Should banks call time on charging for associated products with current accounts

MissG_2

This one really wound my partner up to the point i thought i would share it with the rest of you!!

For the past 6/7 years my partner has subscribed to a Barclays additions account, he has lost count at the amount of times he has looked at his statement and seen the monthly charge rise slowly from £6.00 each month to now what will be £14.50 from November 1st.

Each time he has thought, why am i paying this? He knew full well why he was paying for it. He had been offered the opportunity to take advantage of the associated products and services supplied.

He reviewed this many times and thought what is the point exactly? He cannot recall when within the last 4 or so years he has actually taken advantage of this apart from the very odd time he has taken advantage of his overdraft which was of course interest free as part of the offer.

He finally took action after he got home from work tonight to find that Barclays have decided to raise the cost of charges to £14.50 per month. It calculates that over the next 12 months he could have paid out £174.00 or 1 month’s car payment per year.

This is the same person who gave up smoking 3 years ago and pays for a new car with the money he saves. Is it time for more of us to really look at what is being offered and decide, do i actually get value for money or do i actually use the services which are on offer?

If the answer to the above is no, then i would like to suggest that you contact your bank immediately and TAKE ACTION!!!!!!!!!!!!

GUMPO

Couldn't agree more Miss G. The only reason I didn't leave Barclays sooner was lazyness.

Up the revolution.
:beer:

MissG_2

I would like to confirm that he has not left Barclays, he has merely removed this service now.

Generally he is happy with the service Barclays offer but he is unhappy with the monthly cost it has risen to and thus has decided to cease this service with immediate effect and a simple call to customer service.

The reason he continued to subscribe was pure and utter laziness which he now realises has cost him literally hundreds of pounds which is just not acceptable.

This is the reason i thought i would raise the post in the hope of raising awareness and prompting other people to think do i actually get value for money?

realaledrinker

I found it quite easy to work this type of account for my benefit. For example, this year I converted my smile current account to a smilemore account in May when I booked a holiday in the States & just this week converted back to a smile account having got back from hols. Cost of family worldwide travel insurance using this method - 5 x £7.50. Have done this three times in the past 4 years.

MissG_2

Some people it will benefit, others it won’t. The later is who i would like to address and prompt into action.

Obviously if you are receiving benefits you are using, then you are getting good value, my partner wasn’t and laziness got the better of him to the advantage of Barclays.

realaledrinker

Same with gym memberships & a host of other 'services' which rely on inertia. Afraid I can't sympathise with anyone who can't be arsed to pick up the phone & cancel.

jonesMUFCforever

I agree that everyone has to have a piece of paper and write in 2 columns the pros and cons.
I pay £15 pm and get full roadside breakdown assistance and full family travel insurance.
My old Direct line roadside policy used to cost me about £130 per year and we are shortly going to USA on holiday so travel insurance would cost about £100 - so I think I'm ahead of the game just!

regularsaver1

Not every bank does this

my bank Halifax does not charge for any of its accounts

kenshaz

These accounts are pants ,all the offers you can get for cheaper on this site ,Martin has an article about this ,and an account that pays more interest,move and shop around for services and offers