Barclays changes O/D fees - massive hikes

flippity

Anyone with a Barclays account needs to look out for the changes that are coming on 16th June.

Whilst some of it is good news for those who tip over into an overdraft for a day or up to £15 due to cash flow issues, for anyone running an overdraft above £15, be very aware you're about to be shafted.

O/D up to £1,000 you will be charged 75p per day - that's either £22.50 - £23.25 per month.

So if you have an overdraft as I do which you're trying to reduce, no matter whether you owe £16 or £1,000, you'll pay the same fee. Currently I pay around £8 per month on interest - so my fees will go up threefold and make it near impossible for me to get to grips reducing this debt as I'm on basic pension with a bit of GPC.

If you owe £1,000.01 - £2,000, you'll be charged £1.50 per day - that's £45+ per month and £3 per day if your O/D is £2.00.01 or more.

This is an absolute disgrace IMO - just another massive greedy rip-off that will hit those who are struggling just to make sure the fat slugs in the banks get their obscene bonuses.

So, if you can, get rid of your O/D as soon as possible because these charges will be crippling for those on low incomes and are grossly unfair in the way they will be charged across the board.

flippity

I think I've posted this in the wrong place so I'll repost it in the banking section.

Sorry about that.

dealer_wins

Still way cheaper that payday loans, which is in effect what an overdraft is!!

BillJones

flippity wrote: »

This is an absolute disgrace IMO - just another massive greedy rip-off that will hit those who are struggling just to make sure the fat slugs in the banks get their obscene bonuses.

Hmmm. My bonus tends to be paid out of the profits that I make for my bank. Your overdraft charges don't really come into it.

If you don't like the charges, then pay back the money that you took,mans spent, without having earned first. If you've taken money that you can't afford, then you probably should not call others greedy. They didn't get into debt instead of earning money before spending it.

dealer_wins

BillJones wrote: »

Hmmm. My bonus tends to be paid out of the profits that I make for my bank. Your overdraft charges don't really come into it.

If you don't like the charges, then pay back the money that you took,mans spent, without having earned first. If you've taken money that you can't afford, then you probably should not call others greedy. They didn't get into debt instead of earning money before spending it.

Harsh.... but fair.

No1Stoney

I'm sure this is still cheaper than some. Halifax charges my partner £1 per day usage. I didn't think that was too bad considering your borrowing other peoples money. And drives as an incentive to pay it back sharpish.

T.C.1

OMG!!! Got the letter today about hikes in overdraft fees! WOW this needs looking at. So if you have a £1,000 overdraft and are close to that everyday your charges will triple! This is going to and it's the ones that can least afford it, they are all a load of BANKERS!!!

dealer_wins

T.C.1 wrote: »

OMG!!! Got the letter today about hikes in overdraft fees! WOW this needs looking at. So if you have a £1,000 overdraft and are close to that everyday your charges will triple! This is going to and it's the ones that can least afford it, they are all a load of BANKERS!!!

Heres an idea, pay it off and pay NO charges.

Living within ones means is much cheaper than living on someone else's money!!

T.C.1

That's easier said than done, 0 hour contracts cost of living through the roof it's tough out their. So just living from week to week to keep your head above water, so is that what you mean by 'living within your means'

Tixy

T.C.1 wrote: »

OMG!!! Got the letter today about hikes in overdraft fees! WOW this needs looking at. So if you have a £1,000 overdraft and are close to that everyday your charges will triple! This is going to and it's the ones that can least afford it, they are all a load of BANKERS!!!

Unfortunately this is always a risk of living in an overdraft that you cannot afford to repay if it is recalled at short notice.

Other banks have done similar over the past few years and so its worth everyone being aware that it could happen at yet more banks.

The good news is that barclays have given customers 3 months notice which should help people either work on reducing the overdraft or consider other options.

If you cannot afford the new charges then the other options are to try to see if you can move the debt elsewhere that will work out cheaper such as an overdraft with another bank or maybe a cheaper loan or maybe slow stoozing it to a credit card could work out cheaper.

If that isn't an option either then you may need to consider defaulting on the account and moving your banking elsewhere and then arranging a repayment plan and asking them to consider freezing interest & charges. Obviously this would be reflected on your credit file so is best avoided where possible.

BillJones

T.C.1 wrote: »

OMG!!! Got the letter today about hikes in overdraft fees! WOW this needs looking at. So if you have a £1,000 overdraft and are close to that everyday your charges will triple! This is going to and it's the ones that can least afford it, they are all a load of BANKERS!!!

You should probably pay it back, and not use it again then, if you aren't keen on the charges.