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PPI: Britons urged to find out overdraft charges

UK consumers should find out if overdrafts are charged via a daily fee or an interest charge before joining a bank, it has been claimed.

Official figures from the Bank of England released earlier this week showed that the average rate for an authorised overdrafts reached a record high of 19.09 per cent in October.

This means bank customers are being charged around 38 times the base rate which has remained at an all time low of 0.5 per cent.

Ed Bowsher, head of consumer finance at financial website, said: "I suspect some people aren't aware that they will be charged for an overdraft and even more likely, that many people don't know how large the charges might be.

"That's because the banks have dramatically increased charges on some accounts."

Mr Bowsher advised consumers who think that they may need an overdraft to avoid banks which charge daily for being overdrawn because they can build up over a long period of time.

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-800280502-ADNFCR

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