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Was the Panorama programme on overdraft charges balanced?

Earlier today we mentioned the BBC Panorama programme which covered the controversial subject of overdraft charges in UK. The programme went out this evening and there are already concerns regarding the level of charges but some experts believe that the programme may well give an unbalanced view of the UK financial arena. Is it helpful to question overdraft charges yet again?

The sad truth is that if you extend above and beyond your financial limits with your bank then the vast majority of us would expect to pay some form of charge? There is also the fact that when you open a bank account, or indeed any of the terms and conditions change in the future, your bank is legally obliged to inform you in writing about the charging structure. How many of us actually take notice of these mailshots which fall through our letterboxes on a regular basis?

The subject of overdraft charges is one which has been in the headlines for some time now and ultimately UK consumers and UK businesses were defeated when the OFT lost a very high-profile court case last year. While there is no doubt that some of the charges in question do appear to be relatively high the sad fact is that if any of us overspend we will ultimately pay the price. Can you really blame the banks?

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