UK Money News
11th June 2008
50% of bank customers hit by overdraft fees
Overdraft fees are affecting more than half of the population, new research has shown.
A poll from finance web site FairInvestment.co.uk found that 25 per cent of current account holders have an overdraft facility and slip into it occasionally.
Meanwhile, nine per cent do not have an agreed overdraft limit but slip into the red occasionally.
However, for many the charges are a more frequent occurrence, with 16 per cent said that they are constantly being charged and cannot afford to pay them.
Around 11 per cent were also found to exceed their overdraft as often as every month in order to make ends meet.
David Doulton, director of the site, said the findings were indicative of the extent to which Britons are relying on their overdrafts to help them through the credit crunch and urged banks to cut fees to assist their customers.
Mr Doulton commented: "The fact that more than half of Britons are affected by bank charges should urge the banks to act in their customers' best interests, but they are more concerned about the £3.5 billion a year they are raking in from them.
"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."
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