Announcing the Overdrafts Preview!


(Peter Roberts) #443

That’s fine but Monzo haven’t said that as far as I know. What they have is that users actually prefer this model


#446

Maybe it’s beta but for me (And I’m sure a lot of other users) they are more than good enough and definitely better than any legacy bank I’ve dealt with in the past, so I don’t see what’s wrong with them trying to make money right now.


#448

Monzo aren’t in beta with the Current Account :+1:


(Jamie 🏳️‍🌈) #449

I answered this 6 posts before you asked. I’ll repost it to save you from going to look:

The whole point is that, when combined with the spending and target features, :monzo: Monzo will be able, quite far in advance, to say to you, “You have three more direct debits still to come out before your next pay day, and if you continue to spend at the rate you’re going, you’ll be in your overdraft for the last five days of the month. This will cost you £2.50.”

You then have the option to tighten your belt a bit, or click to approve that overdraft (if you don’t already have a limit set up). No one has done this before.

People rarely use the very cheapest option available to them all the time (which is why both Aldi and Waitrose are doing well, and which is why other banks have a whole spectrum of overdraft rates and fees - they don’t compete on overdraft charges).

And, for the record, Monzo becomes cheaper than Starling at around £1300. At that point, Monzo is cheaper than almost every high street bank, apart from First Direct.


(Gareth) #450

News from 2014 when Barclays introduced flat fees.
Telegraph

In short, it was people who chose not to keep their account in credit, were stuck in overdraft for over half the month, or continually used overdraft monthly that complained the most. These don’t sound like good cases of overdraft to me.


((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #451

This is why Monzo are good guys:

Admittedly, I did this on purpose to see what would happen but it still makes me happy. This is Monzo doing what they said they’d do. Trying to stop people going into Overdraft.


The Overdrafts Pricing
(Johnny Ellwood) #452

Can’t wait to see this on Android


((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #453

Unfortunately I cleared notifications on my Android phone this morning without checking them so I don’t know if I got the notification there or not. Didn’t even think about it. Sorry.


#454

Has this always been the case? I signed up to the Google Form list ages ago but haven’t heard anything.


(Frank) #455

I have also not received an email and think I have been asked to add my email to the form 3 different times since August.


(Frank) #456

What type of payment was this? This is what I would like to see for direct debits.

Actually this is an overdraft specific message whereas I do not have one so would be a decline message.

What about if the payment due out is more than the overdraft available. Is the message different?


((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #457

Then you’ll be delighted to know it’s a Direct Debit.

I can’t test that as I don’t have any Direct Debits over £100.


(Frank) #458

Now that is awesome news!


(Frank) #459

Would it give the same message for a future dated payment?

This is the part I feel let down by Monzo comms as I have asked for info on this scenario many times yet we get the answer from a community member rather than Monzo. :frowning:

For example is this only for accounts with overdrafts or all accounts. Did this come in .24 build. What are the circumstances around how and when (does it take all debits that day into account as one lump sum).


((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #460

I don’t understand your question.

The DD above is a future payment.


(Frank) #461

Sorry I mean you could set up a faster payment for £5k to go out tomorrow or the day after. Do you still get this warning the funds are not there so support that much.


((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #462

Well I just created a £500 SO and it didn’t warn me. It’s set to try and go out tomorrow. I’ll see what happens.


(Frank) #463

Okay I have set one up for Saturday for more than my balance. Interestly the app sees a one off future payment as a standing order.

And you cannot future date a Monzo-Monzo payment.


(Frank) #464

It may be worth adding some text advising future payments need the funds available on the due date as a prompt but correctly should let you set it up as it doesn’t yet know what your balance will be.

Though I notice with Starling debits are presented before credits on the morning payments. This could present issues if the credit (salary) is paying the debit (future payment).


#465

Direct debit low funds notification :bell: is same on Android. I tested this about 5 weeks ago.