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Students 'must consider overdrafts' to avoid bank charges

Students can avoid excessive bank charges by carefully considering the accounts they use.

MoneyVista claimed it is more important than it has ever been for university attendees to consider this matter, pointing out that student loan claims and other costs are set to result in graduates leaving education with debts of around £53,400.

Young people ought to check their fee-free overdraft and interest rates, as well as the penalties that are incurred when these limits are breached, the firm stated.

Some lenders charge their customers "hefty fees" when they use unauthorised overdrafts, it continued.

MoneyVista advised people not to be influenced by any special offers, noting that the most important feature of a university attendee's account ought to be "the interest-free and fee-free overdraft facility".

Consumer finance expert for the organisation Teresa Fritz said: "Borrowing is a fact of life for most students."

"We urge students to think carefully about which student account is right for them," she added.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801434430-ADNFCR

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