3.13 Article 24(5) of CCD2

Closed19 Sep, 2024, 12:00 - 18 Oct, 2024, 17:00

Overdraft facilities are increasingly common forms of consumer credit. Therefore, there is a need to regulate those financial products in order to increase the level of consumer protection and avoid over-indebtedness. There is a danger that consumers will not be able to pay if the creditors decide to request immediate repayments and the CCD2 provides for consumer rights in respect of overdraft facilities and overrunning. Member States may provide for more stringent provisions to protect consumers holding an overdraft.  Any such provisions must be in accordance with EU Law.

Question 13 – Should there be more stringent consumer protection provisions above those provided for in Article 24 of CCD2?

Yes, there should be more stringent consumer protection provisions than those set out in Article 24.  Article 24 paragraph (3) of the CCD2 requires a credit provider to notify the consumer at...
CUMA believes Article 24’s consumer protection for overdraft services is sufficient, as credit unions already face additional requirements under the Credit Union Act 1997 for their Member Personal...
No. Ireland is already subject to stringent rules on the provision of overdraft facilities, with reference to the requirements set out in the Consumer Credit Act 1995. Furthermore, we are...
No. Under the section 48 of the CUA, credit unions providing overdraft facilities must comply with the Member Personal Current Account Service (MPCAS) and these coupled with the provisions in this...
We appreciate why consumer rights in respect of overdraft facilities and overrunning are captured as part of CCD2, however we believe that Article 24(1)-(4) provides a sufficient level of protection...