Barclays 'personal reserve' overdraft system goes live for millions of customers

All Barclays current account customers will see changes to their accounts from next week as the new overdraft service, is introduced on 18th August.

To help customers understand Personal Reserve Barclays has launched a new micro site explaining how Personal Reserve can be of benefit to them. The site includes a video diary explaining the new system through the life of a fictional character, Sam, and the ups and downs of his financial situation. The section also contains information about Personal Reserve including details of the new charges and fees and when they apply.

All eligible Barclays customers with a current account have already received letters explaining Personal Reserve, advising them of their individual limit and giving details of how they can opt out of the service if they wish. Around 90 per cent of customers have chosen to keep the Personal Reserve service on their account.

Andy Harris, Head of Current Accounts for Barclays said: "We know from our research that customers appreciate the certainty, simplicity and transparency that Personal Reserve will bring. Most competitors' overdraft charging structures are highly complicated and difficult for customers to understand. The benefit of the new Barclays structure is that a customer knows exactly what payments are going to go through, what they are going to get charged and when."

2008-08-15 00:00:00 © Moneyextra.com