Lewes MP Norman Baker has today signed a Parliamentary Motion calling on banks and building societies to refund the unfair and disproportionate bank charges which have left many Sussex residents out of pocket.
The Office of Fair Trading has conducted an inquiry into bank charges and has found that many are disproportionate and unfair. Mr Baker has backed a motion tabled by fellow Lib Dem MP Vince Cable, which calls upon banks to voluntarily refund unfair and disproportionate penalty charges.
The Motion also calls upon the government to review bank charges, and for the British Bankers' Association to amend the Banking Code to clarify the banking industry's position on service charges.
Lib Dem MP Norman Baker commented:
"These charges may be technically legal, but it simply isn't right that someone on a low income should pay £25 or more to their bank just because they're overdrawn by a pound or two . Moreover, these charges are usually hidden in the small print, and the first people know of them is when a gaping hole appears in their account.
"My constituents, and people up and down the country, deserve better from their banks than to be ripped off in this way. The level of bankers' bonuses only adds insult to injury.
"Banks and building societies should reimburse the thousands of people in my constituency who have lost out as a result of these unfair and excessive charges."
A copy of the motion can be accessed here.
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