Concern has been raised over how much regulation of overdraft debt is being imposed on banks, as a new authority takes over the role of keeping financial institutions in line.
Consumer group Which? has said a key issue is that unauthorised overdraft charges are too complicated for people to be able to compare between those implemented by different banks.
It noted that its sample group - including a maths PHD student - were only able to correctly calculate the figure on seven out of 48 occasions when presented with bank statements.
Launching its "Watchdog not Lapdog" campaign, Which? called for the new Financial Conduct Authority to crack down on banks and rule against such complexity.
Which? Chairman Peter Vicary-Smith said the government has so far failed in its pledge to tackle this issue, commenting: "It's extremely disappointing to find that bank charges are still too high, too complex and impossible to compare."
Responding to the call by Which?, the British Bankers Association argued that most consumers do not go into unauthorised overdrafts anyway, adding that its members allow more buffer zones at the limits of overdrafts and often contact customers when the balance is close to the line.
By Amy White
