Consumers are being urged to avoid incurring unauthorised overdraft charges in the lead up to Christmas by keeping an eye on their current account balance.
With Christmas fast approaching and December being perhaps the most expensive time of the year, Andrew Hagger, spokesman at Moneynet.co.uk, is warning people about the dangers of overspending.
As many employers may agree to pay their employees a week or two early at this time of year, Mr Hagger said that while it can be a great help to people, Christmas spending should still be carefully monitored.
"With all those presents to pay for plus additional parties and nights out celebrating with family and friends, by getting paid earlier than usual it’s even easier to lose track of your finances," he said.
Moneynet.co.uk claims that Christmas overspending could easily result in people accumulating bank charges of £60 or more in January, which can be avoided if consumers apply for an authorised increase in their overdraft limit if finances are tight.
"The problem with unauthorised overdraft charges is that there’s no common policy – some providers charge daily, some charge monthly, some do both and the level of charges varies widely.
"Once you’ve got your limit arranged, make sure you check your account on a regular basis – there’s no excuse not to do this these days with the information available 24x7 online or via a cash point machine," Mr Hagger added.
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