Some two-fifths of people have gone past their agreed overdraft limit in the last year, according to a new study, in news that may concern a number of banking customers.
A survey by financial website moneysupermarket.com has found that 43 per cent of people went over their overdraft limit in 2006, leading to a typical default fine of £19.80.
Moreover, the study also found that 19 per cent of people find that their current accounts are constantly in the red.
And a further 41 per cent admit they have no firm idea about the size of the overdraft limit they have agreed with their financial services provider, which could potentially be rectified if they regularly checked an online banking account from the comfort of their own homes.
Stuart Glendinning, managing director at moneysupermarket.com, commented: "People seem to have low awareness of their overdraft charges, despite a fair few wallowing in their overdraft limits constantly or the majority of the time."
Consumers who wish to start banking online may wish to consider two disparate options.
Firstly, they may decide to continue holding their account with a high street financial services provider and arranging an online banking option or alternatively they may wish to move their money into a specialist internet banking institution to take advantage of preferential savings rates.
Banking customers could benefit from internet banking, following study
Banking customers could benefit from internet banking, following study
Mon, 08 Jan 2007
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