Stop the banks from increasing interest rates on overdrafts to 40% or more!

Stop the banks from increasing interest rates on overdrafts to 40% or more!

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Elizabeth Hughes started this petition to UK Parliament

In late March, early April 2020 Banks are doubling interest rates for arranged and un-arranged overdrafts. Most of the banks will charge around 40% interest on overdrafts but some as much as 50%!

This increase will see rates higher than most credit cards and will make it harder for people to pay their overdraft and increase debt. 

What’s worse is the FSCS asked banks to make the overdraft system better and fairer for consumers and this is what they have come up with! I rang NATWEST and they told me it’s out of their control but this isn’t the case. The banks have come together to decide this, some rates vary so it’s not standard across all banks! Barclays are raising the interest rate to 35%, the lowest of the banks. 

This shows the utter nastiness and contempt banks have for us, loyal consumers. Personally I’ve paid £1000’s in fees and now they want double each month. 

Take for example an overdraft of £1800, the interest alone will be £60 per month! 

I want this issue to be discussed in Parliament as a matter of urgency. The banking and credit system is not working for many people and only favours the wealthy with good credit scores who can get 0% interest on transfers to help them out of debt. Many people are left vulnerable and hopeless and there needs to more help and restrictions on banks.

I hope you will support this petition and share it!

Thanks

Liz 

 

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