plenty of time and haven't gone into my "reserve" and don't intend to though I do make a point of checking my balance once a day during the week just in case. with the added safety that with Barclays if you have a payment that takes you over it shows in your available balance and you can get money transferred to it immediately and not incur a charge. (at least that was true in the past.)

anyway I'm rambling now so I'll go...

If you close your Personal Reserve, or you opted out, we won't pay if you don't have the funds, and we'll charge you £8. We'll only pay if it's a guaranteed transaction (cheque or card under floor limit), and then you'll be charged the £8 and any interest on your unauthorized overdraft.

Uncertain

BarclaysManager wrote: »

If you close your Personal Reserve, or you opted out, we won't pay if you don't have the funds, and we'll charge you £8. We'll only pay if it's a guaranteed transaction (cheque or card under floor limit), and then you'll be charged the £8 and any interest on your unauthorized overdraft.

So, if I have one pound in my account (without Reserve) and I write out a cheque for a pound you will pay it. You will do whatever work is involved and not charge me a penny?

However, if I make out the cheque for two pounds you won't pay it (fair enough) but you will charge me eight pounds for not doing so!

How, exactly, is this worked out?