BARCLAYS has become the latest bank to shake up its overdraft charges following rises from HSBC, First Direct, NatWest, Nationwide and RBS. The bank is scrapping its daily overdraft flat fees to in…
The shake-up comes amid new rules being introduced from April 6 by the Financial Conduct Authority that will see banks banned from charging rip-off overdraft fees, although they can still charge interest.customers pay daily charges of 75p for overdrafts of up to £1,000, £1.50 for overdrafts between £1,000 and £2,000, and £3 for overdrafts of over £2,000.
Barclays is also slashing fee-free overdrafts on its premier and packaged accounts, meaning some who currently use their overdrafts for free will pay interest.Customers will still be able to use the £15 buffer, which stops you from being charged if you dip into the red.Customers with larger overdrafts will be worse off under the changes, while those with smaller debts will enjoy lower costs.
Barclays told The Sun 94 per cent of its customers won't see a change, or a reduction in their charges due to the shake-up.Andrew Hagger of Moneycomms told The Sun: "Because Barclays currently charges fixed daily fees for overdrafts, the new 35 per cent rate will be cheaper for many customers especially smaller sums and short term overdrafts.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Driver fined £100 for waiting ’35 seconds’ for car park barrier to riseFurious Nigel Wright was 'gobsmacked' at being accused of parking in a ‘no stopping zone’ while pulled up to an entry barrier at East Midland Airport’s short stay car park
Read more »
Barclays £322m Qatar deal 'could be seen as way to hide payments'Ex-Barclays executive Roger Jenkins is accused of fraud over payments during credit crisis
Read more »
Homicide level down for first time in five yearsLast year saw killings across the UK fall but London's level rise to its highest since 2008.
Read more »
This is the healthiest non-dairy milkFrom oat to coconut milk, we asked a nutritionist which is best for you.
Read more »
Pension funds urge Barclays to stop lending to fossil fuel firmsInstitutional investors file resolution for AGM of bank to phase out loans to fossil fuel projects or companies
Read more »