In the dark over bank fees
29th August 2007 by Tim
Two thirds of people have little or no idea how much their bank is charging them for being overdrawn, according to MoneyExpert.com an independent financial comparison website.
Only 12% of respondents knew that banks charged on average 12.35% for an authorised overdraft.
Sean Garden, Chief Executive of MoneyExpert.com, 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.”
Additionally 41% admitted to being unaware of the charge their bank levies if they exceed their overdraft limit.
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