Current account customers throwing away millions, finds Prudential

21 January 2005
Direct debits and standing orders which have been forgotten about are costing Britons £427 million a month, according to Prudential.

These out of date transfers cost average customer £53 a month, or £630 a year.

As many as a fifth of the population have discovered direct debits and standing orders which they had forgotten, Prudential reports.

Angus Maciver, director of brand and insight at Prudential UK, commented: "Millions of people may as well take £15 out of their bank account each week and give it to a complete stranger. That is the net result of their forgetfulness.

"In times when savings and retirement planning are rarely out of the news, the money frittered away each month would start to address the nation's savings shortfall."

To find out about online banking solutions, allowing consumers to set up and remove standing orders from their home, click here.
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