Overdraft charges reach record heights

Overdraft fees charged by banks have reached their highest ever levels. Bank customers are being charged a huge rate of interest for using their overdraft facilities. Bank overdraft charges have hit a record high, according to figures revealed by the Bank of England. The average authorised overdraft rate was 19.09% this October, which means that customers were being charged 38 times more than the 0.5% base rate - a consumer overdrawn by £1000 would have had to pay back an extra £200.