Are overdrafts on joint accounts being considered?
It’s the one thing with Monzo that annoys me.
I’m ready to close my old current account but need it to have that cover.
I don’t like to have an overdraft on my own account because i’m quite strict.
It would however be good to have that bit of cover for unexpected increases on shared bills.
Any timescales suggested?
If there were, I’d take them with a pinch of salt.
This feature has already been suggested. You can vote for it here:
No doubt it’s already been raised.
I’m surprised it’s not been sorted yet. Surely if both accounts have good credit it would be fine. Strange!
Join the club.
Monzo still don’t report joint accounts to any credit reference agency, despite saying they would do in “early 2019” - It’s since gone very cold, despite asking numerous times.
I’d imagine this is a pretty integral part of being able to offer an overdraft.
It costs money to report accounts to CRA’s, which is why they only report to TransUnion (and likely why they don’t offer overdrafts on joint accounts).