Current account providers are using baffling charging structures that make it almost impossible to calculate and compare the cost of slipping into an unauthorised overdraft, according to consumer group Which?
Current account providers are using vague language and baffling charges structures making it very difficult to calculate the cost of slipping into an unauthorised overdraft, research from consumer watchdog Which? has found.
The consumer group used 18 volunteers, including a principal inspector of taxes and a retired headteacher, to work out what the cost of an impromptu overdraft would be using a mock statement and charging structures on the bank's website.
The volunteers got just 10 out of 72 calculations correct between them, with the tax inspector getting just one of his four calculations right and the former headteacher getting them all wrong.
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