Barclays messes up on graduate accounts
December 1, 2007
It is now the time of year when many banks, such as Barclays, start moving over their student account holders that have graduated from university this year to standard accounts.
However, in the process of doing this Barclay’s Bank has apparently made a real blunder, and has accidentally removed the overdraft facilities of nearly 20,000 graduates. Many of these graduates have overdraft facilities of up to £3000, which they may have eaten into, and because the facilities have now been removed they will be seen as having made unauthorized transactions.
According to bank officials an internal processing problem resulted in the overdraft facility on nearly 20,000 graduate’s bank accounts being removed. Account holders may be getting charged up to £30 a day to a maximum of three charges per month as a result of this, because any use of their overdraft will be picked up as unauthorised. Furthermore, many others may find that any transactions that they try and make are refused by the bank, and could get charged up to £35 each time.
Barclay’s has recognized the problem and stated that account holders that have been affected should not worry, as any charges will be refunded to them over the coming week. One official from the bank stated: ‘This is the time of year when we migrate customers from our Higher Education account to the Barclays current account. However due to an internal processing issue, the overdraft limits were not migrated with the account.’
She added: ‘We have been working hard all week to fix this and it should be fixed by the end of the day. Any customers affected will have the charges refunded and this should be immediate once we have fixed the problem.’
Alan Wright
1st December 2007
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