Despite the fact that we own 70% of RBS this hasn’t stopped them extracting more from us through some of the highest unauthorised overdraft charges around. It’s the same with most banks as findings today show that banks have cut interest rates on in-credit current accounts but at the same time increased charges for unauthorised overdrafts and increased interest rates on authorised overdrawn accounts reports Times Online. RBS, majority owned by the British taxpayer, has been named and shamed as offering the most extortionate fees following a cut in the fees by the majority of the major banks.

Bank of England findings show that the average authorised overdraft rate in July was the highest since 1995, with this 4 out of 5 current accounts pay less than 0.1% on balances in credit and half pay no interest at all.  RBS takes a lot of the flak in this banking clamp down on consumer welfare as their penalty fees for unauthorised overdraft of £118 for an account overdrawn by £30 is £28 more expensive then the next most expensive provider Alliance and Leicester which charges £90.

When it comes to current accounts, Nationwide is shown to be the worst culprits, with an authorised overdraft rate increase of 11.5 percentage points to 18.9% in two years. On the other hand the better current accounts are offered from the likes of Cahoot which gives 1.1% on in-credit accounts and only charges 11.8% on authorised overdrafts.

For credit cards the overall average rate on purchases has risen in the past tow 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. The best advice would be to go to Virgin Money for a card as they offer a o% balance transfer deal which is interest-free Months with 16.6% charged on new purposes.

Are you worried that you won’t have enough cash to cover your credit card bill this month? Worried that those bill payments may shoot up exponentially if they are not paid off with the extortionate interest fees that you have just read about? Well then this is where a payday loan comes in, we here at 24/7 Moneybox can offer you the chance to get instant cash to cover all your unpaid expenses this month until your next pay cheque can come in. So don’t fret about late fees or overdrawn charges from your bank apply now and don’t let banks take you for a ride.

Tags: bank charges, credit cards, current account

This entry was posted on Monday, August 17th, 2009 at 11:43 am and is filed under credit card, credit crunch, payday loans. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.