Barclays Current Account 'upgrade' mis-selling

[Springboard]

I don't know if anyone has encountered this problem? I have banked withBarclays for over 30 years; I have several deposit accounts and a current account with an unsecured overdraft facility of 4k and certain other benefits that I found useful including RAC membership. I paid a small fee for this account but it was worth it.

 

In January I received a call from Barclays suggesting that I would savemoney if I switched to another product, I would receive a 1k interest free overdraft plus other benefits (that I would use) for a small fee. I agreed butwhen I received the paperwork I realised that the account would cost more asthe interest on the overdraft over 1k was 8% higher than my previous rate, thiswas never mentioned in the initial call.

 

I called the bank and said that I wanted to revert back to my previous account as there would be no saving to me and was told that the 'product' nolonger existed and that they had other schemes that where similar but notexactly the same.

 

My account was changed back but again, upon checking the interest it is now5% higher than my initial rate and I have been told this is the best they cando.

 

My question here is - despite running through a very long Q&A whereby the advisor 'matched' my needs to the product at no time wasthe rate of interest mentioned nor was I told there would be an increase.

 

None of the calls from Barclays touched on the rate of interest, I thought this was illegal? Does any one know?

[Mr lex]

Barclays are infamous for doing this. In fact a 'whistle-blower' program on BBC showed how Barclays staff would switch peoples account WITHOUT asking, if they thought they could get away with it. A handy little bonus for them @£20-£50 a time.

 

I suggest you go into your branch and rise hell with them, threaten them with a report to OFT and FOS if your old account is not reinstated, and do so if they don't. IMHO this is miss-selling

 

Lex

[slick132]

Hi Springboard,

 

Follow Lex's suggestions and if you get no joy in-branch, tell them you'll make a formal complaint to HQ.

 

Then, if necessary, complain in writing to Barclays London HQ setting out briefly what happened and why you're unhappy.

 

Give them 14 days to resolve your complaint, failing which you report the matter to the FOS and other relevant authorities.

 

If you have been left in a worse position than you were originally, then it's reasonable to ask that they restore the facilities that were previously available to you.

 

[Springboard]

Thanks LexWill do - it's just so annoying as it's 'time' and I have quite a few battles going on at the moment. Would this come under the 'mis selling' banner?Will post the outcome. Best

Barclays are infamous for doing this. In fact a 'whistle-blower' program on BBC showed how Barclays staff would switch peoples account WITHOUT asking, if they thought they could get away with it. A handy little bonus for them @£20-£50 a time.

 

I suggest you go into your branch and rise hell with them, threaten them with a report to OFT and FOS if your old account is not reinstated, and do so if they don't. IMHO this is miss-selling

 

Lex

[Springboard]

Thank you SlickWill do, especially using the phrase 'being left in a worse off position' Awful thing is this is what I consider sharp practice more akin to loan shark rather than the bank I've been loyal to for 30 years! Will post the outcome. Thanks again.

Hi Springboard,

 

Follow Lex's suggestions and if you get no joy in-branch, tell them you'll make a formal complaint to HQ.

 

Then, if necessary, complain in writing to Barclays London HQ setting out briefly what happened and why you're unhappy.

 

Give them 14 days to resolve your complaint, failing which you report the matter to the FOS and other relevant authorities.

 

If you have been left in a worse position than you were originally, then it's reasonable to ask that they restore the facilities that were previously available to you.

 

[slick132]

Thank you SlickWill do, especially using the phrase 'being left in a worse off position' Awful thing is this is what I consider sharp practice more akin to loan shark rather than the bank I've been loyal to for 30 years! Will post the outcome. Thanks again.

 

I'm afraid the loyalty between banks and customers got left by the wayside many years back. I reckon it was around 2000 when I realised that my excellent relationship with business managers no longer mattered or counted for anything. They has little or no discretion and all the decisions were being made by HQ and/or computers.