MSE News: Barclays to revamp current account fees – will you be better off?

Former_MSE_Helen

"Barclays current account customers who dip into their overdraft are to be charged less from 16 June"

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Barclays to revamp current account fees – will you be better off?



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sax11

In a nutshell - No i will be worse off as i start a month £1000 od so will be charged £22.50 a month regardless, which is more than my reserve fee

lisa2310

Yeah ill be worse off too, mine is 600 and always go into it by around 550. Looks to me like most people will be worse off unless you have a premier account where overdrafts are interest free up to 1000 however you can only hold this account if annual income is more than 75,000

bell

These fees have been creeping up for each bank since the won the penalty charge case against the OFT.

It still feels very much like a penalty charge in some cases, but all wrapped up in account fee structure instead. For instance, how can they justify a cliff edge where at £999 OD it costs you £0.75 and at £1,000 it costs £1.50.

The banks can just seemingly change these T&Cs with absolute impunity.

innovate

Just don't use an overdraft and it will cost you nothing.

Herbalus

innovate wrote: »

Just don't use an overdraft and it will cost you nothing.

Easier said than done.

To those who take offence by that comment, and there will probably be a few because nobody can simply magic away an overdraft that they feel unfortunate circumstances got them into, the logic is sound, even if it appears blunt.

If I had an overdraft, I wouldn't complain that the banks are putting up charges - I'd use higher charges to motivate me to get rid of the overdraft in the first place.

YorkshireBoy

bell wrote: »

These fees have been creeping up for each bank since the won the penalty charge case against the OFT.

As I, and many others on here, said in the lead up to the court case..."be careful what you wish for". The trouble is that many others couldn't see this coming!

One outcome of the court case was clearer fees for using an overdraft facility, so gone are the 19.89% EARs (who amongst us could accurately define EAR without googling it?...and who could forecast their costs on a fluctuating debit balance throughout the month?) and in come 50p/£1/£2/£3/£5 per day fees (which are nice and clear to understand...I mean everyone can multiply two numbers together can't they?).

lxworld

Hi,


I've just created this petition on Change.org https://www.change.org/en-GB/petitions/barclays-bank-call-to-action#


Your support is appreciated

Herbalus

lxworld wrote: »

Hi,

I've just created this petition on Change.org https://www.change.org/en-GB/petitions/barclays-bank-call-to-action#

Your support is appreciated

You might have more credibility if you'd spelt "overdraft" correctly on your petition (as opposed to "overdraught" as you've written).

lxworld

Thanks for the heads up Herbalus

Pincher

Overdraft is a courtesy measure, like a bar tab.

There is no reason why a pub should let you drink without any guarantee that you will pay them back. If they did, they will have a lot of OVER-DRAUGHTED beer. :beer: