Barclays personal reserve

seaglimpses

This is a sneaky, underhand way for Barclays to still commit daylight robbery on their customers no matter what the High Court decides on charges.

I agree - when I first read the letter I thought it was positive but my partner saw straight through it - it is appalling! As one of the previous posters said, I hope Martin does get involved in this.

I am going to close my Barclays accounts.

I have also found that when I have logged on to transfer money to another bank account that I now need a pin device to do so - I already have one from Natwest which was sent out well in advance of the new system coming in - Barclays have not even so much as mentioned this change let alone take any action so I cannot use my online banking to transfer my money until they now send one out consequently incurring costs elsewhere. Useless!! Time to switch!! :mad:

Mike_Hart

I received one of these letters, and I opted out for both myself and my Mum. If this is simply a way of Barclays flogging a service that gets around the 'fees' problem, doesn't it count as inertia selling?

There must be better links, but e.g...
http://www.weblaw.co.uk/articles/consumer_protection_regulations_2000/#head5

According to this, inertia selling of a service in this way is illegal.

- Mike

tiptoe_mouse

abiwoolhouse wrote: »

I have also found that when I have logged on to transfer money to another bank account that I now need a pin device to do so - I already have one from Natwest which was sent out well in advance of the new system coming in - Barclays have not even so much as mentioned this change let alone take any action so I cannot use my online banking to transfer my money until they now send one out consequently incurring costs elsewhere. Useless!! Time to switch!! :mad:

I think I read somewhere on MSE that these devices are all the same - ie you can use the natwest one with your barclays account. Worth a try?

I agree that the way they introduced the system leaves a lot to be desired - I received one of these gadgets and have to use it every time I log on, which is a complete pain. Do Natwest make you use it all the time, or only when setting up payments?

I now have to remember to take my PIN reader with me when away from home. Surely this system is less secure - if someone shoulder-surfs to get my PIN then steals my bag, they have everything they need to empty my account via online banking, whereas my password and online code were only ever in my head.

My partner, on the other hand, hasn't received one of these pesky devices. He can therefore log in normally, but can't set up payments. Thing is, we have a joint account! So for day-to-day balance checks, he logs in, meaning I only have to faff with the card reader if we want to set up payments.

tiptoe

seaglimpses

My partner, on the other hand, hasn't received one of these pesky devices. He can therefore log in normally, but can't set up payments. Thing is, we have a joint account!

Lol - crazy!! The Natwest one is only if you want to make or amend payments - had no problem with that as I had it sent before the scheme started.

If this is simply a way of Barclays flogging a service that gets around the 'fees' problem, doesn't it count as inertia selling?

This is an interesting point - anyone legal on here??

Scousebird_2

lauren_1 wrote: »

Mine was up to £700, i think its a croc of poo, just the charges with out the dent in your credit file yet they are proposing £22 for the first 5 working days then reappying them every 5 days after that, no monthly limit at all.

Just sounds like a very very expensive overdraft to try and claw back what they have lost in paying back charges

I actually agree with you here. We have opted OUT of the new 'service',

Scousebird_2

Catherine_Gray wrote: »

This is a sneaky, underhand way for Barclays to still commit daylight robbery on their customers no matter what the High Court decides on charges.

This is gift-wrapped as a favour, but what it actually means is that Barclays will still be rolling in it even if the OFT rules that bank charges are excessive and illegal. This is because by introducing this personal reserve, they can argue that they gave all their customers the option to opt out of this 'service' and that it's a FEE for a service rather than a PENALTY.

As soon as the High Court rules bank charges are illegal, all people who have opted out of the Personal Reserve will be better off. People who have opted in will be just as badly off as they were before.

I strongly advise everyone to opt out, the personal reserve is a very clever way of them still imposing unauthorised overdraft fees, just under a different name.

As soon as I got my letter I wrote back, and emailed back, and rang them. They can easily claim they didn't receive your slip in the post, so I would recommend this.

Barclays are absolute cowboys! If I didn't owe them so much I would be leaving immediately.

I feel as strongly as you on this one Catherine. The fact that you have to OPT OUT of the 'service', rarther than making an INFORMED CHOICE on opting IN to the service displays that the customer has been treated unfairly.

