I was simply answering a question someone had and we were both happy. Then a couple of weeks later someone else commented, taking it out of context and now people think I’m advocating a committed spending pot as a replacement for an overdraft.
The pot will certainly help but I know that overdrafts are used for other things too.
Exactly the same story. And it’s brutal when a direct debit fails, amex for example charge you £12 for a failed dd even if you settle ahead of the statement deadline. Not monzos fault but a buffer here is very much needed if you budget close to your pay day.
Maybe the way to arrange this is not to add an overdraft to the joint account but use the overdraft on the individual accounts. So it if my wife and myself had an overdraft on our individual account if either of us spend on the joint account just link the transaction to the individual account making the transaction and take it out of that one. So if I spent money in the joint account that would take it overdrawn or into overdraft just make the balance come out of my individual account (overdraft or balance).
Making a tech solution to take money from the individual account (perhaps with a confirmation that you want to do that) is probably easier than trying to get the joint account behind the scenes to offer overdrafts the account. Reading through the thread it looks more like the party offering the joint accounts do not offer an overdraft to joint accounts - something out of Monzo control at present. A tech solution of confirming you would move money from the individual account balance/overdraft would probably be a more viable option.
It also means you only pay for the individual overdraft not for the individual combined with the joint.
I really can’t understand why this inability to grant joint accounts can’t be solved - so frustrating- also when I tired to take out £400 in cash yesterday I thought I’d be able to take out £200 from my personal account and £200 from my joint - nope as the withdrawal limit is spread across the two! Grrrr…
Am I regretting going full Monzo - no not yet - but patience is starting to wear thin!
Hi. Just want to add my vote to the calls for arranged overdrafts on joint accounts. I’ve had this for years on my old RBS account - and it’s the one thing delaying my full switch to #fullmonzo. Is it in development - do you have a timeline for when this will be available?
The forum isn’t here to get answers from Monzo so that’s probably why that’s not happening. I agree that in specific circumstances this place is used for direct communication on defined topics but it isn’t gnerally likely that staff will randomly appear and answer questions across the entire bank.
As a general rule, if nothing’s been said then it’s safest to assume that nothing much is going on in the area in question.