MP backs call for action against rip-off overdraft fees

Susan Elan Jones MP has signed an important letter calling on the Financial Conduct Authority to take urgent action against banks charging rip-off overdraft fees that can often be worse than payday loans.

The Clwyd South MP, who is a member of the All Party Parliamentary Group for Debt and Personal Finance, joined over 80 other MPs in adding her name to the letter that aims to protect vulnerable people from getting deeper into debt due to excessive fees.

The Financial Conduct Authority have admitted that many people find avoiding the use of unarranged overdrafts difficult and that most people affected have come to accept the high charges involved.

Susan Elan Jones MP said: “I am very pleased to sign this letter. I think it’s shocking that banks take advantage of some of their most vulnerable customers like this. It’s high time that something is done to stop these banks extorting money from those who are struggling to make ends meet”.