MSE News: Barclays to scrap multiple daily overdraft charges

Former_MSE_Helen

"Barclays will introduce a 'one per day' cap on its £8 paid and unpaid transaction fees in the coming weeks..."

Read the full story:

Barclays to scrap multiple daily overdraft charges




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TurnUpForTheBooks_2

But what about their "Personal Reserve" charges which are arguably Barclays built-in Payday Loan business with similar effects on customers:

This FAQ page was I see updated a mere 1 day ago:

http://www.barclays.co.uk/Helpsupport/PersonalReserveFAQs/P1242558389170

Notice 0% interest per annum (variable) in bold. What has that to do with the real price of eggs if there is no nominal APR example shown of the APR equivalent of the cost of borrowing say £100 on Personal Reserve for just one day, or indeed for just accidentally dipping into your Personal Reserve by £15 for just one day?

See here:

8. If I exceed my current overdraft limit by a very small amount will I incur the same Reserve Usage Fee?
If your balance goes into your Reserve you’ll have to pay the Reserve Usage Fee.

plus ça change, plus c'est la même chose ... :whistle:

C'mon MSE, let's have a broader commentary please. Did Martin see this one first? It's very close to one of his pet subjects (PDL co.s)