Announcing the Overdrafts Preview!

I’ve been offered an overdraft, but have not taken :monzo: Monzo up on the offer.

I want to take them up as a daily buffer but so far not offered.

I had been planning to make Monzo my primary bank but Starling offered me an overdraft first so they are now my primary bank.

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How do they compare?

They seem to offer higher limits when I look at what friends have been offered by Monzo v Starling (so far I don’t have a Monzo overdraft) Plus they better value as they made a sensible business decision and went for a low % rate rather than follow a customer poll and go for a daily fee which results in paying more money

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I’m pretty sure there was a webpage (blog or something?) Where you could register interest in the overdraft on Android - I think I did it some months ago.

Anyone else do this or am I imagining things?

Until the last beta there was an overdraft button but all it did was popup a dialog saying you couldn’t have one. Just as they added overdrafts the button vanished :stuck_out_tongue:

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Interestingly the text is identical on Android - but the button is missing!

I reported this to support and they added me to the list.

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Waiting for overdraft :frowning:
I can’t use Monzo as my Primary account without overdraft as I have 11 Direct Debits and I need to be sure they will be collected on time. Without overdraft payments can be declined (no funds) and companies will fine with extra fees …

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Can’t you change your DD’s to be one day after payday to make sure this doesn’t happen?

Getting paid 4 weekly :frowning:

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How will the 50p charge work? If I go £20.01 into overdraft, get the notification, and then 5 minutes later, pay money into my Monzo account, will I still be charged the 50p?

Or is it just if you’re in overdraft at midnight each night (that would seem to be the fairest way).

Spot on, you answered it yourself :slightly_smiling_face:
You get a notification that you’re overdrawn and then you can move money to get back in the black.

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Sounds great. So it’s basically an interest-free overdraft, up to your overdraft limit, until midnight.

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Is there any update on the overdraft preview rollout? I have been on the preview waiting list since August and it is one of the main features preventing me moving my major direct debits over. This is because I want to make full use of pots for budgeting but without automation there is a high risk of direct debits being declined and this would not be acceptable.

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Second this request - I’m on Android, but swear I clicked a button online to register (Android) interest some time ago.

It’s the one thing that means I can’t have full confidence in my account.

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Me too, though I registered my interest through support chat (though not so long ago)

So…I’m reliably told that if you fill this form out, we should be able to give you overdraft limits this week or next week :smiley: https://docs.google.com/forms/d/e/1FAIpQLSes9xUVgO431ZbiXXQCOThPUldudpbArlTueLD9WQAh62I0Bg/viewform

You’ll have to pass the credit check and our eligibility criteria so it’s not guaranteed but this quarter we’re significantly ramping up overdrafts

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Thanks, filled in :slight_smile:

iOS only? or Android too?