Qualified advisers answering your
Financial Questions
call 0800 092 1245

Rising Bank Penalties causes concern over Consumer Awareness

Customers of banks within the UK have seen a sharp rise in the amount they are paying out in penalties for accidental mistakes. The total figure over the past 12 months has risen to £650m paid in penalties, according to research conducted by finance management service, OnTrees.

Almost two million consumers have incurred fees ‘accidentally’, by making late payments or using an unauthorised overdraft within the past three months alone, a rise of 29pc compared to the previous three month period.

It is thought that within the UK 11 million people, some 25pc of the total population now rely on more than one bank for financial products and services, while three million have a credit card, current account or savings account with different companies. This could be causing confusion and leading to consumers being totally unaware of all of the financial commitments they have on their plate at one single time.

The most worrying statistic of all uncovered by OnTrees however is the fact that 27pc of all people surveyed cannot recall all of the providers they bank with.

This is especially worrying as it comes at a time when disposable income is low and people are struggling to save money on a monthly basis, so the fact that such a large amount of people are struggling to keep up with their own finances is certainly a cause for concern.

Share this..

Related stories

Webchat Thursday 2pm: Student Finances with Alvin Hall is proud to present a live webchat with Alvin Hall this Thursday at 2pm. The webchat will take place here: Alvin will be offering his expert advice to parents concerned about keeping their children's university budgets in the black.

The new university term really... Read More

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details