MSE News: Barclays to revamp current account fees – will you be better off?
Options
Former_MSE_Helen
Posts: 2,382 Forumite
"Barclays current account customers who dip into their overdraft are to be charged less from 16 June"
Read the full story:
Barclays to revamp current account fees – will you be better off?
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
Barclays to revamp current account fees – will you be better off?
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
0
Comments
-
In a nutshell - No i will be worse off as i start a month £1000 od so will be charged £22.50 a month regardless, which is more than my reserve fee0
-
Yeah ill be worse off too, mine is 600 and always go into it by around 550. Looks to me like most people will be worse off unless you have a premier account where overdrafts are interest free up to 1000 however you can only hold this account if annual income is more than 75,0000
-
These fees have been creeping up for each bank since the won the penalty charge case against the OFT.
It still feels very much like a penalty charge in some cases, but all wrapped up in account fee structure instead. For instance, how can they justify a cliff edge where at £999 OD it costs you £0.75 and at £1,000 it costs £1.50.
The banks can just seemingly change these T&Cs with absolute impunity.Total Value of wins in 2009: £900 appox. 2010: £730Wins 2011: Carlisle Utd Tickets (twice!), Baby Food Hamper, Straighteners, Chugginton Toy0 -
Just don't use an overdraft and it will cost you nothing.0
-
Just don't use an overdraft and it will cost you nothing.
Easier said than done.
To those who take offence by that comment, and there will probably be a few because nobody can simply magic away an overdraft that they feel unfortunate circumstances got them into, the logic is sound, even if it appears blunt.
If I had an overdraft, I wouldn't complain that the banks are putting up charges - I'd use higher charges to motivate me to get rid of the overdraft in the first place.0 -
As I, and many others on here, said in the lead up to the court case..."be careful what you wish for". The trouble is that many others couldn't see this coming!These fees have been creeping up for each bank since the won the penalty charge case against the OFT.
One outcome of the court case was clearer fees for using an overdraft facility, so gone are the 19.89% EARs (who amongst us could accurately define EAR without googling it?...and who could forecast their costs on a fluctuating debit balance throughout the month?) and in come 50p/£1/£2/£3/£5 per day fees (which are nice and clear to understand...I mean everyone can multiply two numbers together can't they?).0 -
-
You might have more credibility if you'd spelt "overdraft" correctly on your petition (as opposed to "overdraught" as you've written).0 -
Thanks for the heads up Herbalus0
-
Overdraft is a courtesy measure, like a bar tab.
There is no reason why a pub should let you drink without any guarantee that you will pay them back. If they did, they will have a lot of OVER-DRAUGHTED beer. :beer:0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards