Current account changes announced by Barclays

High street bank Barclays has announced that it is to change its current account offering from next week.

The organisation is to make its current account packages simpler after receiving customer feedback.

It is to introduce a new overdraft system, entitled Personal Reserve, which will act as a replacement to the unauthorised overdraft arrangement favoured by other lenders.

Managing director of current accounts at Barclays Mark Parsons said that the new Personal Reserve initiative will give customers “certainty” that their payments will be made.

“The overall package of changes we are making for new and existing customers provides a simple, clear choice and improved value, marking a step change in current account banking in the UK,” he remarked.

Lloyds TSB has responded to the current account alterations by Barclays by claiming it was the first bank to overhaul the overdraft system.

It added that unlike at Barclays, Lloyds TSB customers receive a warning when they are near their overdraft limit.

© Adfero Ltd

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