Helen has joined forces with consumer champion, Which?, and over 80 fellow parliamentarians in signing a letter asking for the Financial Conduct Authority (FCA) to bring an end to rip-off overdraft fees.
Constituents in Bishop Auckland could be paying excessive fees on unarranged overdrafts, some of which may still cost over seven times more than a payday loan. Helen feels not enough has been done to protect consumers from these sky-high fees.
Helen explained: “Overdrafts are intended to offer us with temporary financial support when we need it. Unfortunately, instead of being the comfort blanket people need during especially tight or periods, more than 2% of people are in a constant overdraft as a result of ridiculously high charges. We cannot allow our banks to continue to charge these extortionate fees to the people who can least afford it.”