Mark Dawson asked:
Millions of Britons are unclear as to how much they are being charged for going into the red in their bank accounts, new figures reveal.
In research released by MoneyExpert, some 30 million people (about two-thirds of the adult population) claim to be “in the dark” when stating the level of charges incurred for being overdrawn. Meanwhile, even those who had successfully campaigned against their financial services provider for unfair fees were unable to accurately say how much they had originally been charged.
Sean Gardner, chief executive of MoneyExpert, said: “Bank charges may be a hot topic in the media but many people’s idea of how much they are being charged for their overdrafts is horribly wide of the mark.” He added that by not being conscious of charges, such financial ignorance could see Britons develop further difficulties in managing their money.
“Going overdrawn can be costly. Average unauthorised overdraft interest rates are around 25 per cent and fees for going in the red without permission can be as much as
Millions of Britons are unclear as to how much they are being charged for going into the red in their bank accounts, new figures reveal.
In research released by MoneyExpert, some 30 million people (about two-thirds of the adult population) claim to be “in the dark” when stating the level of charges incurred for being overdrawn. Meanwhile, even those who had successfully campaigned against their financial services provider for unfair fees were unable to accurately say how much they had originally been charged.
Sean Gardner, chief executive of MoneyExpert, said: “Bank charges may be a hot topic in the media but many people’s idea of how much they are being charged for their overdrafts is horribly wide of the mark.” He added that by not being conscious of charges, such financial ignorance could see Britons develop further difficulties in managing their money.
“Going overdrawn can be costly. Average unauthorised overdraft interest rates are around 25 per cent and fees for going in the red without permission can be as much as
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