London, United Kingdom (PressExposure) September 09, 2009 -- 24/7 Moneybox, who specialise in providing instant, draw clientâs attention to the excessive overdraft charges levied by banks.
Not only have interest rates been cut on savings, bank charges on authorised overdrawn accounts have increased.
Bank of England reports show that rates in July 2009 were at their highest since 1995 - current accounts at Nationwide incur an 18.9% charge, up 11.5% in 2 years. Cahoot is rated as one of the fairer providers, yet still charge 1.1% on in-credit accounts and 11.8% on authorised overdrafts.
Unauthorised overdrafts are charged at even more exorbitant rates - consumer watchdog Which? have revealed Natwest and RBS are most expensive, charging Â£118 per transaction.
For credit cards the overall average rate on purchases has risen in the past two years from 16.5% to 18.1%. Again Nationwide has been criticised this time for upping its Visa from 17.9% to 19.9% in May.
âExcessive charges can turn what was a small charge into a big drain on your resources,â says James White of 24/7 Moneybox. âA payday loan from 24/7 Moneybox can help you avoid missing a debit date and incurring bank charges too - just sensible money management really.â
To find out more about 24/7 Moneybox visit: http://www.247moneybox.comÂ or call 0871 312 0247 (calls cost 10p per minute).