In the News - Barclays
Barclays first to cut overdraft charges
Barclays, the UK's third largest bank, has today announced that it plans to cut its overdraft fees from around £35 to £8 per transaction. The move, which is predicted to provoke a price war among High Street banks, is part of a more general shake-up of bank charging structures that is expected to follow the OFT's investigation into overdraft fees (reported most recently in 'In the News' on 25 April 2008).
Under Barclays' proposals, interest paid on balances in credit, currently worth around 2p per week to the average customer, will be scrapped. Two new fee-charging accounts will also be introduced.
The move is thought to affect around 11 million Barclays customers.
(Sources: Telegraph.co.uk Times Online)
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29-May-2008 09:58:07
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