This mainly affects people with the visa connect card and those with a authorised overdraft.
Although i work for barclays i am able to report this as a customer of barclays too as ive just recieved the letter stating the proposed changes to current accounts are WEF 18th august 2008 much early than expected.
i wont bore people with the full transcript as a lot of you will recieved such notice within next few days
here is a basic lowdown of whats going on
1)-introduction of a new personal reserve limit in addition to your current account which customers will be charged £22 for every 5 working days the customer enters their reserve limit.
i.e £10 overdraft limit customer falls into their £150 personal limit which if they stay in that limiT for 10 working days the charge will be £44,suspensions and restrictions may be applied at any time depending on the individuals situation.
2)-BANK CHARGES-our fave subject nowadays is being re-jigged given the introduction of the new personal reserve limit,when customer goes over the personal reserve limit the new charge whether transaction is paid or unpaid is £8.
i must warn customers that the maximum of 3 charges per month has been removed as i predicted on another thread and it looks like it will change to a maximum of 5 PER WORKING DAY so basically a typical customer can be charged for 5 per day for 3 days making 15 charges at a grand total of £120,it doesnt say anywhere in the letter ive received that there will be a limit per month JUST PER DAY.
3)-OPT OUT,there is a chance to opt out of any reserve limit given by replying in the pre paid envelope with the opt out form enclosed(simple form) BEFORE 18TH AUGUST,after that customers will need to go to branch or ring the number given in the letter.
I TAKE IT LOTS WILL HAVE COMMENTS AND QUESTIONS,however i wont be able to answer any for at least 1 week as this is a last minute post before i go on holiday today,feel free to post tho and any questions that cant be ansewered till next week will be sorted when i get back.