Barclays : Record Profits, Raised Charges
Barclays to raise fees despite record profits
21st February 2006
Eleven million current account holders at high street bank Barclays are to be charged higher fees if they go overdrawn without prior agreement, or if there are insufficient funds in their account to cover a cheque they've written.
Charges for unpaid items (i.e. bounced cheques etc) will rise by £5 to £35, while unauthorised overdrafts will be charged at £30, up from £25.
The bank has defended the increases, saying that it had not increased its fees since autumn 2003, and that the new fees were in line with their competitors such as Lloyds TSB and Natwest.
The bank also pointed out that its customers are allowed a one-off refund of a charge if it is the first charge applied in the last 12 months.
Barclays are expected to announce record profits of around £5.2bn tomorrow.
Read More: Money Guardian : Barclays raises penalty for bounced cheques
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