Understanding Hidden Fees in Your Barclays Statement

Barclays is a British Universal Bank headquartered in London. They operate two divisions: one internationally and one in the UK. You might have different personal banking services through the international branch or foreign accounts through the British Branch. They also offer credit cards through both divisions.

While some fees you expect regularly, you might look at your statement from Barclays and see that a fraudulent account has been opened in your name or that there is a problem with the total amount you are being charged. If you have a problem with your statement, make sure you contact Barclays customer service first.

Before you reach out to customer service, make sure that you understand what potential charges you might face so that you can verify if the fees are, in fact, unexpected or incorrect. 

Credit Cards

If you get a Barclays credit card, there are a handful of potential fees that you might face. You might notice an annual fee that comes every year. Many of the different cards offered by Barclays have no annual fee for a specific length of time, while others typically charge around $100 for your annual fee. You can expect fees for cash advances, money transfers, going over your credit card limit, regular interest on your outstanding balance, and late fee payment no matter which card you get. The cost of all of these is subject to the terms and conditions of the specific card you have.

Personal Account Fees

If you have Barclays Premier Banking, you can choose from multiple account types, including the basic bank account, Premier Bank account, account for young people, students, or those currently enrolled in higher education. Each account comes with individual monthly service fees, which are based on your terms. If you see an unexpected fee at the same time every month, this might be the monthly service fee.

Many other potential fees come with different accounts. If you want a personalized debit card, that comes at an additional fee of $10. If you need a replacement card, you can expect to pay an additional $5. If you are going overseas and you need an urgent replacement, it can cost $12 plus $2 in delivery. If your payment is returned, you will be charged an unpaid transaction fee. Sending money to someone else comes at a $25 fee. Canceling a payment since someone else comes at a $20 fee. If you need a banker’s check, this costs $15.

Overdraft

Barclays has an overdraft system that is slightly different from other banks. Instead of setting up overdraft protection to be drawn from another account and getting a fee each time you use overdraft, you set up an arrangement of overdraft protection, and at the end of the year, you are charged an annual interest rate based on how much money was used for overdraft protection. That rate is 35%. So at the end of each year, you might find an unexpected or hidden fee on your Barclays statement that represents the interest from your overdraft. 

What Can I Do If Barclays Incorrectly charged me a Fee?

Barclays have to be allowed to fix the problem. If you review your Barclays statement and find something wrong, you should first reach out to customer service. However, if Barclays customer service isn’t helping, then consider these two legal options:

Small Claims Court

You can try to sue Barclays in small claims court. This is something laid out and your user agreement, whether you have personal banking services or credit cards through Barclays. It takes some time and money because you regularly have to go to court and file the correct paperwork, but this could be a very good option if you have the time and money. However, there are different limits depending on which state you were in for how much compensation you can get, so your case may not qualify.

Arbitration

Alternatively, you can use consumer arbitration. This doesn’t have as many restrictions, usually comes to a faster resolution, and it’s potentially much easier.

Share your complaint or dispute with Barclays with FairShake today.