Overdrafts – Up to £500 interest-free from ALL banks and assurances no one will pay more

Posted 9th Apr 2020
  • Set out the FCA’s expectations on firms to offer a temporary payment freeze on loans and credit cards where consumers face difficulties with their finances as a result of coronavirus, for up to three months.
  • Ensure that for customers who have been hit financially by the coronavirus and already have an arranged overdraft on their main personal current account, up to £500 will be charged at zero interest for up to three months.
  • Require firms to make sure that all overdraft customers are no worse off on price when compared to the prices they were charged before the recent overdraft changes came into force.
  • Ensure consumers using any of these temporary measures should not have their credit rating affected because of this.

This will supersede any other offer the banks have given already. Hope that this helps everyone. I have included the current list but it will be made much more simpler from today.

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List from MSE. Stay safe ever fca.org.uk/new…rus
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