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“Time for governments to protect Bank Customers” Mitchel McLaughlin

25 November, 2009


 

Sinn Féin Economy Spokesperson, Mitchel McLaughlin MLA (South Antrim) has said that it is time that government takes action to protect customers against the exorbitant overdraft charges being imposed by Banks.

 

Mitchel McLaughlin said:

 

“Following today’s decision by the Supreme Court that banks do not have to prove that their charges for slipping into the red are fair I believe that it is time that government bring in legislation to curb this practice.

 

“The fact that the Supreme Court ruled that the banks do not have to ‘prove’ that their charges are fair does not mean that they are. In the present climate when tax payers are subsidizing the disastrous consequences of an unregulated banking system it is unacceptable that banks are still free to charge these same taxpayers overdraft rates that would mirror those of illegal moneylenders.

 

“In many instances the factor that puts customers into the red is the application of other bank charges resulting in customers then being charged these exorbitant overdraft rates not on personal transactions but on bank charges. Whether or not banks presently have to prove fairness in their dealings with customers it is time that government took action to stamp out this unethical practice which is exacerbating the harsh economic conditions that the banks created in the first place. Sinn Féin will wholeheartedly support any action which the Consumer Council decides to pursue to eradicate this rip-off."

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