Barclays Bank now charging extortionate DAILY rates for overdraft facility!

[williaminajetfighter]

Just received mail from the f*ers at Barclays letting me know that for the purposes of 'transparency' they are now moving from a %ge charge interest I overdraft to a monthly fee -- £1.50/day for overdraft of up to £2k, 0.75/day for up to 1k.

I currently pay about £17 in interest a month but that figure is going to shoot up to about £40/month -- which is CLEAR for me to see, Barclays, if we are talking about being transparent after all.

So cross. I know it's not a huge amount but, collectively, it's a massive money grab. Plus as there isn't a set interest rate the charges are just likely to nudge up and up...

Has anyone else experienced this or have similar at their bank?

Yeah, I'd shift. Lloyds charge eyewatering amounts for unplanned overdraft but I think the planned overdraft APR is 'only' about 19%. If you're overdrawn pretty much all the time, this sounds like a Bad Deal.

Worth ringing them and asking if they have any other accounts that go for a %age? Might be worth going for one of the upgrade accounts even if you have to pay monthly?

Thx Joan. These are the fees for PLANNED overdraft so just being in, not over, your agreed overdraft amount. That is why I am so cross/fuming!

Or maybe I'm overreacting due to being awake at 3am thx to 20wk old baby wanting fed constantly!!

Give them their money back and move then. If you borrow money, then you know it comes with a charge. A daily fee is far better, keeps things simple for people to understand and seems more open.

Yes I agree "daily fee is far better, keeps things simple for people to understand". Nationwide charge £0.75/day with max charge of £16.50pcm, Santander £1.00/day 20 day cap with max charge of £20pcm. Barclays charge up to £3.00/day with a max charge of £93pcm!! From Facebook and Twitter 'Hundreds' of people are saying their fees with double or triple each month! Transparent and fair is great, but why to Barclays need to charge 400% more than other high street banks?

To see evidence of of so many others saying 'exactly' the same thing, please feel free to review Retweets on my Twitter... www.twitter.com/craigknibbs

Oh no… I'm not in overdraft much, but I'll probably move out of principle once we've bought a house. Shame on Barclays!

I've just switched to Barclays in the last couple of weeks and have had to extend my OD today to cover a shortfall during the switch. They've explained this to me today and I'm fuming. I'm going to pay the OD back and switch again ASAP. Fuckers.

Right there with you OP!

Loyal Barclays Bank customer for 10 years and just received this letter today. They can shove it! I'm switching to first direct who my other half is with. First £250 of overdraft interest free and next £250 is 15% EPR. Still cheaper than Barclays. Plus we each get £100.

I've always said how great Barclays are but this really stinks. And it's the patronising tone of the letter almost implying that we've changed it to a daily rate as our customers are too stupid to understand interest. No, it's so you can make more money!

We have been hit by this. We're still struggling with student debt (actually, we're not struggling, just living perfectly well the wrong side of 0 but not saving quick enough). I suppose now it's probably best to get a loan to pay it back and/or move banks.

Halifax did similar changed it to a pound a day for planned overdraft. It is ok for us though as we only rarely go overdrawn.

I already commented above.

Anyone who is unhappy with Barclays, please sign this petition against their new overdraft fees.

www.change.org/en-GB/petitions/barclays-bank-stop-charging-these-crippling-overdraft-fees?utm_source=share_petition&utm_medium=facebook&utm_campaign=share_facebook_mobile&recruiter=89068476

Thanks for the heads up on this guys.i have just cleared dh's overdraft with my savings (much as it pained me to do so!) so that he can phone them on Monday and cancel his overdraft.thought about moving banks but couldn't be bothered with he hassle and would just be transferring the debt.