Monzo Overdrafts survey re: r/UKPersonalFinance

And why not? The CRAs have been actively marketing exactly that to people for the last few years.

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Not sure I follow the agression against people who took part in this poll (I didn’t). They were clearly under the impression they were being misled. Whether they are in fact right or not, it doesn’t seem unreasonable to be upset if this seems to be the case. Why is that a bad thing?

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Glad to see Monzo staff feel Reddit is more than graffiti on a toilet wall. That opinion is apparently just for the die hards.

In fact, it considered so important that Reddit gets an infitintely more detailed reply about overdraft rates than the community has ever had.

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A post was merged into an existing topic: Removed Posts - February

I was actually shocked to read the post from a Monzo employee on Reddit. - especially this part:

We won’t take away or change an overdraft you’re using if your score changes.
If you already have an overdraft with us and your credit score changes, we won’t take the overdraft away, and we won’t reduce your limit.

If true, I can’t see how that matches Monzo’s obligations to be a responsible lender - all banks should reduce overdraft limits if their view of the creditworthiness of a customer changes.

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Bit cheeky that Reddit gets a detailed reply, whereas the thread about Facebook tracking (potential breach of GDPR) takes a whole load of effort just to get a response saying that we’ll get a response some time.

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Reminds me of when a twitter poll was done to change the transport icon and the community only found out after a member shared the results on here :slightly_frowning_face:

I thought this place was the heart and sole of Monzo :broken_heart:

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Oh I had only just forgotten about that icon and written it off as a bad dream.

As much as I like Monzo its so fucking stupid at times. Making changes to a bank affecting millions of customers by a Twitter poll. I hope someone put a stop to that actually happening.

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Did you miss the word ‘again’ off the end as I believe it did get updated based on the result?

The actual reason for the poll was ridiculous too in my opinion :roll_eyes:

Ah so on Android they have half-arsed it.

Screenshot_20200205-214914

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Annoyingly this rings a little true with me…makes Monzo seem slightly toy like and removes a little faith from them.

That said…I got some good answers from the forum and followed them up with an in app chat 24 hours ago…they said the borrowing team would get back to me in 24 hours. Oops…

One thing I’d love to know is how TransUnion have any idea how much you’re paid?

All banks report monthly income/outgoing totals to the CRAs so it’s fairly easy to work out take home and from that estimated gross salary.

I just don’t find that possible…repayment of expenses from your company (mileage, lunch, hotels etc), payment from your other half for bills (those of us who don’t have joint accounts :eyes:) and the rest. I just don’t see how incomings you your account can anywhere near quantify your salary…

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But not everyone has those types of incoming payments. I’m assuming it’s a minority who do but I have no real basis on which to set that assumption.

It’s only ever going to be an estimation.

If you log into HMRC and check out your salary estimator it’s quite often a little out, despite them having all the information they could ever need!

This is unfortunate - so equifax and Experian (Monzo hasn’t popped up yet) both think I earn nothing? That’s literally insane! Learning being taken here.

RE salary their confidence level in me must be so low…I pay an extra £150 into my pension pot (tax breaks ftw) and then £300 in student loan. I would estimate that Monzo likely think I’m being over zealous by over £9k or 15% ish. :man_facepalming:

Well if you’ve never had any incoming payments and never had any other bank I would assume it’s nothing or possibly set as null to indicate unable to give an estimate. So if you’re 18 and never had a bank in your name.

I would assume Monzo also looks at your Monzo account incoming/outgoing payments to guess too, so even if the CRA was unable to give an estimate they might be able to work out affordability.

Re Experian Monzo have just started so you should see that appear end of this month :man_shrugging:

As for not having an active account listed at Equifax that probably be negligible on lenders criteria and decision. I think Monzo however may take off a few brownie points in their scoring if they can’t get a close enough match to what you submit and what TransUnion (and now Experian) estimate.

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