Can I opt out of overdraft?

Monzo Chat
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One of the reasons I love Monzo is that I cannot inadvertently overspend. Once the balance is zero, that’s it. Actually having my card declined once or twice for lack of funds has helped keep me on the straight and narrow. On the current account, I’d like the same feature. This is because I will run it in parallel with my main current account, at least for a while. I don’t want to end up with 2 overdrafts running because I got carried away on a Friday night.

Has this feature been considered?

Keep up the amazing work anyhow!

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Monzo have stated that you’ll have to explicitly opt-in to the overdraft. So if you leave it as is, when you get the current account the behaviour in terms of your balance reaching £0 will be the same.

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Here’s Tom’s comment on this -

given that you’d need to agree to a credit check, in order to set up an overdraft, my assumption is that it’ll be opt in.

And as a general rule, it won’t be possible to go overdrawn unless you ask -

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Amazing, that’s been on my mind for a while. Thanks for letting me know. I love that Monzo is encouraging responsible borrowing - I remember the days when my credit card providers kept jacking up my limits without even asking. Bad scene.

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Exactly — it’s totally opt-in so if you don’t want one, you don’t have to have one :slight_smile:

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That’s awesome!

The unavoidable “unarranged” overdraft with HSBC is one of the reasons I am so eager to move off of them. British banks are so evil.

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