Property News · April 23, 2017

Bill sets out plan to tackle 'extortionate' UK overdraft fees


Legislation proposed by MP Rachel Reeves would make banks subject to similar rules as payday lendersBank customers ripped off by “extortionate” overdraft fees will get support next week from a parliamentary bill that promises to protect the most financially vulnerable from escalating charges.Rachel Reeves, a Labour MP who sits on the Treasury select committee, will outline plans on Tuesday for regulators at the Financial Conduct Authority (FCA) to cap the maximum amount that banks can charge customers for unauthorised overdrafts, similar to the limit imposed on charges on payday loans. Continue reading…

Source : theguardian.com
Read more…Bill sets out plan to tackle ‘extortionate’ UK overdraft fees

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