Banks are still finding “sneaky ways” to make money out of people
According to a report by the Consumer Association, banks are still finding “sneaky ways” to make money out of people, who have claimed that the rate on authorised overdrafts is at its highest level since records began in the mid-1990s.
According to the latest Bank of England statistics, the average rate for overdrafts is 18.96%, although many of the big banks often charge more.
Which? says that the rate for unauthorised overdrafts has dropped since a major court case, but it has accused banks of increasingthe rate on authorised overdrafts to make up the difference.
Phil Jones, of Which? said:
”It is like a balloon, when you push in one part, it comes out in another.”
“So we see that the banks are consistently taking sneaky ways to make money out of people.”
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