However, Citizens Advice is convinced that as things stand, with a High Court battle over penalty charges set to get underway, thousands of consumers could find themselves out of pocket and facing more debt management difficulties.
“Consumers desperately need clarity on whether the banks are acting legally in imposing these charges and if they are, what is a fair level for the charges to be set at,” said Teresa Perchard, the organisation’s director of policy.
“We see no reason for banks to hold back from reducing their charges, or introducing £10 ‘buffer zones’ to basic bank accounts so that low-income customers are at less risk of incurring these charges,” she added.
And Ms Perchard maintains that any consumer who feels thy have been charged unfairly by their bank should make an official complaint.
More than 1.4 million people across the UK approached Citizens Advice about debt over the course of 2006.