Unknown Bankcharges

SteveF1

I am after some advice.
I recently visited my bank (Barclays) and paid of my overdraft (£4300). Whilst doing so, i inquired how i may be able to cut my overdraft costs. I spoke with a Customer service adviser who suggested an Additions account, I was under the impression that I already had an Additions account, but was informed that i only have Basic Barclay's account. After some investigation it was confirmed that i did have an additions account but this was discontinued in September 2004. It was pointed out to me that, had i kept the Additions account my overdraft costs would have been greatly reduced from 15.6% EAR TO 9.9% EAR plus the inclusive benefits, although it looks like that i have not been charged for the Additions account from September 2004 I feel that in my situation i have been over charged due to being continuously overdrawn and paying the higher overdraft rate. I gave no instruction to Barclays to remove my Additions account. I have lodged a complaint and awaiting a reply. Any idea what i should expect from Barclays.

Many Thanks
Steve F1
:cool:

annettetabs

Hi my Husband had a Basic Account with Barclays a few years ago and an overdraft was not allowed at all on this type of account. Therefore surely Barclays should have informed you of this and requested you to clear the overdraft immediately. Why was Additions removed from your account without your knowledge. Sounds like Barclays have made some serious errors?

borgbaiter

hi

what does it cost to have an additions account? Do you need/want the other benefits of additions?

in cash terms the difference in interest rates is about £20 a month.

as they did it without your instructions they should refund any difference there maybe but i dont see it being a huge amount.


good luck


Borgbaiter

SteveF1

Additions Cost = £138 per year.Benefits include: Road Side & Homecover , Will Writing Service (I took this up), Domestic Emergency Cover, Mobile Phone Insurance,
Legal Helpline, £7500 Accidental Death Benefit There are others but I believe these are the main ones. I recently took out AA Road Side & Homecover, that cost me £80 alone. I didn't understand the comment about the £20 a month. Over 3.5 years this amounts to £800 and thats without taking in to consideration the benefits that i have lost out on, so i think it is worth pursuing.

Regards
Steve F1