Hey everyone,
Dropping in to follow up on Tom’s message yesterday about the wording changes we’re making.
But firstly: sorry we didn’t get this messaging right first time, and sorry it’s taken so long to fix it. In the drive to keep things clear and simple we’ve missed a crucial nuance – as people have pointed out – about what we mean by ‘balance’, and that’s not good enough. We’ll learn from this for sure!
Here’s what we’re doing about it now:
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We’re updating the sign-up flow for Pots in the app. We’re making it more explicitly clear that we won’t take any balance you’ve got in Pots into account when we’re calculating overdraft fees. As soon as I have screens of what that new flow looks like, I’ll post them here – the change will go live this week.
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We’re changing the overdraft agreement. We used to say we’d calculate charges based on your ‘balance’; now we’ll say we calculate charges based on your ‘finalised available balance (excluding Pots)’. For new customers that change will go live straight away; for existing customers you’ll get a variation notice to let you know it’s happening in the next couple of months.
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We’re making the terminology consistent on iOS and Android. If you’re on iOS, you see your ‘Balance’ in the account screen, whereas it’s ‘Available balance’ on Android. That’s not good! We’ll be combing both versions of the app for any other inconsistencies and fixing them up as soon as possible.
It’s also worth pointing out that we’ll keep sending notifications if you slip into your overdraft, to give you a chance to move money from Pots or elsewhere and avoid charges altogether.
If you’ve spotted any other inconsistencies, or you think the changes we’re making don’t address the problem, please let us know.
Thanks,
Harry