Gordon Brown hopes for overdraft solution

Mon, 28 Sep 2009

Prime minister Gordon Brown has written an open letter to financial website MoneySavingExpert.com to say he wishes for a "negotiated solution" to the bank overdraft charges debate.

Some banks are still charging up to £38 for bounced cheques, standing orders and direct debits, while accounts which go overdrawn can also see similar fees.

Mr Brown said that any bank fees should be "reasonable" and praised Royal Bank of Scotland (RBS), Natwest and Halifax Bank of Scotland for reducing their overdraft charges .

Commenting on the open letter, Fool.co.uk director David Kuo said that the prime minister is late in giving his opinion on the matter.

He explained: "Gordon Brown could have done something much earlier on, but he has left it until almost the final whistle to say he thinks he knows which side is going to win the game."

RBS recently announced that customers with overdraft accounts will now pay a reduced fee for any unauthorised loans they make by going overdrawn.
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