Barclays Lie About Overdrafts!!!!

laurarice82

No monthly fees for authorised overdrafts. The great news is that we no longer charge overdraft fees when you go
overdrawn within your authorised overdraft facility. This is a direct
saving of up to £60 per year if the account is overdrawn on a regular
basis.
This is the statement u see if u log onto your online banking and press "overdraft". What liars!!! I rang them and said "well why am i being charged?" and they seem to have no idea that it's even on there! They DO charge, (i think 17.5%) every month, for authorised o/d's. WHY is this on our online banking page when it is not true?
The only time o/d's are free is for the first £300 if u have an upgraded account (such as Additions) then u get charged thereafter. This statement STILL doesn't mention that and even then it's still not correct!
Does anyone have any light on this? Shall i write to the Financial Ombudsman as this is mis-informing ALL of us customers.

ShelfStacker_3

Read it again. "Overdraft fees". They don't charge overdraft FEES, as in a monthly or yearly fee for having or using the overdraft. They do, however, charge interest, which they have never claimed not to do, and have done since... forever, really.

The Financial Ombudsman will laugh at you. Save the price of a stamp, don't bother mailing them.

RayWolfe

What has this site come to?
Such a waste of a once wonderful resource.

Lokolo

You should see the savings board with all the 'i have invested money, it has dropped £3, what should I do?'

and 'I have £36k, am i protected?' jeez.

ShelfStacker_3

Lokolo wrote: »

You should see the savings board with all the 'i have invested money, it has dropped £3, what should I do?'

and 'I have £36k, am i protected?' jeez.

Speaking generally, the £35k nonsense is really, really beginning to get on my nerves. People are moving money away from perfectly stable institutions in case they collapse, ironically possibly even helping precipitate that collapse. There's simply no point; it's not the entire UK banking system swirling the pan, just a few stupid companies who took a gamble and lost badly.

Rant over...

RayWolfe

Lokolo wrote: »

You should see the savings board with all the 'i have invested money, it has dropped £3, what should I do?'
and 'I have £36k, am i protected?' jeez.

It's that sort of incessant post that has caused my rant about this board. I've just stopped reading, I want to help but it just takes too much time to sort the wheat from the chaff.
It seems to have started after Martin became a celebrity. The number of first time posters who ask an inane (inane because they can't be bothered to investigate this site before they ask) question and never return.
The classic was a few weeks ago with someone saying, in essence: "I've got some new T&Cs from my bank, I haven't read them, can some one tell me what they say." If only they would make some effort, read them and ask a specific question about a sentence they don't understand.

Anyway, enough of this. Can someone help?
I have an investment that has fallen by £3.97; should I worry about this. I also have a deposit with a bank in Somalia; the rate was very good but they are asking for me to send them a further £1,000 before they can close the account; the lady on the phone sounded very nice so I'm not really worried. Oh! and finally, I have lost the telephone number of my local Barclay's Bank; could someone let me know what it is 'cause that's so much easier than me looking it up.
Going back to bed now ... it's all too much. :rolleyes:

laurarice82

Thanks for being so rude.

Fees/charges/interest mean the same. To a LOT of us. If after ringing India they gave me a straightforward answer, then i wouldn't have posted a question about it on here. They had no idea what they were talking about so as a customer i stayed just as clueless as them.

Good luck taking the mickey out of people's genuine concerns. I can see you've made a good start....................

ShelfStacker_3

laurarice82 wrote: »

Fees/charges/interest mean the same. To a LOT of us.

Yes, the ones who are wrong.

A fee is an arbitrary sum charged for a service which covers the costs of providing that service. Interest is a percentage charge levied for the usage of money that isn't yours. Both of these terms have clearly defined meanings - you may conflate these meanings, but that's because you are wrong. Barclays don't cover up the fact they charge interest on overdrawn balances, indeed if you look at the product pages for Barclays' products the APR for the overdraft is one of the largest bits of text on the page.

No reasonable person could possibly make the assumption that you have made. I would advise you to go into branch and try and get your overdraft interest back on the basis that it's a fee and they said you wouldn't be charged fees, simply because the thought of you trying to claim that with a straight face is really, really funny.

_Andy_

laurarice82 wrote: »

Shall i write to the Financial Ombudsman as this is mis-informing ALL of us customers.

Please do - I'm sure it will give them something to laugh at.

olly300

laurarice82 wrote: »

Thanks for being so rude.

Fees/charges/interest mean the same. To a LOT of us. If after ringing India they gave me a straightforward answer, then i wouldn't have posted a question about it on here. They had no idea what they were talking about so as a customer i stayed just as clueless as them.

If you can use the internet then you can use a search engine, find a dictionary and put the words into it. You will then get explanations of what the words mean.

Also why are you blaming Indian call centre or any call centre workers for your ignorance? When you open a bank account or take out any financial product you get sent a leaflet with the Terms and Conditions. Those Terms and Conditions contain definitions of what commonly used words mean including words like "fees".

If you decide to chuck those Terms and Conditions in the bin rather than keep them with your statements or not read them at all then don't go around blaming other people for your own ignorance and lazyiness.

laurarice82 wrote: »

Good luck taking the mickey out of people's genuine concerns. I can see you've made a good start....................

:rolleyes: