Consumers warned of overdraft charges

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Consumers warned of overdraft charges

Many consumers could find themselves going over their agreed overdraft limit this month as they overspend while awaiting pay day, it has been suggested.

For anyone who is concerned about going into the red this month, moneynet.co.uk suggests that they contact their bank sooner rather than later to set up an authorised overdraft, which will allow them to go over their current limits without facing any charges.

Going over an overdraft limit can prove to be costly, with some banks charging as much as £35 for breaching the boundary, while others will place a tariff of £20 a day on the sum until it is paid back.

While an authorised overdraft extension does come at a cost, it is very little compared to the amount that can be added on through charges.

In December, moneynet.co.uk warned consumers who received their final pay cheque of the year to be careful with their spending or face financial troubles in January.

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