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UK consumers are 'unaware' they are losing money through bank charges

Many UK consumers are unaware that they are losing money through bank charges, according to an expert.

Jasmine Birtles, founder of consumer advice website moneymagpie.com, claimed bank customers do not realise how much they are being charged for using an overdraft.

She said: "An awful lot of people don't even check their bank statements. A lot of people are being charged for things that they're not even aware of.

"An awful lot of people are losing money, which if they realised, they would do something about."

Ms Birtles advised consumers to read the terms and conditions of their account to discover the relevant overdraft charges.

Her comments follow new research by groupola.com which has revealed that almost a quarter (24 per cent) of Britons admitted that they can not live without their overdraft.

Of the 78 per cent of respondents who had an overdraft, 18 per cent admitted that they were consistently in the red.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800080132-ADNFCR



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