Why I have to pay for people who use unauthorised overdraft?! Nice move.
Another nice news for Nationwide customers.
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I think the point about cutting free banking is that “you” should pay for “your” banking rather than other people’s overdrafts paying for it.
At least I hope that’s what it means. If the suggestion is that a premium price be charged for a bank account in order to subsidise overdrafts then (as a certain ex-PM used to say) “No, No, No”.
I don’t believe anyone should deliberately be asked to subsidise anybody else.
For as long as free banking is a thing, however, we’re stuck in this artificial charging mode.
For me personally, if I had to pay a fee for banking then it would be for me and not to reduce the cost or cover for the cost of overdrafts. However as a byproduct I would expect the overdraft costs to come down as the other revenue stream would reduce the banks need to charge the higher fees.
Banking has never really been free, it’s just hidden off the backs of those who pay the fees and overdrafts etc.
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Eek, that’s annoying. Thanks for the alert. It’ll be back to having a minimal amount in the current account to try and eek out a few percent of interest in other accounts.
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There’s no way Flex could stay as good as it is forever. It can’t have made any money.
I’d rather not be forced into paying a fee for something I’m required to have in today’s age.
If I want to use anything outside of a bank holding my balance then I think it’s fair game to have a charge of some sort in place. The things we see as a basic bank account in fact are not basic, in my opinion.
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Exactly, if you cant afford it then dont use it. Look for alternatives
If you’re a person that has to constantly use an overdraft then financially they need to sit and assess the situation, not live paycheck to paycheck and bank on an overdraft.
Fair enough if something has happened to cause it the once but if its happening on the regularly theres something there the person really needs to deal with and look to remedy in my opinion.
That’s a fair comment and I agree with you but my wife knows it’s not a good approach but still lives in her overdraft. It’s become an almost unmentionable subject lol.
Beth, I agree but I would rather pay a small fee than be stung for a big hit for the very very few times I go overdrawn. It’s normally when I’ve not noticed something is due to go out, something with monzo that doesn’t happen.
I couldn’t find this anywhere. Where did you read it? 
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This covers it:
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@Feathers provided link already.
Why ? One step closer… to close Nationwide account and use Monzo only 
waiting for Mobile and Breakdown cover 
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for all those users that aren’t already Full Monzo!
Question-
I might be joining the conversation a little late.
But why would an overdraft be better than a credit card(Assuming that you can get one)
Can’t take a direct debit from all Credit Cards?
That’s all I’ve got though.
That’s true but then you could have Monzo card for that and then use a credit card for other things
no transfer of money required?
My overdraft is there simply to catch my direct debits if I have to sail too close to zero one month.
(If you’re using your overdraft just to buy stuff, you’re getting life wrong.)
Your mortgage payment is pretty much the monthly bill you never, ever want to miss. One hint that you’ve had any kind of problem meeting that and you’ll find getting another mortgage or remortgage more expensive or impossible.
I’d rather sort my budget out the next month than have to tell the bank I can’t pay my mortgage, and you can’t do that on a credit card.
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That’s true but with open banking who knows what will become possible 
Yeah that makes a lot of sense basically its a buffer, just in case one month you run over slightly
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