Which? response to new overdraft rules coming into force

Gareth Shaw, Head of Money, Which?, said:

“These important changes will give consumers more clarity about their finances and should help them make informed spending decisions.

“It is right that banks are now working with the regulator to provide further help for customers who may need to use an overdraft facility to help manage their finances during the coronavirus outbreak.

“The FCA must keep a close eye on developments in this area, including competitive pricing, to ensure that its transformation of current account overdrafts delivers for customers.”

Statement