Rejected petition Make banks reduce the 39.9% interest rates on overdrafts during this crisis

Rejected on 15 April 2020

Most banks increased their interest rate charged on overdrafts to 39.9% in February this year. The government should compel banks to reduce these excessive rates during this period of national crisis, closer to 0.1% (The Bank of England base rate) for a period of 6 months.

The people of this country are facing an unprecedented challenge, when the banks needed our support in 2008 it was given to them, it is now their turn to help the public cope with this challenge. At a time when the Bank of England's base rate is 0.1% it is inappropriate that such punitive interest rates should be passed on to those who are struggling to make ends meet.

Why was this petition rejected?

There’s already a petition about this issue. We cannot accept a new petition when we already have one about a very similar issue.

You are more likely to get action on this issue if you sign and share a single petition.

You may wish to sign this petition calling for the same action.

Encourage lenders to suspend interest, fees and repayments during COVID-19: https://petition.parliament.uk/petitions/305297

Since starting this petition, many UK banks have announced measures to help people who are experiencing financial difficulties due to coronavirus. You should look at your bank's website or contact them directly to find out more.

You can read the Financial Conduct Authority's announcement on the temporary financial relief that banks can offer customers here: https://www.fca.org.uk/news/press-releases/fca-confirms-temporary-financial-relief-customers-impacted-coronavirus

You can find out more about coronavirus and how you can protect yourself and others here:

NHS website: https://www.nhs.uk/conditions/coronavirus-covid-19/
UK Government website: https://www.gov.uk/coronavirus

You can read NHS tips to help if you are worried about coronavirus here: https://www.nhs.uk/oneyou/every-mind-matters/coronavirus-covid-19-anxiety-tips

You may also be interested to know that because of the large number of petitions that have been started in relation to coronavirus, the Petitions Committee has been questioning the Government about its response to the coronavirus outbreak.

Find out more and watch the Committee put questions suggested by petitioners to Government Ministers and the Deputy Chief Medical Officer: https://committees.parliament.uk/committee/326/petitions-committee/news/145767/committee-question-deputy-chief-medical-officer-and-ministers-on-coronavirus-response/

Read correspondence with Government Ministers asking further questions: https://committees.parliament.uk/committee/326/petitions-committee/publications/3/correspondence/

We only reject petitions that don’t meet the petition standards.