Barclays Issues Two-Day Alert About Important Account Changes

Barclays warns customers to expect a letter about significant account changes soon

Barclays Issues Two-Day Alert About Important Account Changes
Barclays Issues Two-Day Alert About Important Account Changes

London: Barclays has sent out a heads-up to its customers about an important letter coming their way. This follows a customer’s complaint on social media about a sudden cut to their overdraft limit. The customer was understandably upset, saying they never went over their limit and found the timing of the change particularly tough, especially during a stressful financial month.

Barclays responded, explaining that they review overdraft limits every year to keep them appropriate. They assured the customer that a letter would be sent soon. They also mentioned that sometimes they send a text to give a heads-up before the letter arrives.

Customers can usually check their letters in the app or online banking within a couple of days after they’re sent. Barclays apologized for any distress caused and even provided a link to mental health support resources.

Currently, Barclays charges 35 percent interest on overdrafts, which applies to any amount used. For example, borrowing £500 would cost about £2.88 over a week, £12.45 for a month, and £25.21 for two months. These charges add up daily and are billed monthly.

Some overdrafts come with an interest-free limit, meaning you only pay interest on the amount over that limit. If you don’t have an arranged overdraft and spend more than what’s in your account, you won’t incur any interest. However, it’s good to remember that having an overdraft can affect your credit score.

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