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Bank charges hit £650m last year

Consumers forked out nearly £650 million in credit card and bank charges last year, new figures show.

Almost two million people have been forced to shell out for a late payment fee or unauthorised overdraft charge in the last three months, according to the data from OnTrees.

According to the Telegraph, the finance management service says this is a 29 per cent increase from the previous quarter.

Much of the problem stems from consumers who have accounts with more than one bank or credit card provider.

Twenty-seven per cent of those polled said they cannot remember all the financial institutions they are customers of.

It comes as a survey from Which? suggests that people could be incurring bank charges because account terms and conditions are too complicated.

Peter Vicary-Smith, Which? chief executive, said: "Banks should drastically reduce the length of their terms and conditions, so that their customers are not put off from reading them in the first place, and make sure they are clear, jargon-free and easy to understand."

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801493237-ADNFCR



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