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So this hasnât been updated? 
My understanding is the new Corona rules mean the minimum Monzo can do is
- charge the lower of 50p/day or 39% APR to existing overdraft customers - so people are not paying more than they were previously.
- give ÂŁ500 of interest free overdraft to those in need and using Monzo as their main account.
A lot of banks have gone further, its very noticable that Monzo have stayed quiet on this for so longâŚ
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Iâd misread the earlier info, thanks.
Itâs a shame that Monzo decided to wait until right at the last minute.
I understand they need to make money but I just think this is a slip up.
Failure to act in a timely fashion.
Last bank to announce on deadline date.
Not the Monzo I know!
Yep your correct.
If all other banks can do it why canât 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?
Itâs 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 arenât going to agree.
I think itâs a failure to communicate.
15 days is not a long time when you have many important things to think about to ensure theres a company still there when this is all over, some of the things that i can think of and im not at board level are:
- Staff furlough, how many can we keep
- Funding, how much runway do they have
- Plus, what happens now?
- BOE interest rate change
- Loans, how does everything affect how much monzo can lend
- Vegas office, impact on this and staff
Im sorry i can definitely see where youre coming from but I just think monzo have alot on the plate at the moment like we all do. I cant really be upset that they waited to make a decision on this until the last moment when every decision at the minute seems huge for the long term
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My understanding is that the FCA were still consulting on guidelines last week. How could they implement something that hadnât been fully agreed by the FCA?
Why did everyone else take action?
Why was Monzo the last to the party?
if âtheyâ all took action at âexactly the same point in timeâ I could see your point , all banks took their own decisions and communicated those decisions both separately and at the point in time they chose as an individual separate autonomous institution, guided by FCA requirements.
Why was Monzo last âŚdont know âŚmaybe @nathanthomson8 post 2 above yours has some points to consider , but again somebody would have been last to communicate , unless all banks had an agreed solution , as far as Im aware some banks are offering different solutions in terms of overdraft rates over ÂŁ500 âŚyou could ask the same question , why arenât they all offering the same overdraft rates over ÂŁ500 âŚits for each individual bank to communicate their strategy in accordance with the FCA guidance , which Monzo have followed, and in the time required by the FCA for them to issue their guidance .
Why was Monzo late to the party ? maybe they like being late âŚexcept they werenât late, they were before the time required for attendance of the party by the FCA - a fact you dont seem to be able to accept no matter how many times its posted
I dont know whether your grievance is to do with your overdraft , indeed if you have one , but to keep stating the same thing over and over again after posters have answered 
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I mean, theyâve also been saying since March 16th (which feels like eight years ago now) that if you have an overdraft or loan with Monzo and are struggling to pay it as a result of the pandemic, then get in touch and they will offer help - including the deferring of payments.
Itâs not like theyâve done nothing while figuring out how best to implement the FCAâs guidance.
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Sorry not seen anyone clearly state why Monzo where so behind on this?
Anyway as you fail to see my point of view I will leave it as it has definitely shown a different side to Monzo.
If your problem here is that Monzo wasnât âleading the wayâ then you need to manage your expectations.
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Nor do I expect them to be struggling at the back of the pack.
they arenât , they were within the required timescales, the advice was out to consultation until the 6th , the advice would have been finalised by the 9th , and banks should have advice in place by the 14th , are you really upset that it took 6 days âŚmaximum to fix their offer ? lol its like we never had a pandemic thatâs been going on for a lifetime âŚtwo/ one day later on advice by other institutions âŚIm outraged 
Monzo , as already stated were offering help⌠if you had problems with payments for ever as far as I can see
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No bank will ever be perfect, you canât expect every decision they make will lead the way. Sometimes they will be at the front, sometimes at the back, or somewhere in between.
I personally find that Monzo makes lots of crappy decisions and miss the mark on lots of occasions and itâs great to pull them up on it to give constructive criticism where possible. They use to be better at moving fast in the early Monzo days but they face new challenges dealing with millions of customers rather than a few hundred thousand.
Unless you are working in Monzo in those decision making roles, weâll never know on this particular occasion why it took a few extra days compared to legacy banks. In the grand scheme of things itâs insignificant.
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Article from a month ago offering support to loans and overdraft I.e. freezing
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As always people making mountains out of mole hills, theyâve done what was asked of them and provided clear guidance around it ready for the go live date.
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