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Basic bank account holders at Barclays face more frequent charges if they fail to have sufficient funds in their accounts. Basic accounts, often opened by those with a chequered credit history, do not offer cheque books or overdrafts. At present, there is a maximum charge of £8 a day if direct debit or standing order payments exceed the total funds in the account. However, from March, this could increase to up to £24 a day. That is because a limit of just one transaction charge occurs at present, but this will be extended to charges for each of up to three missed payments in a day. Barclays' move follows changes made by other High Street banks to cash machine access for customers with basic bank accounts.
Changes Basic bank account customers at RBS and Lloyds Banking Group - which includes Halifax and Bank of Scotland - are being restricted in the...Read more here
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