An Update on Overdrafts

[Frankiejr (Frank)]

A recent and relevant example:

Direct debit timings

Hi, I’m seeing a difference in the way DDs work in Monzo to my previous Coop account. I’ve just had a DD (first payment) fail at 2am in the morning. I’ll now incur a £30 charge from the originator. With my previous account I’d have had until end of business day to have enough funds to clear the DD. I can imagine this being a real issue if I have DDs set for pay day - and all the DDs fail at (say 2am) and then pay funds come in at (say 3am) DD pots are one answer, but don’t cover all the use …