The Reality of Bank Charges

The Reality of Bank Charges 11 THE NUMBER OF PEOPLE PUSHED INTO AN UNAUTHORISED million OVERDRAFT BY BANK CHARGES li6 42% PEOPLE PAYING BANK CHARGES HAVE PAID THE PERCENTAGE OF £100 OR MORE CURRENT ACCOUNT HOLDERS WHO HAVE PAID BANK CHARGES IN THE LAST YEAR £46.84 5% OF X THE AVERAGE AMOUNT PAID current account HOLDERS DON'T KNOW IN THE LAST YEAR WHETHER THEY'VE PAID BY THOSE PAYING BANK CHARGES BANK CHARGES MOST COMMON BANK CHARGES UNAUTHORISED OVERDRAFT FEES 20% (94 MILLION PEOPLE UNAUTHORISED OVERDRAFT DAILY CHARGES 15% (PEOPLE (7 MILLION OVERDRAFT WARNING LETTERS FROM BANK 14% (6.1 MILLION PEOPLE BOUNCED DIRECT DEBITS 13% (* 6.1 MILLION PEOPLE UNPAID STANDING ORDERS 8% 3.8 MILLION PEOPLE OTHER PENALTY CHARGES 7% (3.3 MILLION PEOPLE BOUNCED CHEQUES 6% (2.8 MILLION) PEOPLE 52% OF PEOPLE WHO INCUR BANK CHARGES PAY THREE OR MORE A YEAR £1.3 BILLION OVERDUE £413m * * * * * * THE TOTAL AMOUNT PAID the total amount IN UNAUTHORISED paid in missed payment charges during 2011 OVERDRAFT CHARGES IN 2011 Sources: Research for thinkmoney.co.uk carried out by Opinium OFT 'Review of the personal current account market 2013.