Oh No! There is currently a growing trend among banks and building societies charging for overdrafts on their current accounts as they seek to concentrate on certain customer groups.

Bank Charges

That is the view of Mark Bower, managing director of online resource Money Maxim, who has said that this move is also meant to discourage other potential consumers from opting for their products through a pricing plan – something which may then lead these individuals to consider other finance options such as a credit card or their savings accounts.

Earlier this week, Lovemoney.com revealed that more financiers are now attaching fees to overdrafts, with, for example, Norwich and Peterborough Building Society confirming it is to do so in the near future.

Mr Bower noted that this ongoing trend “makes it all the more important to read every piece of mail that comes from your financial providers and not assume it’s mere junk mail”.