News Article Published:
Friday, 15 August 2008
Category:
Financial Services
Barclays has released marketing communications as it prepares to launch a new overdraft service.
The bank's Personal Reserve is designed to simplify existing overdraft arrangements and acts as a safety net against charges.
Each customer will be set a pre-notified sum dictating how far beyond their arranged overdraft they can go without facing penalty fines.
"We know from our research customers appreciate the certainty, simplicity and transparency that Personal Reserve will bring," explained Andy Harris, head of current accounts.
"Most competitors' overdraft charging structures are highly complicated and difficult for customers to understand."
Kevin Mountford, head of savings and current accounts at price comparison website moneysupermarket.com, outlined the financial services marketing measures taken by Barclays to explain the new system to customers.
He said the bank has set up a video blog to explain Personal Reserve. However, he added that only "time will tell" if the product and the choice of marketing communications will prove successful.
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