Ritchie calls for cap on overdraft charges

SDLP South Down MP Margaret Ritchie has called on the Government to introduce a cap on overdraft charges levied by banks on personal current accounts

Speaking to Newry Times, she said, “Over-draft charges from banks can result in people going into damaging debt at high levels of interest, particularly when charges are accrued at a daily rate.

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“Daily over-draft charges can result in levels of interests beyond even those used by pay-day loan companies, hurting low-incomes households and those relying on insecure sources of employment worst of all.

“I believe the Competition and Markets Authority’s was wrong to conclude that a voluntary cap would be enough to stop exploitive behaviour by banks – indeed, since their recommendation in 2016 I believe there has been further evidence of bad practice by major high-street banks.

She added, “That is why I am calling on the Government to urgently look again at that review and introduce a mandatory cap on overdraft charges.”

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Posted by Newry Times News on Feb 17 2017. Filed under Politics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry