I think a number of features were initially built to be linked to a person rather than an account (this was the case with pots), which is why they have to be reworked to function on joint accounts.
For joint account overdrafts, Monzo probably have to rewrite their lending models to incorporate joint accounts since there might be the issue of having to take into account both party’s credit history when deciding what to offer. Monzo also have to decided how offering a joint account overdraft affects the amount offered to each personal account. So the changes aren’t trivial.
Yes 100% agree. For me, and I presume many other JA holders, our JA is our primary account and do not think of it as something separate and we would hope for all the same features as personal accounts. An update on JA parity from someone at Monzo would be useful.
We don’t need or use overdrafts on our current account but it does bother me that there isn’t parity between the joint accounts and personal accounts. Unfortunately the list of missing features on joint accounts is increasing rather than going down, so the problem is likely to get worse before it gets better
We’re the same, with natwest with an Overdraft and the is halting our completely move to monzo Joint. At the moment we only use our monzo joint as a daily spending account.
If we had an overdraft on the joint account it would reduce the urgency for the commited spending spending pots.
It would be safe to let bills come out and the the transfer can be made.
At the moment il always having to schedule the payment the day before the transaction is due to come out. I moved all my direct debits over to Monzo but now I’m actually thinking about moving them back out.
It’s not that bad having no overdraft. If you’re short you get a notification in advance so you’ve plenty of time to move some money over to avoid it failing and any charges being incurred. Then if you miss the notifications then you’ll get one that says it has failed and you’ll get the option of retrying it again
I respect your point but disagree- I’m too busy to constantly check and failed direct debits would be an ugly stain on my credit score. This is really the only outstanding issue for my wife and I going full Monzo
You don’t have to constantly check. You’ll get notifications
Also, if a direct debit should fail because you’ve missed the warnings Monzo have a feature whereby you can retry it (before a certain time) after you’ve moved funds to cover it and it will make no difference to your credit score and the company will be none the wiser
Agreed @pshores. No intention of using a j/a overdraft under normal circumstances, but my credit history is too valuable to me to risk even a single late or declined payment if for any reason funds don’t arrive on time. For that one time in 20 years when neither of us were paid on time, I’m keeping mortgage and other big/critical DDs with our old joint account.
I have used an overdraft for many years but actually enjoy the fact monzo doesn’t have one on joint accounts. It helps me use money I don’t have even if just for a few ideas. Now there’s a novel idea.
I still think there’s a smarter solution to this, where you can “assign” a chunk of your personal overdraft to your joint account.
Then you wouldn’t need a joint credit check or a whole new overdraft - you’d just be able to use the overdraft you already have on your personal account.
retry DD 