UK Money News
28th May 2008
30% of Brits support overdraft charges
A new study has uncovered a split in opinion of overdraft charges among banking customers.
Despite the perceived widespread unpopularity of the charges, a study conducted by MoneyExpert.com found that one in three of people would not like to see them scrapped if means that banks continue to offer current accounts for free.
Sean Gardner, founder of MoneyExpert.com, attributed the results to the fact that 20 per cent of people have never paid a fee for going overdrawn and felt they would be effectively paying for the fiscal irresponsibility of others if charges were introduced for banking.
He said: "Customers who have never paid a fee for an unauthorised overdraft understandably take a different view from those who have.
"The worry, however, is that the banks have a lot to lose if the case goes against them and if they lose they will look to get their money back. We'll get rid of one set of charges only to be stung with a whole other set of charges."
Banks typically levy charges when customers go overdrawn without authorisation or when a cheque bounces.
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