overdraft balance

Interest on the unplanned overdraft balance was also mounting up.

We're not talking here about interest rates, which are already well into double digits for overdraft balances.

Quota is also know as your "soft" limit, akin to an overdraft balance at the bank.

Receiving no response, the bank closed the account and transferred the outstanding overdraft balance to its collections unit.

If you have credit card or overdraft balances, make sure you are not paying more in interest and other charges than is necessary.

"Bear in mind that there will be a limit to the amount of overdraft balance that will be offered and you may not be offered as high an overdraft as desired," Mr Black said.

It is the UK's biggest lender to SMEs, with a market share of 24 per cent, but says it accounts for 35 per cent of SME loans and outstanding overdraft balances.