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Bank charges: millions of Brits have forgotten direct debits

Many British consumers are forgetting about their direct debits and bank charges from their current accounts, according to new research, indicating a lack of financial management among savers.

Comparison website MoneySupermarket.com found that 2.68 million Brits have direct debits they forgot about after looking at their bank statement, while its research found that one in three (38 per cent) do not know how much money leaves their account each month.

The worry is that many consumers are paying direct debits for services that they no longer use.

"You should have a clear idea of what is coming in and going out of your account each month - spend five minutes looking at statements and identifying any mysterious payments you don't recognise," said Kevin Mountford, head of banking at MoneySupermarket.com.

He recommends that people really think about whether they need that seldom used gym membership or any other unnecessary subscriptions, as removing them could cut a significant amount off their monthly expenditure.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801478849-ADNFCR



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