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1 in 10 Brits Living in Their Overdraft February 26, 2010

Posted by bitchwantstea in News.
Tags: , , , ,

You’re queueing for the ATM machine.  You’re nervous.  Three people are waiting behind you.

Finally, it’s your turn.  You step up and insert the card.  ‘DO YOU WANT TO CHECK YOUR BALANCE?’ a cold and inhumane screen demands.  Reluctantly, you say yes.  The woman behind you is making a loud tutting noise and staring at her watch, but all you’re trying to do is mentally prepare yourself for the inevitable onslaught of your account statement.

The numbers come up.  It isn’t good.  You’re back in your overdraft again.

Don’t feel too bad though – according to moneysupermarket.com, one in ten of us live in our overdraft, 12% drop into it five times a year, and 38% have used it at least once during the past year.

But just because you’re broke, doesn’t mean you have to get screwed – moneysupermarket.com has also provided a list of current account overdraft bank charges, from the cheapest (Halifax Reward) to the most expensive (HSBC).

Kevin Mountford, head of banking at the website, stated: “The dangers of being overly, or entirely, reliant on your overdraft are clear; firstly this can be an extremely expensive debt to carry if it hasn’t been agreed with your bank in advance, and secondly your bank can reduce the size of your overdraft with little warning.”

We completely agree Kev.  So how’s about giving £500 to help us out, eh?


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