Arranged overdraft remains unchanged. What does that mean?

Fred_Lewis

Hi I bank with Barclays


As a student I had a student account with an arranged 600 pounds overdraft. Recently the account changed to a Barclays Current account. With this change does it mean that from now on for every pound that I go overdrawn I will be charged a fee or does my arranged overdraft still stand?



Many thanks

masonic

What does the rates and charges information about your new current account state?

Fred_Lewis

Look as a quote of the letter:


This is the important bit



Your arranged overdraft limit of £600 won't be affected by the change to your account.



However, you will no longer have a fee-free amount on your overdraft and you will pay a daily overdraft fees whenever you go overdrawn.





My question is; if these fees apply to everything over my '' arranged overdraft limit '' or does it apply from ''- £1''.



The wording of this letter confuses me a little so I just want to double check with someone else.

colsten

Fred_Lewis wrote: »

My question is; if these fees apply to everything over my '' arranged overdraft limit '' or does it apply from ''- £1''.

the fees will apply according to the published Barclays overdraft charges. I believe - but I could be wrong - you have a £15 buffer before charges kick in. I.e. as soon as your balance hits minus £15.01, you will be charged. Please check with Barclays as it is them who will charge you.

Westie983

Hi,

You will still keep the overdraft and the amount, but now you will get charged to use it when you use it. You may have a buffer of around £10 before charges are applied but it wont be fee free like your student account was.

Westie983

boo_star

Fred_Lewis wrote: »

Look as a quote of the letter:


This is the important bit



Your arranged overdraft limit of £600 won't be affected by the change to your account.



However, you will no longer have a fee-free amount on your overdraft and you will pay a daily overdraft fees whenever you go overdrawn.





My question is; if these fees apply to everything over my '' arranged overdraft limit '' or does it apply from ''- £1''.



The wording of this letter confuses me a little so I just want to double check with someone else.

There is literally nothing confusing about the wording. You're going to be paying charges if you use your overdraft.

masonic

The letter clearly states you no longer have a fee-free amount on your overdraft. As others have stated, your account may have a small 'buffer' amount, but if you go above that you'll pay interest on the whole amount you are overdrawn.

colsten

masonic wrote: »

The letter clearly states you no longer have a fee-free amount on your overdraft. As others have stated, your account may have a small 'buffer' amount, but if you go above that you'll pay interest on the whole amount you are overdrawn.

It's not so much interest what they charge, but fixed daily fees

https://www.barclays.co.uk/current-accounts/bank-account/overdrafts/