NEW Barclays Card Cash Account Changes

stclair

My brother received a letter today and in the letter it mentions the following changes to Cash Account customers:

* They have immediately removed the £2.00 monthly free for Near Limit Text Alerts

From 1 March 2011

* Instead of monthly statements, you'll now receive one every 3 months. (You can have statements more regularly on request).

* The conditions of the Cash Card account are changing so that they can upgrade customers to another current account, if they meet certain eligibility criteria, and they consider that switching you is not likely to increase your costs (based on assessment of your previous account history), they will write to you at least. two months notice before making the changes.

* The number of of Returned Transactions Fees you can incur in any one day will increase, from one to three. This means that when there's not enough money in your account to cover Direct Debits or Standing Orders you have set up, they will return the payments and you will incur a Returned Transaction Fee or £8.00 for each payment - up to a maximum of three Returned Transactions Fee per day. The maximum daily charge will therefore increase from £8.00 to £24.00.

I appreciate some of this been covered previously however I do not think all the points was covered at the time as highlighted in bold.

MoneySavingUser

Got this letter aswell

sephrenia

I got this letter this morning and I was wondering what they mean exactly about changing the terms for the cash account.

If I read it correctly, they're going to try and shift as many people as possible to the basic current account and off the loss making cash accounts. I'm not 100% sure though!

Does anyone actually know if that will be the case?

stclair

sephrenia wrote: »

I got this letter this morning and I was wondering what they mean exactly about changing the terms for the cash account.

If I read it correctly, they're going to try and shift as many people as possible to the basic current account and off the loss making cash accounts. I'm not 100% sure though!

Does anyone actually know if that will be the case?

I also got the impression they was trying to upgrade customers to other accounts where possible in order to reduce costs of operating a basic bank account.

pmduk

I got that impression too, but is that such a bad thing?

stclair

pmduk wrote: »

I got that impression too, but is that such a bad thing?

The letter also details that they will also explain any actions the account would need to take to keep there existing account or to accept the new account.