Overdraft charges continue to baffle

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confused by overdraft charges

confused by overdraft chargesDo you spend hours trying to work out your overdraft charges at the end of month when sorting through your family budget?

If so, fear not as even top maths PhD students appear baffled by some of the calculations involved!

According to research from consumer group Which?, a maths PhD student was among the people who were unable to work out the penalty charges which eight different banks would hit them with if they exceeded their authorised overdraft limits.

None of the people who took part in the study were able to work out all of the overdraft charges correctly.

Added fees and complicated rules are said to make overdraft charges tricky to work out.

Which? chief executive Peter Vicary-Smith said Government efforts to address overdraft charges have fallen short in the past.

He added: "It's extremely disappointing to find that bank charges are still too high, too complex and impossible to compare."

As a result of its findings, the consumer group wants the new Financial Conduct Authority regulator to address charges which are deemed to be unfair.

Concerned about high overdraft and loan payments? Cut the cost of borrowing today with this useful guide.

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