"They are not the type of people who would be able to go and negotiate large bank overdrafts so a lot of them are in a difficult position and need help immediately, " said Mr Sinclair.

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John Lamidey, chief executive of the Consumer Financial Association which represents the eight largest payday loan lenders, said most long-term debt was on credit cards and bank overdrafts and he advised anyone with long-term debt to go to Citizens Advice (CAB).

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It is the aggregate value of bank deposits less overdrafts but not the monetary base.

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To inject more, the central bank wants to publish comparisons of the differing rates that banks charge on overdrafts.

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Anne Pace, a Bank of America spokeswoman, says the bank's transfer services allow customers more choices and flexibility than having no plan, in which case all overdrafts are declined at the point of sale.

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