Released on: June 3, 2008, 2:02 am

Press Release Author: Tom Darwin

Industry: Financial

Press Release Summary: Nowadays people have started to treat overdrafts as a normal
part of their financial lives. Most people, even though they have just received
their salaries, tend to use their overdrafts and never get out of the red.

Press Release Body: Nowadays people have started to treat overdrafts as a normal
part of their financial lives. Most people, even though they have just received
their salaries, tend to use their overdrafts and never get out of the red.

But it is time now that all borrowers should start to manage their accounts in a
better manner now that Barclays has made a move to "overhaul" its current account.
Also, the changes to the unauthorized overdrafts are worth a sure mention.

Personal Reserves have now taken the place of the unauthorized overdrafts. However,
these Reserves are just another name to the authorized overdrafts which have been
extended but are being charged heavily now. If a person uses his Personal Reserve
for a complete month, then the expense that he will incur on himself will be around
£88 for the month. However, if they go beyond the Personal Reserve limit, they will
then be charged £8 for each check that is bounced and payment that is returned. The
maximum charge for a day will be £40.

Also, this opportunity has been used by Barclays to raise the interest rate charged
on authorized overdrafts. It is being said that customers of the Barclays bank
should start to look for other options to switch to.

This move of overhaul by the Barclays bank is a clear attempt to use the outcome of
the court case between the Office of Fair Trading and eight banks on the High
Street. This was to determine whether the OFT has any role in deciding the fairness
of the charges on overdrafts. After Barclays, there will be other banks too which
will be seen following the same steps. The problem may arise for those people who
are credit cruisers. It is high time now that they start to manage their finances
well and do not get stuck in this credit mess.
Please visit our website at http://www.firstchoiceloan.co.uk/

Web Site: http://www.firstchoiceloan.co.uk/

Contact Details:
Tom Darwin
address1 : 12 clement road
address2 : Calleva park
country : UK ( United Kingdom )
city : Reading
state : Berkshire
Pincode : rg78nn
Phone : 0312 375 910
Email : tomdarwin1@googlemail.com
website : http://www.firstchoiceloan.co.uk/