Ritchie calls for cap on overdraft charges

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Friday, February 17th, 2017
Margaret RitchieSDLP 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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Jan End 2017“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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