Money Saving Expert Martin Lewis is urging people to check their bank account as new overdraft changes come into place.
The Financial Conduct Authority (FCA) is introducing new rules which will focus on the annual interest rate, and make overdrafts more transparent for customers.
On the Martin Lewis Money Show, he explained: "The changes are happening right now.
"The problem with overdrafts is that they're a stealth debt.
"You don't apply for them, you just end up in them.
"And right now everyone with a bank account needs to understand what's changing - good and bad.
"Back in 2005, banks would charge £35 a pop for going overdrawn. It would be £35 per transaction if you made seven transactions, you'd be charged seven times.
"The system was designed to entrap customers."
However, changes have now been made by the FCA, meaning banks will no longer be able to fine you for going over your overdraft limit.
Martin explained: "Last July, the regulator said that from April 2020, banks will no longer be able to charge you a fine for going over your overdraft limit.
"That means that while they can still charge you what it costs them, they won't be able to impose daily penalty charges.
"It took 10 years, but we got a win."
As of April, all banks will be required to charge interest rates for overdrafts instead of daily charges.
Martin explained: "For many, this will be a big eye opener.
"Yes, this makes it easier to compare what's on the market.
"But the changes were introduced to make the market more competitive - which hasn't worked. They're all charging the same at 39.9%.
"The straight fact is, if you're overdrawn in future, you're going to pay 40% interest on your overdraft."
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