Graduate Additions overdraft
Rates and charges
If you hold a Graduate Additions bank account you can apply for an overdraft 1 2 with us.
To help you manage your overdraft, we have provided a breakdown of our fees as well as how and when they are applied.
Charges
Interest on agreed overdrafts:
Interest-free overdrafts available on request depending on year of graduation (subject to criteria and status):
| Year 1 | £3,000 |
| Year 2 | £2,000 |
| Year 3 | £1,000 |
| Year 4 | £500 |
| Year 5+ | £200 |
Overdrafts above the interest-free limit and up to a maximum of £3,000 will be charged interest at a rate of 1.17% per month, 14.9%
pa
(variable)
Representative example for your 1st year after graduation:
Up to £3,000 – 0% interest pa (variable) 1
Lower interest-free tiers apply in future years
Personal Reserve
See Personal Reserve for more information on how it works and what we charge.
Our fees when you exceed your limits
You must ensure that you have available cleared funds in your Personal current account to enable us to honour all your cheque, debit card, Direct Debit or standing order payment instructions when we receive them. If you exceed the applicable payment buffers on your account by:
- Going over your overdraft limit by £1 without a Reserve, or
- Going over your Reserve limit by £1, or
- Going overdrawn by more than £15 without either an overdraft or a Personal Reserve
then, unless the payment is a Guaranteed Transaction (which we must honour), the payment will be returned unpaid. A Guaranteed Transaction is one that we cannot refuse – for example a payment made by a guaranteed cheque. When a payment is a Guaranteed Transaction, we shall honour the transaction but you will incur a Guaranteed Transaction Fee. Also, if you have a Reserve, you will continue to be subject to Reserve Usage Fees (see under Personal Reserve) while you are in (or in excess of) your Reserve.
Where the returned payment is made by cheque, Direct Debit or standing order, you will incur a Returned Transaction Fee. When 2 or more payments are made at the same time that would, together, cause you to exceed your limits, then we can decide which payments are paid and which are returned unpaid unless any of those payments are Guaranteed Transactions.
We will try to deal with your payments in a way that minimises the number of unpaid payments and therefore the number of Returned Transaction Fees you will have to pay. However, this may not always be possible and we may not be able to honour payments that you regard as important.
Returned Transaction Fee: £8 per item
Guaranteed Transaction Fee: £8 per item
You will not incur more than 5 Returned Transaction Fees and/or Guaranteed Transaction Fees in any 1 working day.
If you draw against a sum credited to your account, such as a cheque, that is subsequently returned unpaid, then if the reversal of that credit causes your account to exceed any of its limits, you will incur a Personal Reserve Usage fee or Returned Transaction Fee, as appropriate. You will also be expected to make an immediate payment into your account in order to bring it back within the appropriate limit.
How and when fees will be applied
- The account fee is charged on the 1st working day of each month.
- Overdraft interest is calculated on the daily statement balance and charged to your Personal current account monthly.
- Reserve Usage Fees are incurred on the day you go into your Reserve (capped at 1 fee per period of 5 consecutive working days starting on the day you go into your Reserve) and applied to your account monthly. We will write to you each time you incur a Reserve Usage Fee and will tell you the value of the fee(s) incurred.
- Returned Transaction Fees are incurred the day an item is returned and applied to your account monthly. We will write to you each time you incur a Returned Transaction Fee and will tell you the value of the fee(s) incurred.
- Guaranteed Transaction Fees are incurred the day an item is paid and applied to your account monthly. We will write to you each time you incur a Guaranteed Transaction Fee and will tell you the value of the fee(s) incurred.
- We will give you at least 14 days' advance notice on your statement of the total of any overdraft interest, Reserve Usage Fees, Returned Transaction Fees and Guaranteed Transaction Fees to be debited from your account.
- We work out the monthly charging period from the date you select for your statement frequency. The monthly charging period always closes 2 days before the statement issue date.
Borrowing services important information
Borrowing services important information
If you are over 18 and think you will need to use our borrowing services as part of your personal account, you should contact us as soon as possible to discuss whether we can provide you in advance with an overdraft, a Personal Reserve or both.
If we provide you with an overdraft and/or a Reserve, you should make regular payments into your account so that the amount you owe us is reduced. If you do not do this, we can require you to do so.
If we decide not to provide you with borrowing services, then (subject to any applicable payment buffers) any payments you make that would take your personal current account overdrawn will be returned unpaid, unless they are Guaranteed Transactions.
When we agree to provide you with an overdraft and/or Reserve we shall confirm to you in writing the limit of your overdraft and/or Reserve, together with the fees and interest rates that are payable when you use them.
All overdrafts are subject to status and application.
Important information
Overdrafts are available to customers aged 18 or over (subject to status) and are repayable on demand.
Each application is considered on an individual basis. You can draw up to your limit whenever you want, but you should not be overdrawn permanently by the whole amount.
You should manage your account in such a way that the overdraft balance is substantially reduced on a regular basis. If you do not do this, we can require you to do so. Barclays is a responsible lender and when considering your application for borrowing, your financial circumstances will be appraised.
If you ever run into difficulties, you should contact us immediately.
For all credit facilities, further details can be requested from any branch or from:
Barclays Bank PLC
Personal Banking
PO Box 120
Longwood Close
Westwood Business Park
Coventry
CV4 8JN.