Incidental charges incurred by UK consumers on their Personal Current Account (PCA) are steep, especially for small amounts of unplanned borrowing and unpaid items. A recent policy mandates major UK banks to send consumers a text message alert of impending charges, allowing them to act before...

Despite the growth of digital banking and the rapidly expanding offering of money management applications, a substantial proportion of banking customers still incur overdraft and unpaid item charges. To the extent that such charges are incurred due to inattention, our previous research shows...