Me and my partner work full time and commute to work-and as daft as it sounds, we don't use postboxes much these days and I always forget to put things in my bag (such as the Barclays OPT OUT letter) and so they are relying on customer to FORGET to opt out and therefore the customer automatically is put into this service and then if they do use the service-even in error then they will incurr charges.

I also feel that the mailout looked a little like Barclays standard junk mail/marketing...so I wonder how many people just shoved it into a drawrer without reading it??

I don't like the new system and as soon as out complaint over something unrelated to this is over-we will be closing our accounts as we get a far better service from HSBC. And they don't opt us IN to services automatically, that we don't require.

Richard76

I'm hoping that this well help me get out of the mess I'm in at the moment.

Scousebird_2

MABLE wrote: »

Not good when you are ashamed of the employee you work for. Personally speaking I have no faith in them at all. Without any reason Barclays closed down my ISA. When I queried it no ones knows why and the balance of £3,600 just returned to my currant account.

They are and have always been awful and they will never change.

I worked for them and had an awful experience that actually affected my mental health. I was made very sick by constant bullying and pressure from Management and colleagues with prejudiced and judgemental minds.

I understand that pressure is hard and sometimes sales can create competitiveness, but I just got the impression that Barclays were greedy and although they try to sell to need-their selling focuses are ruthless and if you find a need then the customer NEEDS the product you are selling (eg Additions) even if the customer has the £14.50 disposable income, this may be put to better use elsewhere eg-clearing credit card arrears, paying a TV licence, putting electric and gas in the meter etc.....but it's the classic,

FEAR
NEED
WANT

It's a common cognitive sales practice. If you take say the Home Emergency Cover (very good for homeowners btw, if you are renting it can also come in handy)

Fear-''What would happen if your heating broke in winter-you told me you had young children so what provisions do you have in place if this should happen?

Need-Customer has a home and appliances like boilers/heaters etc

Want-Customer will want the account because they will have the peace of mind in knowing this facility is available.

Same with other features like Mobile Phone Insurance, Accidental Death Benefit, Travel Insurance, Breakdown Cover etc. The account is a good account for those that will use it, but the angle Barclays use is you are SAVING your customers money. But if they do not have this cover or benefits that they are already paying for-yes...you will find a need but you are not saving the customer money-you are adding to their committments. It is a good product but things like the personal reserve will make up for the loss of revenue and income, in what seems a turbulent time for Barclays (like for like on last years profits) and in the eyes of a businessman-is a genius way to get customers to ''agree'' to PerRes without opting out.

Classic example to finish-funny how all Barclays customers with email addresses couldn't opt out this way-besides we spend more time on the internet than we do going past postboxes-Barclays see this and are relying on customers like me and my partner to ''FORGET'' to post the opt out letter-and mine is still on my coffee table because I very rarely pass a postbox due to where I live and work.

Great business sense, cr*p customer relations!! Give customers a choice to opt in for a service-because if anyone has a law degree then I am sure this kind of marketing is classed as ''Inertia'' Selling

sdooley

pukkamum wrote: »

Can i ask my husband gets paid weekly and we have no overdraft, we were 'burnt' by credit many years ago and now run a VERY tight ship, however, as every so often things happen, a bit of mis-calculation or a direct debit coming earlier than expected we have occasionally been overdrawn only ever by one direct debit which we amend immediately. So am i right in thinking that we are better opting out and paying the £8 per item fee?

If you don't mind the hit to your credit record, and have only a small or no authorised overdraft, it could be better to opt out. If it's one item only you'll pay £8 plus your overdraft rate will go up to 27.5%. Whether this is cheaper than the £22 charge depends on whether it would be just one transaction and whether you have a large overdraft balance underneath it (there is no interest on use of the personal reserve, though you still have to pay interest on the rest of your overdraft, but at your usual rate not the unauthorised rate).

If you must stay as a Barclays customer, it is likely most people will be safer with the reserve in place. But if you can shop around you may find a better option elsewhere.

forest6

I would have liked to have had the choice to opt in rather than having to opt out when i didnt even know about it. I Didnt get the letter so i was automatically opted in.

Just had a phone call with barclays and they are talking a load of rubbish. Well done to you, I now owe you £22. Good work!