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StepChange Debt Charity response to Which? overdraft research

9 July 2016

In response to Which? research showing that unauthorised overdrafts can cost more than payday loans, Peter Tutton, Head of Policy at StepChange Debt Charity, said:

“This research is yet further evidence of the need for action to address the problem of unauthorised overdraft charges. Many of our clients, among whom overdrafts are the second most common form of debt, are trapped in a monthly cycle of overdraft debt just to make ends meet. The level of charges incurred can simply serve to deepen existing financial problems.

“We do not believe the Competition and Markets Authority’s (CMA) proposed remedies are sufficient to address consumer detriment caused by unauthorised overdrafts. Many of the banks already have monthly maximum charges and we believe that, as with payday loans, it is the Financial Conduct Authority (FCA) that should be responsible for setting the level of any charge cap on unauthorised overdrafts.”

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Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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© StepChange Debt Charity 2016