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'Barclays is about to triple the cost of my overdraft'

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The bank is scrapping its percentage-based overdraft fee in favour of a flat daily charge

 

Barclays customers have reacted with fury at the forthcoming changes to overdraft charges that will cause some borrowing costs to triple. The charges for an arranged overdraft will change from a percentage figure to a daily fee from June 16.

 

Barclays said the measure was intended to increase transparency and make it easier for customers to calculate their costs. However, the changes mean some customers will pay far more for borrowing an agreed amount from the bank. Barclays is sending letters to more than five million personal current account customers who have an overdraft, and The Telegraph has heard from a number of readers who are frustrated with the changes. Roger, a 61-year-old engineering consultant from Essex, said he was leaving the bank as a result.

 

More: http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/10772832/Barclays-is-about-to-triple-the-cost-of-my-overdraft.html


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If you don't move your account but just whinge, then you deserve to be charged all they can get out of you.

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