Barclays slash overdraft charges

optikal_2

I have to say this is just another step in the relentless charge of Barclays to milk its customers of as much money as possible - the unsurprising thing is that this will affect poorer customers the most, as they will have the smallest overdrafts and are therefore most likely to go one pound over into the "supercharge" area.

Barclays - one quick question: if you are able to give a £100 pound overdraft customer a £150 buffer, then why not just increase their credit and give them a £250 overdraft?

This is an excuse to further increase Barclays profits from its high-street customers to pay for the shortfall it has at the top of its business; where speculative investment has cost the bank (and indirectly the BoE through bail-outs) billions of pounds. The bonus cheques of their traders are up into six-figures regardless of whether they have made the bank a billion or, more likely recently, lost it.

Barclays need to start to introduce some semblance of ethics into their business-plan, capitalism in its correct form is ethical, Barclays appear to have forgotten that.

IMHO do not be tempted by this offer – avoid at all costs

mccarthystuart

Can anybody give me some advice here?

Is there still anything at all that I can do to claim back all the unfair charges I've incurred over the years? (in spite of the new barclays reserve plan?) If anyone can give me any help in this department, I'd be very appreciate.

Also, can I still opt out of the reserve?

Thanks.

Scousebird_2

oasisfeverish wrote: »

Sorry to respond to my own reply.

Another reason Barclays have gone down this route (other Banks probably will too) is that with the Test Case for bank charges there was a rummour of £8 as an acceptable fee for returning a item, that the court/OFT/Banks may agree on.

That way from today it will stop anyone being able to reclaim these fees from the 18th August 2008 onwards. As a account/overdraft/reserve fee is not permissable to reclaim, effectively closing the hole for future claims from today onwards.

Although please be assured you can still claim charges that were applied before today going back 6 years.

A clever move for Barclays, not the customer.

I echo this!!

Fishmeister

I have just received a 22 pounds 'fee' to my Barclays account. I was over my overdraft limit by 12 pounds for a matter of a few hours before getting paid. In the past, if I was over my overdraft limit and I got paid the next day, I would phone Barclays and they would say that providing the money was in my account by the next day, a charge would not occur (this was sometimes not always the case, but most of the time it was).

I was told by a barclays manager that because I dipped into the 'Reserve' I automatically recieved a 'Reserve Fee' of 22 pounds. When I stated that this is a fancy way of saying 'Bank Charge' she said that they are completely different. I fail to see the difference!. Is this Barclays new way of avoiding the Bank charge reclaim?.

I did not recieve the money back as the manager was adement that the bank would under no circumstances, refund it back to me. She said that letters were sent to everyone explaining the 'Reserve Fee' but I recieved no letter and the first time I saw it was when I was on my Internet banking a few days previously.

Has anybody else had any problems with this new system and does any one else agree that this is just a new way of saying 'Bank Charge'??

looby75

I haven't received a letter about it either!

I haven't had any problems but I do agree it's just another bank charge.

helping_hubby

Myself and hubby got the letter. There was an opt out form included.

lifesuckssometimes

Fishmeister wrote: »

I was told by a barclays manager that because I dipped into the 'Reserve' I automatically recieved a 'Reserve Fee' of 22 pounds. When I stated that this is a fancy way of saying 'Bank Charge' she said that they are completely different. I fail to see the difference!. Is this Barclays new way of avoiding the Bank charge reclaim?.

I did not recieve the money back as the manager was adement that the bank would under no circumstances, refund it back to me. She said that letters were sent to everyone explaining the 'Reserve Fee' but I recieved no letter and the first time I saw it was when I was on my Internet banking a few days previously.

I would fight this charge as stated by barclays FAQ

Q. If my balance goes into my Reserve during the course of the day, but my balance is back within my overdraft limit (or back in credit, where I don’t have an overdraft) by the end of the day, will I be charged?


A. No. You will not incur a Reserve Usage Fee if your balance (does not exceed your overdraft limit) (or, where you don’t have an overdraft limit, your account is in credit) at the end of the working day.


EDIT... READ THEIR REPLY CAREFULLY NO MENTION OF RESERVE

Eydon

At the risk of being shot down in flames, this has been advertised in branch, on their website and on internet banking. I received a letter a couple of months ago explaining the change, and then another one a few weeks later detailing that the change was going to be applied to my accounts unless I opted out. They then listed all my accounts with a little tick box next to each one if I wanted to opt out and included a reply-paid envelope. I then received a final letter confirming that I'd opted out.

I do think that things like this should be on an opt-in basis (rather than opt-out like it's been implemented), but the whole thing has been fairly well publicised.

Getting back to the original question though, if you were only overdrawn for a few hours, and not overnight, then you shouldn't have been charged and you should fight for your money back.

[stands back and waits to be shot at]

YorkshireBoy

lifesuckssometimes wrote: »

I would fight this charge as stated by barclays FAQ

Is that relevant though?

The way it reads to me is that the OP went overdrawn the evening before their wages went in the following day.

lifesuckssometimes

YorkshireBoy wrote: »

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Is that relevant though? YES

The way it reads to me is that the OP went overdrawn the evening before their wages went in the following day. yes

But the way they have worded their FAQ is slightly misleading..

It is alway relevant to fight injustice like unfair bank charges Thanks MSE.

So these new charges are unfair. You can opt out though. there should be a cap on what the bank can charge if you are overdrawn.

Banks have the right to charge you if you are using there money. i.e you have exhausted your funds and are using theirs. BUT it must be capped..