Barclays new 'simpler' fees = 'dearer'

[Michael Browne]

Do you have an overdraft with Barclays? Well, watch out for their new charges, introduced in June, which could see some customers paying up to £93 a month just for using their authorised overdrafts.

 

Under Barclays new charges – which will replace interest – if you spend most of the month in your overdraft but don’t exceed your limit, you could be a lot worse off than if you regularly go over your overdraft limit. Because that makes sense, eh?

 

 

Barclays say that 70% of its customers will benefit from the changes, but an estimated 5.5million customers will be worse off. If you have an overdraft of over £1000 which you’re regularly in, (because you’re SKINT and Barclays happily gave you an overdraft in the first place), you could find yourself penalised with charges of between 75p and £3 a day.

 

 

At the moment if you’re overdrawn by £1200 during 10 days a month you pay £76.14 over a year. But with the new charges, that will go up to a whopping £180.

 

 

Barclays say they’re giving the customer what they want – more transparency on charges. They say that customers prefer a fixed fee rather than complicated interest charges. But many people will be worse off. And although they’re being nice and upfront about it, and introducing text alerts to keep you out of the red, if you’re already IN the red with no chance of getting out, it seems that it’s a case of the hand that once giveth is now taking away-eth, leaving us in the bleedin’ lurch.

 

 

So if you’re a Barclays customer, please note- other banks are available.

http://www.bitterwallet.com/dont-go-in-the-red-with-barclays-or-youll-be-shafted/73621

 

 

 

Barclays to introduce daily overdraft fees that could see customers charged £93 each MONTH

Read more: http://www.thisismoney.co.uk/money/currentaccounts/article-2588983/Barclays-says-70-overdraft-customers-benefit-fee-changes.html#ixzz2yxH9DnZU

 

Barclays current account fee revamp means big losers but some winners

http://www.moneysavingexpert.com/news/banking/2014/03/barclays-to-revamp-current-account-fees--will-you-be-better-off

 

 

[BankFodder]

This was also on Moneybox last Saturday.

Barclays said that their new fees were more transparent - however when the BBC asked them to come along and explain on the programme, Barclays declined to be interviewed. So much for transparency.

 

Barclays clearly confuse confuse transparency with invisibility.

[plucked chick]

I am on pension credit so I have had to live in my £250 overdraft since Christmas and my "buffer" which is £500. Once you go into your buffer you are charged £22 for every five days you are in your buffer - this month I had five lots of charges so it was £110 (as it was a five week month) which wiped out my pension credit for that week and sent me immediately back into my buffer. So this is costing me most months around £88 per month this seems to almost match payday loans??

 

This new deal looks even worse I think - not sure. I went into the bank to ask about these new charges and the staff just looked blank - couldn't tell me anything as they didn't "quite understand them themselves yet!!"

[slick132]

Hi Plucked Chick,

 

I think there will be more and more complaints about Barclays new charging regime once it kicks in, in June.

 

If you want to discuss your case in detail and seek advice, please feel free to start your own new thread, here in the Barclays Forum. There are several ways you can try to improve your financial problems with Barclays, or pehaps consider taking your business to a bank that won't deprive you of your pension credits.