Danske Bank is removing the interest charged on its overdrafts for personal customers up to the end of June 2020.
The change is expected to benefit up to 86,000 of its personal customers who may be suffering from financial hardship as a result of the coronavirus outbreak.
All personal customers with existing overdrafts in place will not be charged interest for three months and this will apply regardless of the amount of the customer’s current overdraft limit.
The change will be applied automatically so customers do not need to take any action themselves.
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Existing customers without an overdraft on their personal current account and who may be experiencing difficulties in the current circumstances are eligible to apply for a new overdraft up to £500, which will also have no interest charged up to the end of June.
New overdraft requests received will be subject to the bank’s normal credit assessments.
The removal of overdraft interest follows other support measures already introduced by Danske Bank. These include:
Danske said it has become the “first of the main local banks to expand its support for personal customers” with all 40 of its branches across Northern Ireland remaining open, “offering greater branch availability, in terms of opening hours, than any other local bank.”
Richard Caldwell, managing director of personal banking at Danske commented that “as Northern Ireland’s biggest bank” it is “taking the responsibility very seriously.”
Further information on support measures for both personal and business customers are available at danskebank.co.uk/coronavirus.
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Source: Written from press release
