BARCLAYS NEW OVERDRAFT CHARGES!! I'm off

YorkshireBoy

Sanha1234 wrote: »

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.

From their website's homepage...

>Personal
>Barclays Bank Account

...and then scroll down to 'Terms and conditions for Personal customers'

See section 4, 'Changes we can make to this agreement'

Oh, and it's 40 pages so you must have had a roaring fire!

FireWyrm

YorkshireBoy wrote: »

See section 4, 'Changes we can make to this agreement'

Should read..."Anything we bloody well think up whenever we think it up, so suck it up sucker."

Oh, and it's 40 pages so you must have had a roaring fire!

The Thompsons directory is smaller than that!

I have a large OD with HSBC and I've been watching this bonfire of the ODs for the last few months. I'm wondering how long it will be before HSBC twig and decide to do the same thing. Anyone know?

GingerFurball_2

Sanha1234 wrote: »

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.

Funnily enough, companies which offer products and services can occasionally change the terms and conditions of those products.

You are more than welcome to reject those terms and conditions and take your business elsewhere.

FireWyrm

GingerFurball wrote: »

Funnily enough, companies which offer products and services can occasionally change the terms and conditions of those products.

Yes, but they dont generally pull the rug out from underneath you - unless they are a bank. Remember the furor when banks started monkeying around with supposedly 'fixed rate mortgages'? They cant do it. All institutions ought to be able to change terms and conditions for new customers, but when you are a customer, have received a service under given terms, then the bank arbitrarily changes those terms to your detriment, it is just a little bit naughty.

GingerFurball wrote: »

You are more than welcome to reject those terms and conditions and take your business elsewhere.

And the banks know very well that a significant majority of their customers are in no position to do any such thing. Even if they were, the organisations are so large, they hardly give a damn if you do storm off in high dudgeon.

These OD hikes are probably one or more of the following :

1) Moving debt around the book columns so it makes the bank look less bankrupt

2) Trying to 'discourage' the use of ODs
3) Naked greed disguised as disingenuous language such as 'our customers prefer this (I have yet to meet a single one who does)
4) Covertly paying for 'free accounts' via what amounts to punitive penalty fines on OD customers who are in no position to do anything much about it except endure the shafting.
5) Covertly paying for the fines leveled against them for the likes of PPI, various naughty things like Libor and now the credit card and loan protection scandals.

...or all of the above.

forgotmyname

Had a similar thing with the Halifax. I just spotted £1 a day and £5 a day and thought OK make sure i dont use the overdraft. EVER.

Bit awkward if your already into your overdraft though. Could you do something along the lines of when credit card companies change the interest rate and decline their change?

I think with a CC you payup at the old rate but the account closes. You can no longer use it.
Its just open and at the old rate until settled.

Anything like that possible?

leeroy2009

Uxb wrote: »

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.

in that case why (as the Barclaycard thread on here shows) that Barclaycard will offer up to £50 on many occasions to keep peoples custom, and give them special offers and lower there aprs?


and sky fought like hell to keep me as a customer? (even giving me sky tv for 70p a month for a year?)


of course some people get nothing but a lot of times companies do want to keep there existing customers, but its plain to see Barclays is pressing ahead with this overdraft fee change, maybe it will wake some people up into sorting there finaces out as I do agree overdrafts should not be used to live on, and theres certainly no need to be giving people overdrafts of 3k in the first place

graver1971

HELP!!!!! Just found out about the new Barclays overdraft fees.
Through unfortunate circumstances I've had to live out of my overdraft. I can't afford the new fees which will be over £40 a month.
If I can get a 0% money transfer to pay off my overdraft and don't manage to pay it off in time can I then do 0%,credit transfer ????

SG27

When halifax started doing this a few years ago I moved to santander in protest. A few weeks later santander indroduced similar charges. I would only be overdrawn by a small amount for a few days a month.

Now I just never use my overdraft.

innovate

FireWyrm wrote: »

Yes, but they dont generally pull the rug out from underneath you - unless they are a bank.

.

2 months notice is hardly 'pulling the rug out from underneath you'. It is totally in line with the T&Cs you agreed to when you opened the account. These T&Cs also say that overdrafts can be called in at any time, even without prior notice. If you choose the ignore the T&Cs, you have to live with the consequences. Stop blaming others, assume responsibility for yourself.

One of the possible reasons for the change in the charge that you forgot to mention is that they are partly the results on pressure by consumer rights activists that complained for years that overdraft charges expressed as percentages are too difficult to understand. Well, now you have something easier to understand, and it isn't just Barclays that does overdraft charges like this. In fact, they are quite late to the party.

I appreciate, if you get used to living in your overdraft, the change is likely to come as a very rude awakening and it will be tough for some people to find the extra money. However, the sooner people can deal with the situation and get rid of their overdraft, the better. Alternatives such as zero percent credit cards, loans, second jobs, cutting down on spending will exist for many people. Gradually moving to another bank might still be an option for some since they might be able to get a zero percent overdraft for a few months.

PeacefulWaters

What charges will Barclays reduce or remove as a part of these changes?