CAPPING OVERDRAFT CHARGES FOR CURRENT ACCOUNTS

Early day motion 938, tabled 8 February 2017 by Baroness Ritchie of Downpatrick (Social Democratic and Labour Party). Signed by 34 members.

That this House calls on the Government to introduce a cap on the total charges any bank can place on overdrawn personal current accounts; further calls on the Competition and Markets Authority to note the 2016 decision not to introduce a mandatory cap on overdraft charges; notes the high levels of interest that can arise as a result of daily charges accruing over time; and expresses deep concern over the disproportionate impact these charges have on low-paid households and on those relying on insecure sources of employment.

Signatures by party: Scottish National Party 10, Labour 9, DUP 4, Social Democratic and Labour Party 3, Independent 2, Labour/Co-operative 2, UUP 2, Green 1, Liberal Democrat 1.