Barclays Current Account Charges

kivsy

Hi,
I don't know if any of you can help me please. I have had a standard Barclays current account for about 10 years now. Its not a main bank account for me, I use if for online purchases. It has a £100 overdraft limit and I choose to always keep the account a little overdrawn - say £50. it works for me that way and I have always paid around 30p a month for the priviledge. Not very money saving but as mentioned it works for me. Anyway, I have received my statement today and have found that last month, this month and planned for next month they are charging me almost £70 in bank charges!! I have called them and asked why on earth the sudden change and they are saying I should have received a letter some months ago?? and also if I bank online I would get a message there, I told them I don't bank online so that is not possible. Anyway, my point is £70 charges for a £50 overdraft seems totally unreasonable and I wondered if there is anything I can do about it - I genuinely didn't know it was going to happen and am shocked and quite frankly fuming! As mentioned I have called them and given them a piece of my mind but didn't get very far, going to pay off the overdraft tomorrow and shut the account and will never touch them again. Just wanted to see if there is anywhere else to go with it? Any ideas really appreciated thanks.

colsten

Can you post links to the T&Cs of your current account, and to the fees and charges for that current account, please?

kivsy

I wouldn't know where to start with looking for them to be honest I don't do any online banking, with this account it's just a simple pay in and take money out current account. Had it for years, will look on the bank statement to see the name of the account, its a very basic one though - not very helpful I know!

noh

http://www.barclays.co.uk/CurrentAccounts/Changestooverdraftsandwaystoavoidfees/P1242663274269

You most likely have "Barclays Bank Account".

You will be paying 75p a day overdraft usage charge for any amount up to £1000.

colsten

I think it would really be useful for you to have online access to your account so you can check details anytime you like.

Charges for Barclays accounts - http://www.barclays.co.uk/CurrentAccounts/Changestooverdraftsandwaystoavoidfees/P1242663274269 - does any of these ring a bell?

PeacefulWaters

Those letters that they sent, two of them ... you should have opened them and read them.

mgdavid

When you pay the charges and the OD back and then go to another bank, do make sure you read the Ts & Cs of the new bank account as they are likely to have similar hefty OD charges. When the new bank send you letters and information with your regular statements do read them as they often contain important information.

Fruit_and_Nut_Case

kivsy wrote: »

...I have called them and given them a piece of my mind...

That was possibly not your best move. The vast majority of posters report much more success with the softly, softly approach; profuse apologies and promise not to do it again.

getmore4less

There was plenty of notice of these changes from the OD/reserve model to the daily charge model.

http://www.barclays.co.uk/CurrentAccounts/Changestooverdraftsandwaystoavoidfees/P1242663274269

they started 16 June did you not have charges on the previous months statements.

If you change to a <£15 OD then the fees should stop.
Better would be run the account sensibly.

Running with a OD what the rational behind it?

OhReally_2

kivsy wrote: »

Hi,
I don't know if any of you can help me please. I have had a standard Barclays current account for about 10 years now. Its not a main bank account for me, I use if for online purchases. It has a £100 overdraft limit and I choose to always keep the account a little overdrawn - say £50. it works for me that way and I have always paid around 30p a month for the priviledge. Not very money saving but as mentioned it works for me. Anyway, I have received my statement today and have found that last month, this month and planned for next month they are charging me almost £70 in bank charges!! I have called them and asked why on earth the sudden change and they are saying I should have received a letter some months ago?? and also if I bank online I would get a message there, I told them I don't bank online so that is not possible. Anyway, my point is £70 charges for a £50 overdraft seems totally unreasonable and I wondered if there is anything I can do about it - I genuinely didn't know it was going to happen and am shocked and quite frankly fuming! As mentioned I have called them and given them a piece of my mind but didn't get very far, going to pay off the overdraft tomorrow and shut the account and will never touch them again. Just wanted to see if there is anywhere else to go with it? Any ideas really appreciated thanks.

Well I'm not sure how choosing to keep an account in overdraft, particularly such a relatively small amount on a secondary account, could ever work for MSE'er. :huh:

And you say you only paid 30p a month for borrowing that £50? :huh:
If true, that would be an amazingly low amount for an overdraft. According to my calculation (which may be wrong) I calculate that at just 7.2% p.a. interest.
In my experience, bank overdrafts typically used to charge about 20% interest for overdrafts (before they changed to the mew way of charging)

OhReally_2

colsten wrote: »

Can you post links to the T&Cs of your current account, and to the fees and charges for that current account, please?

kivsy wrote: »

I wouldn't know where to start with looking for them to be honest ...

Really?

Have a think about it and then get back to us