 Bank accounts |
| Search News |
|
|
| Find an IFA |
|
|
| Browse |
|
| UK Spotlight |
On the eve of what is sure to be Alistair Darling's most important political statement there is speculation and counter speculation about how he will address the situation of the UK economy next...
→
Read More
|
|
| Disclaimer |
| Financialadvice.co.uk adheres to the Financial
Services and Markets Act 2000. This site contains only factual and
readily available public information. |
|
|
|
Best Buy Saving
You need the best advice when saving to buy and when investing.
|
|
|
|
|
|
Thursday 14th August 2008
In a move which looks very interesting in theory but may not be as good in practice, Barclays Bank has announced a number of changes to the way it deals with unauthorised overdrafts. Currently those who exceed their overdraft will be charged £35 and interest of 27.5% on the amount in question. However there are big changes afoot in an attempt to sweeten the impact of a possible loss in the high courts with regards to the current charging structure – and compensation claims in the hundreds of millions.
The new structure from Barclays will see each customer allocated a personal reserve of between £150 and £1,500 to cover above and beyond their agreed overdraft limit. If they exceed their overdraft and move into their personal reserve they will be charged £22 but they will be able to make unlimited transactions for five further days without further charges. It is unclear what happens after the five day period although one would presume the customer would need to cover the excess and return their account to normal or organise a new overdraft limit?
It is also worth noting that those who exceed their personal reserve will be charged £8 for each excess payment attempt although the tranactions will be blocked. |
→ Full Bank accounts News Archive
→ Return to Homepage
|
|
|
|
| Other top stories in this section:
|
|
|
|
