Bank charges stump maths PhD student
Which? asked a group of volunteers to compare how much eight different banks would charge if they exceeded their authorised overdraft limit.
They found a maths PhD student among the group struggled to work out the costs, with no-one getting all the calculations right.
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Hide AdAccording to the consumer organisation, unauthorised overdraft fees are so hard to calculate and compare because of a “myriad of complex rules and additional fees”.
Which? chief executive Peter Vicary-Smith said: “It’s extremely disappointing to find that bank charges are still too high, too complex and impossible to compare.”
The charity called for the Financial Conduct Authority, a new regulator expected to be in place by the end of the year, to halt “unfair” overdraft charges.