{"id":118032,"date":"2018-07-06T15:22:27","date_gmt":"2018-07-06T14:22:27","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=118032"},"modified":"2025-01-06T13:16:11","modified_gmt":"2025-01-06T13:16:11","slug":"press-release-july-2018-overdraft-fees","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/media\/press-release-july-2018-overdraft-fees","title":{"rendered":"Two in three don\u2019t understand overdraft fees as borrowing tops \u00a39.4 billion"},"content":{"rendered":"<ul style=\"margin-left: 50px; font-weight: 600\"><li>One in four Brits (25 percent) dipped into the red over the past 12 months<\/li><li>The average amount overdrawn was \u00a3721<\/li><li>Men borrow \u00a3166 more than women each year<\/li><li>Scots and Londoners are most likely to be overdrawn<\/li><\/ul><p>&nbsp;&nbsp;<\/p><p><strong>04 July 2018- <strong> <span style=\"font-weight: 400;\">Two thirds (68%) of those with an overdraft have no idea how much it\u2019s costing them, according to research by personal finance comparison website <a href=\"https:\/\/www.finder.com\/uk\/\"><span style=\"font-weight: 400;\">finder.com<\/span><\/a> <span style=\"font-weight: 400;\">.<\/span><\/p><p><span style=\"font-weight: 400;\">And with a quarter (25%) of Brits going into their overdraft during the past 12 months, this means almost 8.9 million people are potentially being hit by fees they aren\u2019t aware of or don\u2019t understand. An additional 725,000 consumers aren\u2019t even sure whether they have gone into the red or not. <\/span><\/p><p><span style=\"font-weight: 400;\">The average amount people borrowed from their overdraft last year was \u00a3721, putting Britain\u2019s overdraft debt at more than \u00a39.4 billion over the past 12 months. While a similar number of men and women take out overdrafts,  men are the biggest borrowers, spending \u00a3166 more on average than women in the past year (\u00a3808 vs \u00a3642).<\/span><\/p><p><span style=\"font-weight: 400;\">Regionally, Scotland and London have the highest proportion of people dipping into their overdraft, as almost a third of residents were overdrawn (31% and 30% respectively) last year. This was closely followed by Yorkshire and the Humber (29%), while the lowest proportion of people going overdrawn was in East Anglia (18 percent). <\/span><\/p><h4 style=\"color: #6c7881;\">Calorie estimations on a selection of alcoholic drinks <\/h4><div class=\"press-release--table\"><p><span style=\"font-weight: 400;\"><\/p><table class=\"luna-table\"><thead class=\"luna-table__header\" style=\"background-color: transparent\"><tr><th scope=\"col\">Region<\/th><th scope=\"col\">% that have gone into<br \/>their overdraft over the<br \/>past 12 months<\/th><\/tr><\/thead><tbody><tr><th scope=\"row\">East Anglia<\/th><td>18%<\/td><\/tr><tr><th scope=\"row\">East Midlands<\/th><td>24%<\/td><\/tr><tr><th scope=\"row\">London<\/th><td>30%<\/td><\/tr><tr><th scope=\"row\">North East<\/th><td>21%<\/td><\/tr><tr><th scope=\"row\">North West<\/th><td>27%<\/td><\/tr><tr><th scope=\"row\">Northern Ireland<\/th><td>26%<\/td><\/tr><tr><th scope=\"row\">Scotland<\/th><td>31%<\/td><\/tr><tr><th scope=\"row\">South East<\/th><td>22%<\/td><\/tr><tr><th scope=\"row\">South West<\/th><td>23%<\/td><\/tr><tr><th scope=\"row\">Wales<\/th><td>20%<\/td><\/tr><tr><th scope=\"row\">West Midlands<\/th><td>27%<\/td><\/tr><tr><th scope=\"row\">Yorkshire and the Humber<\/th><td>29%<\/td><\/tr><\/tbody><\/table><p><\/span><\/div><p><span style=\"font-weight: 400;\">Perhaps unsurprisingly, people aged between 18 and 34 are much more likely to borrow from their overdraft. Two in five (40 percent) did so at some point last year, more than three times the figure for those aged 55 and over (13 percent). Younger people are also likely to borrow more than their older counterparts at an average of \u00a3863.70 each, compared to \u00a3485.45.<\/span><\/p><p><span style=\"font-weight: 400;\">To view the full results of the research, complete with an interactive map of the number of overdrafts per region, please visit: <a href=\"https:\/\/www.finder.com\/uk\/banking\/overdraft-statistics\">www.finder.com\/uk\/overdraft-fees<\/a><\/span><\/p><p><span style=\"font-weight: 400;\">Commenting on the findings, Jon Ostler, UK CEO at finder.com, said: \u2018\u2018Although the Financial Conduct Authority is looking to regulate overdraft fees and enforce greater transparency, it is very concerning to see many consumers continue to pay fees unwittingly. Daily charges for unarranged overdrafts are typically between \u00a35 and \u00a38 so, with additional interest and monthly charges on top, it can add up quickly.<\/span><\/p><p><span style=\"font-weight: 400;\">When considering borrowing money it\u2019s worth looking at all your options. Banks are now required to send a notification if you\u2019re about to go into the red, however many still come with excessive fees and can rack up debt easily. If borrowing money is unavoidable, consider taking out a personal loan from friends or family, or a zero percent credit card so you know exactly how much you owe at any given time. As with any debt, it is important to set yourself a budget and plan to pay it off in order to avoid accumulating more fees.\u201d<\/span><\/p><p><span style=\"font-weight: 400;\">\u2013Ends\u2013<\/span><\/p><p><b>Notes to editors:<\/b><\/p><ul style=\"margin-left: 50px;\"><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Finder.com commissioned Onepoll to carry out a nationally representative survey of adults aged 18+.<br \/><\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A total of 2,477 people were questioned throughout Great Britain, with representative quotas for gender, age and region. <\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The research was conducted between 8 and 13 June 2018.<\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Jon Ostler, CEO (UK) at finder.com is available for comment, opinion or interview regarding the research. <\/span><\/li><\/ul><p><\/span><\/strong><\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>New research of the personal finance comparison site finder.com shows that two thirds of those with an overdraft have no idea how much it\u2019s costing them.<\/p>\n","protected":false},"author":385,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[3788],"tags":[],"asset_tag":[],"class_list":["post-118032","post","type-post","status-publish","format-standard","hentry","category-media"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - 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