Banks to give up to £500 interest-free overdrafts to customers due to coronavirus cash crisis
BANKS are to give customers an interest-free overdraft worth £500 to help them through a cash crisis caused by coronavirus. The move has been approved by the city watchdog and will give banks the o…
7:41BANKS are to give customers an interest-free overdraft worth £500 to help them through a cash crisis caused by coronavirus.The move has been approved by the city watchdog and will give banks the option to offer the emergency measure to those who are struggling financially.
The idea was proposed by the Financial Conduct Authority (FCA) last week after it warned it wants banks to do more to help Brits pushed into debt by the impact of coronavirus.But it also stressed that banks should ensure that borrowers are no worse off compared to before
new overdraft rulescame into force on Monday.The Financial Conduct Authority (FCA) says that it will help borrowers with credit cards, loans and overdrafts who are facing temporary financial difficulties because of the pandemic.Lloyds, HSBC and Santander are already offering the overdrafts free of charge.
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