Save hundreds by watching your overdraft!
Britons who forget to watch their overdraft limit and then exceed it are paying out hundreds in fines and fees, says a new report.
Nearly one in three people who have an overdraft facility on their account is paying in excess of £100 per year in charges, reveals Egg.
The online bank also found that customers are charged up to £25 four times a year simply because they exceed the agreed limit on their current account.
The problem comes from people being unsure of how much money they have in their accounts, with 60 per cent having no idea of their monthly outgoings.
Most people have 'an extremely poor understanding of the financial status of their current account,' says Egg, suggesting that by checking your balance and outgoings, you could save yourself some money.
Egg's chief financial officer, Mark Nancarrow, believes current accounts are 'a melting pot for all our money matters but they do not give us an accurate picture of where we stand financially at any one time'.
The report comes just after the House of Commons Treasury Select Committee expressed concern at overdraft charges, with financial institutions earning up to £1.3 billion each year from the overdraft charges. | 
