Despite the fact that we own 70% of the Royal Bank of Scotland, 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 charging the most extortionate fees following a cut in the fees by most of the major banks.

Bank of England findings show that the average authorised overdraft rate in July was the highest since 1995, while 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 clampdown 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, 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 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. 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 for 18 months with 16.6% charged on new purchases.

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 may come in handy.

Here at www.247Moneybox.com, we can offer you the chance to get cash quickly to cover all your unpaid expenses this month until your next pay cheque comes 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!