Announcing the Overdrafts Preview!

Yes you will still be charged. Best to move the money over :+1:

Putting it in a pot ringfences it and makes it more like savings imo. If I could just pull from my savings pot as and when I liked, that means it isn’t really amount I’ve set aside to save. Obviously it’s all about self-control but another step really makes you think about what you spend. You’ll be notified anyway if you dip into overdraft, so there’s no chance of getting charged without knowing.

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Starling does it differently to Monzo. I’m not sure what you’re trying to prove, to be frank.

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Only I can be Frank. Well, and @effsee , he can be Frank too :face_with_raised_eyebrow:

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The Starling approach is confusing IMO. I’m not saying it’s completely wrong (in fact they are “nice” in not making you pay for overdraft charges because you have money in pots/goals compared to Monzo which would still charge you in this case), however it is really confusing. How come I have “925£ overdraft remaining” if I have “0£ overdraft spent”?

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I like this message as well. Note that at the moment there is (what I consider at the very least) a “bug” where the same message (mentioning overdrafts) is displayed even if you don’t have an arranged overdraft. More info: Overdraft charges notification and delayed transactions

For anyone wondering, the backend service responsible for sending this doesn’t know nor care which app you are using, so this message will be exactly the same on Android. :+1:t2:

Edit: I however wish this would be a proper feed item instead of a push notification, as it happened to me once when I opened the app without reading the message fully (and at least on iOS, opening the corresponding app clears all pending notifications), and not being able to see it again, thought my account was compromised and someone had set up a DD/Standing order without my permission. COps cleared it up but I still wish this notification would be persistent no matter how many times you open the app.

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So I got no warning messages at all and just a straight decline of the payment. :man_shrugging:t2:

Same thing happened here. I assumed the feature hadn’t rolled out to everyone.

I am on the latest test flight version. While I did expect the decline I was really hoping for a warning message yesterday.

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I’m just on the normal app from the store (iOS)

And actually looks like the latest TestFlight is the same as the App Store.

Hi @finitejest how is the preview rollout going?

One question I asked but not sure it was answered. Are you using a specific criteria for selecting users on the preview list before pre-checking them for eligibility?

And for the eligibility pre-check are you advising those users they are unable to take part in the preview due to the eligibility pre-check outcome?

I am basing this on the preview list being the following:

Incorrect email - being contacted
not yet selected for assessment - no contact
Selected/discounted for preview - ??
Selected/Assessed and offered - being contacted
Selected/Assessed and not offered - ??

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re: Are you using a specific criteria for selecting users on the preview list before pre-checking them for eligibility? - a mix of randomly selected users and users who have expressed interest

re: And for the eligibility pre-check are you advising those users they are unable to take part in the preview due to the eligibility pre-check outcome? - not yet; eventually (in the coming month or two) everyone will know whether or not they are eligible for overdraft; but first we are informing people who are eligible; for those ineligible, we will wait for a bit to see (based on the data we gather) how best to inform them of the outcome and next steps

Incorrect email - being contacted :white_check_mark: - correct
not yet selected for assessment - no contact :white_check_mark: - correct, no point contacting people not yet selected for assessment, since we’ll get to everyone eventually
Selected/discounted for preview - ?? :warning: this step doesn’t exist; if you were Selected then you would also have been Assessed
Selected/Assessed and offered - being contacted :white_check_mark: - correct
Selected/Assessed and not offered - ?? :information_source: - eventually, if you are ineligible, we’ll let you know; but for the next few weeks we’ll wait for a bit to see (based on the data we gather) how best to inform people of the the outcome and next steps

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Thank you for the breakdown of responses. :ok_hand:t2:

So based on this I am in either not yet selected or selected&reviewed&not offered :frowning:

Monzo is currently working well for me with the pots but I am using it as a satellite account at the moment for fear of a declined direct debit because of the funds being within a pot. Overdraft is the primary feature for me to take the plunge and move everything over. Shared pots makes it a no brainer to use Monzo over others for our accounts. :ok_hand:t2:

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Absolutely! And I’m sure you’re not the only one thinking this, hence why we want to roll this out to everyone as soon as possible. We’re literally building Overdrafts as fast as we can, but we must also take care to do things right. As I said, a few more weeks … :crossed_fingers: In fact, I’m going to stop typing right now and get back to work :smile:

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Hey @finitejest I see the new post about overdrafts. Are you still using the preview lists or rolling out to everyone now?

And if mainly going off the preview list how many are left on there? I’m just really confused and disappointed with how long I have been on this list now with no updates either way :man_shrugging:t2:

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I still haven’t heard anything about an overdraft. Any updates on the rollout?

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I’m surprised all the articles about the overdrafts still assume that they already exist for everyone in app and that people have the options for it ‘Go to the Account tab in your Monzo app and tap Switch On Overdraft

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Yeah, I have an overdraft but bank statements haven’t appeared for me yet.

The rollouts are very slow and random.

yes I thought that they hadn’t appeared on mine yet looking on the usual search function page , but on iPhone on the spending screen at the top right theres an export function which takes you through to the PDF bank statement export