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PPI: Charging for overdrafts 'a growing trend'

Banks and building societies charging customers for overdraft facilities is part of a growing trend, an expert has said.

Mark Bower, managing director at price comparison website moneymaxim.co.uk, claims that "the constant shifting of goal posts" makes it hard for consumers to keep tabs on their financial position.

He said: "It makes it all the more important to read every piece of mail that comes from your financial providers.

"Overdrafts are however designed only to cover short-term cash flow issues, and if borrowers start to find they are using such facilities regularly or to an increasing degree, there are better ways to manage debt issues."

His comments follow a report by lovemoney.co.uk, which revealed that more banks and building societies are charging for the use of authorised overdrafts.

It reported that Norwich & Peterborough Building Society has now confirmed it is to start charging a monthly fee for customers who use an authorised overdraft.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.
 ADNFCR-2776-ID-800334749-ADNFCR



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