Five questions answered on Barclays’ plan to review its overdraft fees and charges

The breakdown.

Barclays bank has announced that it plans to conduct an unprecedented review of its overdraft fees and charges faced by 12 million of its current account customers. We answer five questions on the planned review.

What particular aspects will Barclays be looking at?

A key part of this new campaign will look at Barclays’ overdraft pricing.

The bank is already trialling a text alert service which alerts tens of thousands of customer when they are about to go into the red.

This service alone has cost the bank £1.5m in lost fees and is likely to be extended.

Why is Barclays conducting this review?

It is thought to be an attempt to improve its reputation after a being handed out a series of fines.

The bank has recently admitted it is likely to suffer a £50m fine for its Qatari bailout.

It was revealed recently that the bank failed to declare it paid £322 million to the Qataris for bailing the bank out in 2008.

It also said that it may have to compensate 300,000 personal loan customers who were given the wrong paperwork for five years. 

The bank also came last in an ethical poll by campaigners Move Your Money, scoring just four out of 100 for its honesty and service.

How will the bank work out its new policy?

Earlier this month the bank launched a ‘Your Bank’ initiative asking customers to give honest feedback.

So far 250,000 people have got in touch.

A new overdraft policy will be worked out over the next 90 to 120 days.

How much does the bank currently charge its customers who go overdrawn?

It charges £88 for savers that persistently fall into an unauthorised overdraft during the month. However, the more common charge is £22 which usually occurs when a payment takes a customer into their unauthorized overdraft and another subsequent payment is made.

What has the Barclay’s Chief Executive said?

Speaking to The Telegraph, Ashok Vaswani, Barclays' retail and business banking chief executive said: "I'm going through the business with a fine toothcomb. We want to de-risk the business and clean up any sins of the past."

"The biggest one for me is overdrafts. I'm going to do a full grass roots review of our overdraft proposition. We know that this has been a problem which is why we have already launched the text alert systems in real time.

"I firmly believe that once a customer has been given the opportunity to save £22 they will say to themselves: "This bank is looking out for me".

Photograph: Getty Images

Heidi Vella is a features writer for Nridigital.com

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Nineties boyband 5ive pull out of pro-Brexit concert, after learning it was “political”

“As a band, Five have no political allegiances.”

I woke up today with this feeling that better things are coming my way. One of those better things was Leave.EU’s BPop Live, the bizarre pro-Brexit concert at the NEC arena in Birmingham. With a line-up including Nineties stars 5ive, Alesha Dixon and East 17, as well as speeches from Nigel Farage, Dr Liam Fox and Kate Hoey, it was sure to be deliciously awkward fun.

But those halcyon days were over as soon as they began. Reports are now circling that the two original members of 5ive who had signed up to the gig, Ritchie Neville and Scott Robinson, have cancelled their appearance after realising that this was, in fact, a political concert.

A spokesperson told the Mirror:

When Rich and Scott agreed to play the event they understood that it was a pop concert funded by one of the Brexit organisations and not a political rally.

Ah, one of those non-political Brexit-funded concerts, then.

As it has come to light that this is more a political rally with entertainment included they have both decided to cancel their involvement. They would like to make it clear that as a band Five have no political allegiances or opinions for either side.

5ive have no political allegiance. They are lone wolves, making their way in this world with nothing but a thirst for vigilante justice. 5ive are the resident president, the 5th element. They know no allegiances. (Also, it’s 5ive with a 5, I will have it no other way.)

Their allegiance is first and foremost to their fans.

Ok, I’m tearing up now. I pledge allegiance to the band

A divide between two members of the Nineties’ best-loved boybands is terrifying to imagine. They must have felt like they should have been screaming, trying to get through to their friends. Sometimes, it feels that life has no meaning, but, if I know 5ive, things will be alright in the end. For who else can truly get on up, when they’re down?

Anna Leszkiewicz is a pop culture writer at the New Statesman.