Barclays raises overdraft fees on 2m bank accounts
19 February 2010 16:13:28
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| Some Barclays customers face higher overdraft charges. |
The increase will affect people who pay a monthly fee for their current accounts, such as those using the bank's Graduate Account, the First Additions product and the Current Account Plus.
A Trades Union Congress representative claimed that the decision "beggars belief" and highlighted the need for "widespread reform of the banking sector".
However, while an estimated 2 million customers will be affected by the move, Barclays pointed out that around 8 million people using its standard current accounts will not face higher charges.
A spokeswoman for the bank told the news provider: "We are always reviewing our rates because we have to get the balance between the cost of providing overdrafts and the increasing risk.
"These changes affect only a minority of customers who pay for additional services with their current accounts."
Barclays offers a number of fee-paying bank accounts which provide a range of benefits to eligible customers.
For instance, young people who choose the Graduate Additions account are offered mobile phone insurance, RAC breakdown cover and an initial interest-free overdraft for £7 a month.
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