Don't go in the red with Barclays or you might be shafted

27 March 2014

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.

TOPICS:   Banking   Investments   Complaints   Consumer Advice   Economy


  • jim
    Try accidently going overdrawn with natwest, its £6 a day so by the time you get the letter a week later its up to £30. Better off borrowing from Wonga
  • Andy A.
    people shouldn't be shit with the money then. if you haven't got it, don't spend it - the overdraft is the banks money.
  • loishamaltone
    Ah, the famous Barclay's text alert system to the rescue again. Apart from the fact it is delayed by sometimes up to two days after you are overdrawn or near your limit. And of course you end up getting hit for charges, because as we all know, text messages need to clear through the international text message management authority, and always need at least a day to go into the text message clearing system. Or the customers/victims may quickly pop the 20p they accidentally went overdrawn after buying a packet of rolos, back in the account and avoid those pesky overdraft fees.
  • Dave
    I've just spoken to Barclays about my Premier Account. I'm a pensioner, my partner is disabled. My monthly fees will now be £70 instead of around £29. So I'm looking else where.
  • little u.
    Reply to Andy "Pandy" ;| Must be so incredibly lovely to lead such an unblemished trouble free life........well done you!! Unfortunately for the rest of us mere mortals life sometimes pulls the rug violently out from underneath your feet with no warning (even if you are careful with your money). Lets hope you never have to suffer at the hands of the "Gods of Wealth" like the rest of us....oh hang on, forgive me I forgot...... your Mr Perfect aren't you!!!! Tread carefully on that old rug never know ;|
  • Kayleigh
    So they had to pay the public back for miss selling ppi. Now barclays are making us pay it back ha joke!!!!!
  • Adam
    When I decided to agree to the offer of an overdraft my cost for doing so was agreed at £30 a month, Barclays have now decided it should be £93, then when I can't pay a large man will come in my house and take my television in front of my crying kids. Loan shark terms and conditions. The only downside being you can't run Barclays Bank over in your Ford Cortina to get rid of the problem like you can with a loan shark.
  • Col
    If someone is overdrawn by £2,001 over 365 days the total 'new' Barclays Money Printing Machine will charge £1,095 over the same period. That is more than fifty percent of what you are borrowing over the same period on charges/interest. I have two current accounts and business account with them. But not for long.
  • berna
    after 50+ years with Barclays this o'draft "what customers want" is the last straw.Seeking more honourable bank if possible.
  • berna
    after 50+ years with Barclays it appears loyal custom is no longer required.New o'draft facilities will help the bank not the customer.Gone me.
  • Al
    Time to leave Barclays now. This is just another scam to make themselves more money. Time to get a Bitcoin wallet and leave the banks behind.

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