Martin Lewis has issued an urgent warning to people using their overdrafts.
The money-saving expert said account holders in the red will soon find charges more expensive.
Speaking on ITV's This Morning Mr Lewis explained the new rules and advised viewers to act quickly.
"This is a call to action, you need to do something today,” he said to TV hosts Holly Willoughby and Phillip Schofield.
He explained that from April, all fixed daily and monthly arranged overdraft fees will be banned and replaced with a single overdraft interest rate in a bid to make it easier to compare services and drive competition.
Most banks will charge 40 per cent interest, double the cost of a typical credit card, which makes them a “danger debt”.
For those who only dip into arranged overdrafts on occasions and for a short amount of time, the new rules won’t affect you too much, he added.
But if you are constantly overdrawn by a large sum you will pay a lot more under the changes, he warned.
