Barclays suddenly changed Overdraft policy

Own_My_Own

DUTR wrote: »

Perhaps you should, I'm with barclays, never used the overdraft or reserve facility, so the changes are irrelevant to me, however in your sensationalism of the changes, you failed to mention the changes do not come into effect until 16th June.

someanonbloke wrote: »

You fail to comprehend the pathetic predatory nature of the bank.

Furthermore, what does that have to do with the original point? Clearly a deliberate attempt to steer the discussion away from the actual point I was making.

The point you need to understand is that bankers are scum. Clear?

You ask ' what does that have to do with original point ?'

Quite simply your thread Title is '' Barclays Suddenly Changed Overdraft Policies

Which is incorrect. It should read ' Barclays Give Us Atleast 10 Weeks Notice Of Changes To Overdraft Policies.

Mr_Goodkat

dr_adidas01 wrote: »

So people should pay so you can have free banking, sounds like you maybe one of these greedy bankers people talk about. Its only a matter of time before everyday banking fees come into effect just like in the USA and many other European countries.

The days of truly free banking is over, its time to get used to the fact we will soon be charged a fee for everything.

Not a greedy banker just a pragmatic. Seen as though the back door to get stupid people PPI has been closed to banks they need to make borrowing money more expensive as well as making charges simpler for people to understand.

I think you are wrong, free banking and banking that earns you money e.g. cash back, interest etc. will continue for a long time in the UK, the hoops you need to jump through to get this will become tougher e.g. Lloyds Club £1500 per month deposited and two direct debits getting paid out.

Mr_Goodkat

dr_adidas01 wrote: »

So instead of the OP learning to manage there money you suggest they switch to First Direct simply for the first £250 of there overdraft to be interest free?

Guess that's a valid reason to do it!!

As others have pointed out if the OP only goes into there overdraft for a few days then it will cost them about £1.50.

Also notice of these changes isn't sudden at all they have give quite a few months notice of the change.

I have already said in part of the post you quoted that overdrafts are an expensive way to borrow, should only be short term and are repayable on demand. I have also questioned why people think they should be able to borrow the banks money without paying a high price for doing so. I also stated that given the warning timeframe before these charges are introduced people could get out of their overdrafts if they really wanted to.

So at no point did I encourage the OP not to budget or manage their money.

It seems the OP goes overdrawn for a few days before realising and paying money in so assume they have either access to a regular cash flow to pay in cash or have money in savings accounts.

Given their situation rather than pay a couple of quid to Barclays per month they could open a first direct account have the £250 interest free OD to slip in before topping up and could also get some 6% regular saver action....

I run a FD account for my day to day cash spending which is minimal as use cash back Amex Platinum credit card or back up cash back Visa card where Amex is not accepted.

shy2406

I've will finally next month be free of debt credit card wise and the plan is to then start paying off my overdraft. Got the letter though today about the new charges which will affect me considerably and will mean I'll be paying out 3 x what I currently am - something that hurts when on maternity leave.


I admit in the past I've treated it as a non repayable loan with the interest being the fee each month. The top of the overdraft I've classed as a my zero balance in my account if that makes sense.


As soon as my CC was paid off, I was looking at paying off the overdraft and by budgeting would have it paid off within 12 months. With the extra costs, this will now take longer.


I am however considering doing a cash advance off my credit card (yes I know building up the credit card again) and then paying 6.9% APR on the amount until the debt is paid off. This to me seems the most affordable way to do this. Maybe it is something you could look into.

shy2406

p.s. worth noting that the new charges if you are in your overdraft all month amounts to 27.9% APR thus making most credit cards more affordable.

getmore4less

someanonbloke wrote: »

Hi, I've been with Barclays for many years. I've always been a good 'customer'.

I have an overdraft facility of £500, which has been useful; I can go into debit for a couple of days before realising and then top it up with cash. The most I'm usually in debit is a couple of days.

Anyway, now they want to charge me for whenever I'm overdrawn (except the first £15 - nice of em).

I'm sure I'm not alone here but it just feels like they've observed my banking behaviour and tried to figure out how they can profit from me.

This is very frustrating and feels like a sting. Perhaps I should move to another bank.

fix your problem the easy way

www.barclays.co.uk/textalerts