UK Money News
30th May 2008
Barclays slashes overdraft fees
Barclays is to cut its overdraft fees, in a move that is expected to be aped by rival banks in the coming months.
As of August 18th, Barclays customers will pay a penalty of £8 if they go overdrawn without prior authorisation.
The current charge for going into the red is £35.
Barclays also confirmed it is to replace the overdrafts on its range of current accounts with a personal reserve of up to £1,500.
This will effectively function as a buffer zone with customers paying a one off charge of £22 to set up the facility.
Which? chief executive Peter Vicary-Smith said: "We've long said that people want simple and transparent banking and Barclays is going in the right direction.
"It would have addressed a lot of customers' problems if this had happened years ago. We are pleased to hear Barclays' commitment to fee-free current accounts, and hope that other banks will follow their lead."
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