UK Money News
10th June 2008
Banks urged to scrap charges to help struggling consumers
Increasing pressure on household finances means that banks have an even greater responsibility to scrap excessive overdraft charges, it has been claimed.
According to research conducted by FairInvestment.co.uk, 11 per cent of Britons are regularly exceeding their overdraft in order to make ends meet in the face of higher mortgage repayments and soaring food and fuel costs.
Meanwhile, 16 per cent of those surveyed said that they are constantly being overcharged for going overdrawn and unable to pay.
David Doulton, director of the web site, said that the figures underline the extent to which Britons are under pressure financially and called on banks to cut fees to assist them.
He said: "With the cost of living on the rise, consumers are finding it harder and harder to make ends meet. Banks have a responsibility to their customers to provide fair bank charges.
"Currently, people are being charged up to as much as £40 for exceeding their overdraft."
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