Now what is my bank up to- "Reserve amount"
Discussion
Seems to be some kind of overdraft get around- I didn't ask for one and showing an 'agreed' rate of £500 suddenly on Barclays personal account internet banking lol Already have a 2.5k overdraft limit I dont use so just silly.
Copied and pasted the below from clicking on help:
Summary of our charges
-One Reserve Usage Fee of £22 for each five consecutive working day period from the day you start using your Reserve.
-No interest payments on your Reserve balance. 0% EAR† typical.
- The Reserve is repayable on demand. The maximum Reserve is £2500, subject to status.
- one Returned Transaction Fee of £8 for each returned transaction where you exceed your Reserve.
- One Guaranteed Transaction Fee of £8 for each guaranteed payment made where you exceed your Reserve.
- Maximum of five fees (whether Returned or Guaranteed Transaction) charged per day.
See Personal Reserve in action - links to video
Understanding fees and limits
To keep things simple, you won’t pay any interest on the balance within your Reserve, and you only pay a Reserve Usage Fee when you use your Reserve.
Reserve Usage Fees
You’ll incur a Reserve Usage Fee for the first five consecutive working days from when you start using your Reserve.
And if you’re still using your Reserve after that time you’ll pay another Reserve Usage Fee for each subsequent period of five consecutive working days.
Returned/Guaranteed Transaction Fees
If you go over your Reserve we’ll return your cheques, standing orders or Direct Debits unpaid, and you’ll incur a Returned Transaction Fee for each transaction.
When we have to make a payment because it’s guaranteed (e.g. one that’s backed by a cheque guarantee card), you’ll incur a Guaranteed Transaction Fee.
Interest payments
You won’t pay interest on any balance within your agreed Reserve. If you have an agreed overdraft, you’ll still pay interest at the applicable rate on any balance within that limit.
† EAR means Equivalent Annual Rate.
Copied and pasted the below from clicking on help:
Summary of our charges
-One Reserve Usage Fee of £22 for each five consecutive working day period from the day you start using your Reserve.
-No interest payments on your Reserve balance. 0% EAR† typical.
- The Reserve is repayable on demand. The maximum Reserve is £2500, subject to status.
- one Returned Transaction Fee of £8 for each returned transaction where you exceed your Reserve.
- One Guaranteed Transaction Fee of £8 for each guaranteed payment made where you exceed your Reserve.
- Maximum of five fees (whether Returned or Guaranteed Transaction) charged per day.
See Personal Reserve in action - links to video
Understanding fees and limits
To keep things simple, you won’t pay any interest on the balance within your Reserve, and you only pay a Reserve Usage Fee when you use your Reserve.
Reserve Usage Fees
You’ll incur a Reserve Usage Fee for the first five consecutive working days from when you start using your Reserve.
And if you’re still using your Reserve after that time you’ll pay another Reserve Usage Fee for each subsequent period of five consecutive working days.
Returned/Guaranteed Transaction Fees
If you go over your Reserve we’ll return your cheques, standing orders or Direct Debits unpaid, and you’ll incur a Returned Transaction Fee for each transaction.
When we have to make a payment because it’s guaranteed (e.g. one that’s backed by a cheque guarantee card), you’ll incur a Guaranteed Transaction Fee.
Interest payments
You won’t pay interest on any balance within your agreed Reserve. If you have an agreed overdraft, you’ll still pay interest at the applicable rate on any balance within that limit.
† EAR means Equivalent Annual Rate.
Edited by amir_j on Saturday 30th August 10:59
They're setting something up that means that once you go beyond the agreed overdraft into the reserve level they can charge you a moderate fee.
Go beyond that and you'll get kicked in the b
ks with high charges.
They're just trying to get round some of the potential consequences of the current court cases on bank charges.
Go beyond that and you'll get kicked in the b
ks with high charges. They're just trying to get round some of the potential consequences of the current court cases on bank charges.
This was an opt-out initiative, info on which was circulated in June, at the same time as they changed their current account packages. They asked that all customers who did not wish to avail the offer sign and return an opt-out request form.
Personally, I have worse issues with Barclays than the fact that they've handed me another £500 carrot which I wouldn't dream of biting. But as should happen, once a resolution has been attempted/accepted I'll spill the beans.
Personally, I have worse issues with Barclays than the fact that they've handed me another £500 carrot which I wouldn't dream of biting. But as should happen, once a resolution has been attempted/accepted I'll spill the beans.
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