but everybody has answered your grievances in their replies here , Monzo cant give you anymore than their “stock responses” for the reasons stated above
Appreciate all of your answers. To be fair I’ve been looking through this community and it is helpful.
I like alot of things about monzo, I’m going to keep my account open as third account. I’ll see if they survive these next 12 months and improve the customer service
Given today is now the 14th is there any update as to how Monzo will be helping those suffering from covid, should they use the existing financial difficulties route, or is there a covid specific route ?
At the end of the month we’ll calculate what we would have charged you on our fixed fee pricing (including the £20 fee free buffer) that applied before 1 April 2020. If your interest charge is going to be more than the fixed fee, we’ll cap it automatically at the lower amount.
If you have a limit of up to £1,000
We won’t charge you more than 50p per day for the days you’re overdrawn, which means a maximum charge of £15.50 per month.
If you have a limit greater than £1,000
We won’t charge you more than 50p for the days you’re overdrawn £1,000 or less, then £1 for days where you’re using £1,001–2,000, and £1.50 for days where you’re using £2,001–3,000. That’s a monthly maximum of £31 and £46.50 respectively if you’re overdrawn for your full limit for the whole month.
Also as speculated previously:
The arranged overdraft interest charges will be capped from 14 April 2020 for three months.
Meaning from 1st April → 14th April, you’ll be charged your personalised interest rate.
Monzo have said they’re capping the fees, and also offering £500 interest free overdraft to those that apply + use Monzo as their main account.
There are a lot of banks that are offering the £500 0% buffer without asking, and for everyone - but that’s costly for Monzo to do, so pretty silly thing to implement.
Secondly, most other banks have actually gone for a 19.9% interest rate at maximum which is just slightly lower than the 50p/day/£1000 amount that Monzo are offering.
Are you a Monzo customer, with an overdraft, who has been affected by coronavirus @dan2?
Yep your correct.
If all other banks can do it why can’t Monzo?
I appreciate we are looking at it from different angles so we will have to agree to disagree.
They could have implemented it last week?
It’s the delay and leaving it right to the last minute that I find poor really.
We are obviously looking at this from very different angles so we aren’t going to agree.