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02. 09. 10. - 12:00

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02. 09. 10. - 12:00

Teen bank accounts have high overdraft charge rates, study shows

Consumer rights watchdogs have warned of excessive overdraft charge rates for youths’ bank accounts.

Experts at the Upper Austria Labour Chamber (AKOÖ) said today (Thurs) that domestic banks offering accounts to teenagers had been charging up to 9.5 per cent in cases of overdrafts.

The AKOÖ test showed most banks had asked for parents’ permission before providing overdraft options.

Most institutes offer accounts for teens aged 14 and older, while some also target 10-year-olds, the survey has found.

Austrian Times

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