Banking customers with short memories are wasting millions on forgotten direct debits from their savings accounts, a survey found.
According to Portman Building Society many savings account holders still have direct debits that they no longer use or need, coming out of their savings accounts.
This is because banking customers simply forget to cancel direct debits, resulting in losses of millions.
The survey revealed that nearly 60 per cent of British banking customers believe direct debits fail to give them value for money.
In the same poll, four in ten Britons said they regret signing up for magazine subscriptions, and over a third admitted they were not using the gym membership they pay for every month through direct debit.
Helen Shaw, the group communications manager for Portman Building Society said hundreds of pounds come out of individual savings accounts annually, almost without the banking customer realising it.
"Annual gym memberships that last only as long as new year's resolutions, magazine subscriptions that are never read and other poor value investments mean that Britons literally waste millions of pounds a year," she pointed out.
Forgotten direct debits drain savings accounts
Forgotten direct debits drain savings accounts
Tue, 06 Sep 2005
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