Changing Banks due to Bank Charges

Richard_28 · 14 August 2019 at 11:15AM

Hello everyone,

I hope this is in the right area and my apologies in advance if it is not.

So, to cut a long story I have pretty much been living in my £3000 overdraft since I graduated Uni in 2009. It was a graduate additions account so I think I paid roughly £7 a month for it or something. I remember basically it was a small amount that I barely noticed it.

Due to a few issues in life etc I have remained in this over draft since then. About 2 maybe 3 years ago Barclays contact me in regards to changing my type of account. I received letters and had a phone call with someone and ultimately I agreed to the change.

Then I discover that a part of the account change are new overdraft ones. High ones. Ones that would make ones eyes water.

So...I have for some reason suffered these charges for the last few years out of...oh...I dunno...call it a mixture of shame/pride/loss of pride/depression/anxiety etc.

Last year I was diagnosed with a very serious lung condition. It affected my ability to work and whilst harsh things have improved and I now back at work. However I am through with p*****g money away with a bank that doesn't care.

So...

At the moment I am NO position to simply pay off the £3000 overdraft. I have various other debts I am handling ok and reducing slowly but paying between £80 and £90 a month for bank charges is something I can't stomach anymore.

I mean don't get me wrong. I'm a realist...banks that work for free and I am responsible for my own debt of course but being charged for having now money...I dunno. Thats a paradox there somewhere.

So what are my options?

I haven't tried talking to the bank yet because I work 5 days a week and I feel it's a conversation best served in person then on the phone.

Some people have suggested moving all my in goings and out goings to another bank and then waiting for Barclays to spit the dummy and discuss a repayment plan with them.

However I can't help feeling this with shred my credit score (which whilst weak is getting better slowly).

What would people recommend?

Please understand to some my circumstances may seem absurd and I appreciate a lot of blame lays at my door but I want to do my best to start getting things going in the right direction.

Thank you sincerely in advance for any help or advice offered.

CakeCrusader · 14 August 2019 at 12:17PM

Most Barclays banks are open on Saturdays, so I'd go in and speak to them. They will know the options (maybe turn it into a loan so you're not hit with charges).

Richard_28 · 14 August 2019 at 12:22PM

Thanks for the message.

Sadly my nearest Barclays closes on a Saturday.

CakeCrusader · 14 August 2019 at 12:34PM

https://www.barclays.co.uk/help/contact-us/

In all honesty it's worth taking half a day holiday for or calling them. If you bury your head in the sand the problem will only get worse. Opening a new bank account is an option, it will mess your credit rating up though and you'll still have to pay the overdraft and any fees so you'll be worse off. Speak to them, they will help you find a way to repay this that you can manage. Banks aren't all bad, but they can't help you if you don't tell them what's going on.

Richard_28 · 14 August 2019 at 1:02PM

Thanks again.

I think you're right. The new bank account thing seems like a good idea in theory but I can see it getting nasty when really a conversation with Barclays before hand could solve things for me.

Mrs_Ryan · 15 August 2019 at 12:21AM

My OH is in exactly the same situation- same bank, same problems.
I’m moving his account to NatWest and just going to pay off a bit of the overdraft every month. I’m going to clear a lump of it for him in October so at least the charges should reduce a bit.
Interestingly, Barclays themselves admit their charges are excessive. I had a ‘heated debate’ with their complaints department in which I mentioned their charges are ridiculous and was told laughingly ‘we’re one of the most competitive banks out there for charges’ yet someone in their loan department admits ‘there are far better options out there’ especially when I put it to them that the overdraft OH has been offered with NatWest (slightly less than Barclays but broadly comparable) would cost £34 a month if he used it in full (which he won’t!) He’s paying £96 with Barclays. An overdraft at the same limit with NatWest would cost £45 per month.

Andyjflet · 16 August 2019 at 4:03PM

Likewise, same problem, same bank. Fair enough its my own doing but I have had to go round the houses a bit to sort it.

My salary is paid into a different bank and I transfer, so I have used some savings and a loan to top that account up, clear the overdraft and shut the account down, which I have had since 1985. Likewise I was paying probably £80 a month. The loan is at 3% so cheaper than the overdraft. They send a yearly statement and it cost me £916 to live in that overdraft in the last 12 months !

Feels good to have closed that chapter, although I put it on social media and there response was this,

"Hey, we are sad to hear your leaving us, we appreciate your loyalty, good luck for the future"

"

[Deleted User] · 16 August 2019 at 5:53PM

Andyjflet wrote: »

Likewise, same problem, same bank. Fair enough its my own doing but I have had to go round the houses a bit to sort it.

My salary is paid into a different bank and I transfer, so I have used some savings and a loan to top that account up, clear the overdraft and shut the account down, which I have had since 1985. Likewise I was paying probably £80 a month. The loan is at 3% so cheaper than the overdraft. They send a yearly statement and it cost me £916 to live in that overdraft in the last 12 months !

Feels good to have closed that chapter, although I put it on social media and there response was this,

"Hey, we are sad to hear your leaving us, we appreciate your loyalty, good luck for the future"

"

Yep, when I once got into difficulty with an overdraft I couldn't pay off due do a decrease in income, the only way was to call it a day and switch banks. If I hadn't it would have never been ending, money going in just to cover overdraft and being back at the limit by the end of the month again.

moremore · 17 August 2019 at 1:00PM

Sorry if this is in the wrong thread concerning an everyday account use mainly for purchases online.
I noted £20 had been taken from the account and called into the bank to find out who had taken the £20 from account but said they did not know, I then advised the member of the staff but you could easily tell with so many cctv cameras inside bank who took the £20 from my account.
I was advised then the money would probably return and all that was needed was phone the bank.
A call was made to the bank and after assurance my card was never out of my possession the money was returned to my account, but still do not know who took the £20 out of my account.
On receipt of bank statement from same bank it had bank charges on it from over a year ago. Statement date 1/7/2018 to 30/06/2019 It said bank charges for unarranged overdraft £18.00 in July 2018 and on the same statement it £10 charge for 55p overdraft for one day and another 55p on following day for same item.
Went into the bank again I question this and also the £20 been taken out of my account but was told the £20 had been put back into my but it was gone from my account for 17 days before I noted it and it took 2 days before it was back in my account?
Also I asked for monthly statement last year as I would be more helpful for me but was not told they charge £1.50 for monthly statement I only noted in the charge in statement received about 2 weeks ago 1/7/2018 to 30/06/2019.
My question is can I charge the bank for unauthorised money taken from my account that they do not want to investigate for me? Sad they got dementia patients on their ATM screens

Changing Banks due to Bank Charges

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