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.