Free overdraft

Monzo should offer this to help their customers out during this tough time

It’s a great idea. Nice to see a bank think about something other than profit, even if temporarily

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It is a great idea , I wonder where Monzo are going to get their potential £1.2 billion funds for these offers , I think you have to be realistic what Monzo can offer in these troubling times when 70% of customers ( reportedly ) are using Monzo as a cash card only , with a couple of hundred pounds in ? and keeping their funds elsewhere in " proper " banks, whilst wanting all the benefits of the budgeting facilities offered by Monzo for their ready cash

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They could maybe drop their overdraft charges for a period but not change the criteria to qualify

they could , maybe support their customers that use their accounts to pay their salary in ? :man_shrugging:

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I feel like it’s adding complication if you set criteria for who can and can’t have fee free. I’m not suggesting they should give everyone a free overdraft but everyone who has one could be fee free for a period of time

oh I thought you were suggesting Monzo should offer free overdrafts up to £300 for three months for all their 4 million + customers , sorry I misunderstood your original post

" Monzo should offer this to help their customers out during this tough time "

we really do need to be realistic of what Monzo can and can’t do to help in this period of economic disaster caused by a worldwide pandemic - I am sure Monzo will do all they can to help their customers

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Until the recent Overdraft changes, Monzo did offer a £20 interest free buffer to their customers.

It might be nice if they temporarily reintroduced that at a slightly higher level - even if they can’t match HSBC’s £300 - given how many employers are going to have difficulties paying staff until the new government scheme announced today come into effect.

Customers are more likely to remember and be loyal to firms who they perceive have tried to help them when stuff hits the wall.

I’d quite happily have a Monzo overdraft… Cept I cannot have one yet :joy:

I think it’s really great to see this move by a number of big banks and businesses.

For all the “what are we doing about COVID-19” emails I’ve had. (oh, hey, that thing I bought once 7 years ago, great to know your plans)

It’s good to see that organisations are taking some small action that can have a huge impact on affected peoples finances.

A healthy chunk of PR-cyncism included there - but still a welcome plan.

First direct email I received this morning didn’t really offer any support was surprised tbh.

I think that even if they can’t give us a interest free buffer. they should atleast keep their overdraft as it is and not increase from the 1st of April.

Tbh really useless… £300 fee free overdraft?!
£300 for 30 days - 39.9% ~ £8 fee? So they wave £8 per month…
And still charge mortgage and loan interest.

I don’t believe that is their choice to make.

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