Barclays have dropped a bomb and now I'm not sure what to do

BlushingRose

So...I have two Barclays accounts, both overdrawn.

According to paperwork received this morning, they're changing the overdraft arrangements and this means that on one account I will be charged 75p a day for my £200 OD but more of a concern is the OD of my graduate account, for which i will be charged £3 a day - that's £90 a month!

My OH is on a DMP already, and by extension so am I, however this will probably mean that I will have to add my account to it and it will become a join one as I can't see another way out of it.
I am on a low income (often going month without work) and so transferring to another bank for a current account is unlikely to be an option.

I am assuming that I will have to open a basic bank account elsewhere which I'm gutted about as I've been with Barclays since I was 18. Is that daft?

theoretica

Would it work out cheaper if you amalgamated both overdrafts into one?

BlushingRose

theoretica wrote: »

Would it work out cheaper if you amalgamated both overdrafts into one?

Only by 75p a day. Not sure how I'd do that either?

eyeopener2

Stuff barclays, your an account number not a human being.they really don't care if you've been with them 5 minutes or 50 years.

Where money is concerned you do what is best for you and your family. Having some allegiance to a multi billion £ company is just plain....daft.

If it is best to open a basic account then that is what you do.

BlushingRose

eyeopener2 wrote: »

Stuff barclays, your an account number not a human being.they really don't care if you've been with them 5 minutes or 50 years.

Where money is concerned you do what is best for you and your family. Having some allegiance to a multi billion £ company is just plain....daft.

If it is best to open a basic account then that is what you do.

Yeah, I know that, logically, but emotionally I guess I want them to care (and I know that's stupid).

I'll be able to clear the smaller OD and close and move the account before the deadline, it's the larger one I'm more concerned about. Really not sure what to do about that.

eyeopener2

They don't care, maybe they did once, but no longer.

I remember my Mum changing her home insurance from the company she had been with over 40 years (they were taking the mick with the renewal price). When she rang up and cancelled the guy on the other end said thanks, that's done, goodbye. She was really upset "but 've been with them since we were married!" I had to explain she was a policy number not Mrs Eyeopener.

sourcrates

Unsure what Barclays are trying to achieve by doing this, seems to me a lot of people will just abandon there accounts if they have no realistic hope to paying off there OD any time soon, will make a lot of people default on there accounts to my mind, as they will be left with no choice.

matttye

Is there no way of opting out of such changes like you can with credit card interest % increases?

Maybe not as overdrafts are supposed to be for short-term borrowing.

harveybobbles

Bin Sharklays off and bank elsewhere.

National_Debtline

Hello there,

As the others have mentioned, do consider switching accounts to a new 'safe; bank elsewhere. You mentioned that you are part of the DMP by association, do you have debts within it also? How much debt are you in totally?

Very best wishes,

David @natdebtline

nomoneytoday

sourcrates wrote: »

Unsure what Barclays are trying to achieve by doing this? It seems to me that a lot of people will just abandon their accounts if they have no realistic hope to paying off their OD any time soon. It will make a lot of people default on their accounts to my mind, as they will be left with no choice.

IMHO - They will probably make more in fees from the 90% that don't move accounts, than the odd default or bank account stoozers.