Taking our mobiles with us everywhere is now part of our everyday lives and unfortunately for most of us taking our debit cards out and spending excessively is also part of it too.
The banks love to punish those that exceed overdrafts by only a few pence and it really messes people up as the charges far outweigh the amount you went over. So what is the solution to the money problem?
Lloyds TSB has become one of the first banks to alert you via the text message when you are approaching your overdraft limit. How lovely, right? Well not so lovely as they want to charge £2.50 a month for the privilege, so they aren’t just a free business gifts. So it seems that in one respect owning a mobile phone can actually help reduce overdraft charges in the long term, as long as the extra fee doesn’t push you into the overdraft itself.
This is excellent news, especially if you are a compulsive spender. But this is not so good news if you aren’t happy to shell out £2.50 per month to pay for the privilege just to know details about your own money.
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