CAPPING OVERDRAFT CHARGES FOR CURRENT ACCOUNTS

That this House calls on the Government to introduce a cap on the total charges any bank can place on overdrawn personal current accounts; further calls on the Competition and Markets Authority to note the 2016 decision not to introduce a mandatory cap on overdraft charges; notes the high levels of interest that can arise as a result of daily charges accruing over time; and expresses deep concern over the disproportionate impact these charges have on low-paid households and on those relying on insecure sources of employment.