Law required to protect customers from rip-off bank charges

1.55.09pm GMT Thu 26th Nov 2009

Stephen Robinson

Following the Supreme Court's decision to allow banks to continue charging people for going overdrawn on their accounts, local Liberal Democrat Stephen Robinson is calling for a change in the law to stop rip-off bank charges.

Stephen Robinson, Liberal Democrats parliamentary candidate for Chelmsford said: "The Supreme Court's decision on bank charges will be a bitter blow to the millions of people who've had to pay extortionate fees to their banks just because a cheque has bounced or they've unintentionally gone overdrawn.

"Regardless of the legal position, it simply isn't right that someone on a low income should pay £25 or more to their bank just because they've overdrawn by a pound or two.

"It is absolutely outrageous that one third of all profits banks make on their current accounts comes from unauthorised overdraft charges, particularly since the banks are propped up by the taxpayer.

"The only way to protect millions of customers from being ripped off by their banks is to now change the law."