Debt charity StepChange has called for the Financial Conduct Authority (FCA) to intervene on overdraft fines charged by the banks, commonly £45 for sending a computer-generated letter at a few pence cost, and set a cap on the amount banks can charge for unarranged overdrafts.

StepChange, who receive 15,000 calls a month from people with overdraft problems, say that adding to the debt of people with debt problems is a “vicious circle” that further entraps the bank’s victims.