Mar 26, 2020

Barclays waives overdraft fees for customers

Barclays has announced it will waive overdraft fees for a fixed period in a bid to help customers suffering from financial hardship during the coronavirus pandemic. On Wednesday, Barclays said it would not charge any interest on all overdrafts from Friday March 27 until the end of April to give customers extra headroom in times of financial uncertainty. On the same day, Lloyds Group announced that from April 6, all customers with an agreed overdraft would be given the first £300 interest free for three months. The moves come at a time when UK banks are in the process of introducing new overdraft charges that will see customers pay significantly higher interest rates. Gillean Dooney, Barclays managing director, said: "It's crucial we offer the right support to our customers through this challenging time . . . We are reviewing all options to help customers to ensure we support those in financial difficulty."

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