Barclays unilaterally changed my account! 1 July 2022 at 8:55AM in Reclaim bank & credit card charges 5 replies 370 views

Mark_at_home

I've banked with barclays for over 40 years and have had an interest free overdraft on my current account for many years. The overdraft ammount is £2700 but Barclays havr started charging me 35% EAR (variable) for using this facility. As soon as I go £1 overdrawn. 
I don't recall any correspondence informing me of this and in these testing times, it smacks of profiteering. My income is an occupational pension, so I'm limited in my income options.
What would people advise? 

Thanks

[Deleted User]

Clear the debt and stay out of your overdraft.

They'll have legitimately changed the terms and sent you notification of the change.

dunstonh

I don't recall any correspondence informing me of this and in these testing times, it smacks of profiteering. 

It was changed back in 2020 and notifications were issued back then in the post.  A little brochure type mailing outlining changes to their tariff. 

So nothing to do with proiteering during a period two years later that could not be predicted.

What would people advise? 

Don't go overdrawn.  It is one of the most expensive ways to borrow longer term.  It should only be used if it is literally a few days.  If you are repeatedly using it then look to change to cheaper borrowing.

Mark_at_home

Thanks for the replies.
Don't go overdrawn is not the most helpful advice but I understand it. 
My bank app still says I have an interest free banking facility yet I'm being charged for using it. 

[Deleted User]

You could complain and see what they come back with but unfortunately one of the unintended consequences of action of sites like this when they try and "help" by changing overdrafts because some people were running up a lot of charges which harmed those using them carefully - blanket OD % are now charged rather than ad hoc fees

dunstonh

Don't go overdrawn is not the most helpful advice but I understand it. 

It is if the use of the overdraft is continuous.  Switching to a loan can save money if it avoids future overdraft use.

My bank app still says I have an interest free banking facility yet I'm being charged for using it. 

If you are being told in two different places that your terms are different then you need to complain.