BARCLAYS NEW OVERDRAFT CHARGES!! I'm off

grayson

Just had a letter stating it's what the customers wanted here are the new fees.

Upto £1000 75p a day charge
£2000 £1.50p a day
Over £2000 £3.00p a day.

I've been onto there online calculator and it gives you your current charges and future ones.

All amounts I enter the cost nearly doubles. The conning bar stewards

Is it easy to change banks?

PeacefulWaters

grayson wrote: »

Is it easy to change banks?

Yes.

Although finding one that will match the overdraft might be harder.

Whether or not you change banks, you should devise a plan to get out of overdraft and stay out of overdraft. Then you really will be quids in.

Archi_Bald

Also, don't expect to find overdrafts much cheaper elsewhere.

pacontracting

Nationwide FlexDirect charge 0.50p per day for authorised overdrafts so doesn't seem too bad...

paulineb_2

There are few current accounts out there that dont have an overdraft charge. I think smile bank have an interest free £500 overdraft for the first year and Im sure charges are pretty low if you stay within authorised overdraft. There are a couple of current accounts that charge less than halifax who I am with, they charge £1 a day for unathorised overdraft, but when I was looking to change, a lot of other banks charge similar or at least a set fee of £10-15 a month.

Ive cleared my overdraft so Im not paying charges with halifax.

countingstars

grayson wrote: »

The conning bar stewards

If your overdraft is massive and your credit history is good, it might be worth applying for and doing a money transfer using a MBNA card. 0% for X amount of amounts should give you some breathing space and enough time to pay it off.

And then you can change banks if you like. I heard that First Direct do interest free overdrafts for the first £250. It might be worth having a small overdraft than a large one in the future as it's easier to pay off in case they decided to withdraw it or start charging interest.

Good luck!

BillJones

grayson wrote: »

Just had a letter stating it's what the customers wanted here are the new fees.

Upto £1000 75p a day charge
£2000 £1.50p a day
Over £2000 £3.00p a day.

I've been onto there online calculator and it gives you your current charges and future ones.

All amounts I enter the cost nearly doubles. The conning bar stewards

Is it easy to change banks?

Yes, just pay back what you owe, then use the new easy switching facility. It should all be done in about a week.

agrinnall

I imagine Barclays will be devastated at the loss of your overdraft.

SammenForLivet2

I wouldn't expect the same overdraft limit with another bank or society, however.
I believe Barclay's are normally quite generous with their limits - but an Overdraft is a short term method of finance, so that should be fine, if you only dip in and out of it.

Uxb

agrinnall wrote: »

I imagine Barclays will be devastated at the loss of your overdraft.

It never ceases to amaze me on the internet how forum posters everywhere ranting against ISP's, banks, utilities, supermarkets etc seem to think that
a) The company will be concerned if they take their business elsewhere
b) That everybody else shares their opinion and will also leave.

In a world of mass market consumerism where customers are counted in their millions, and finances in their £billions, the world does not revolve around the needs and desires of just a few of them.

Sanha1234

Can someone identify where it says in Barclays terms and conditions that they may change the method of how they charge for an overdraft. I have no doubt a leviathan such as barclays will have it in small print of a 15 page pamphlet that i used as kindling in my log burner, but it seems to me they can move the goalposts at anytime to whatever they feel? Would just like to know how they worded it? And to see it in black and white.