Faisal Rashid MP calls on Lloyds Banking Group to scrap their new tiered overdraft system

Today, I called on Lloyd Banking Group to scrap their new tiered overdraft system in a letter co-signed by 19 of my fellow Labour MPs. The new overdraft system, announced in November 2018 and introduced in January this year, could see customers who go overdrawn by less than £1,250 required to pay an annual interest rate of 61%.

Lloyds Banking Group are the largest overdraft provider in the UK, and these new measures are likely to impact a number of my constituents. I have urged Lloyds to abandon these opportunistic and irresponsible measures.

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