New - Overdraft Notifications 🔔

No response from the Monzo Supporters Anti-Toggle Society? (@Peter_G)…?

On a serious note good for people to have more control over what they want to see.

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The MSATS supports control and configurability.

The MSATS doesn’t support screens full of toggles.

:joy:

(You can disable this message by selecting the appropriate toggle in your settings).

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I would like to challenge MSATS previous statements as a point of order.

Given their vocal misgivings about what is being referred to as ‘toggles’ I would like to ask the candidate what other options his party thinks would work? It’s all well and good for MSATS to continue to poo-poo the use of ‘toggles’ but as of yet I have not seen a clear message on their alternative.

Thank you.

This message is endorsed by the MTAS (Monzo Toggle Appreciation Society) and MATWG (Monzo Appreciation of Toggle Working Group).

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The credit score we use internally is not quite the same one that you can see through tools like credit karma so it’s not possible to give clear information like “if your score is more than X then you should be eligible” however they will correlate quite closely.

We also have an eligibility checker that gives you the probability of being accepted based on your circumstances (this currently relates to the fixed fee overdraft we have today but will be updated when we move to APR in the new year): https://monzo.com/i/overdrafts

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Ohhhhh that tool is news to me, thanks for that!

Fingers crossed I get to keep my £1,000 overdraft based on this :crossed_fingers:

@RogerB, I got my email through at 02ish this morning

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I have a question: do these notifications work on the basis of your cleared balance (so not pending transactions) or the value shown in the Monzo app?

(I’m finding managing my overdraft difficult as I can’t see a figure that corresponds to the cleared figure in the app).

These notifications work based on the balance shown in the app. My personal opinion is that this is the right thing to do but in any case the FCA guidelines require us to include transactions due to settle (with the idea that if a transaction settled late in the day you may not then have much time to return your balance to being positive).

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Dipped into my overdraft today - expensive month and get paid later today

Got both a push notification and an SMS (had specifically enabled the latter as well)

All working well this end then

Was amused to see the eligibility calculator gives me 70% to 90% chance of getting the overdraft I got on signing up last year :slight_smile:

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In terms of the SMS messages, and for the sake of potential interest, this is what I saw:


(Got them all at the same time as my phone had been off)

If you are interested here are all the variations:

:bulb:Your last payment took your balance below £0. Please add money to your account to avoid going beyond your buffer.

:bulb:Your last payment took you below your free £20 buffer. Add money to your account before midnight to avoid overdraft fees.

:bulb:Your last payment took your balance below £0. Add money to your account before midnight to avoid overdraft fees.

:bulb:It looks like your payments tomorrow will take you into your £20 overdraft buffer.

:bulb:It looks like your payments tomorrow will take you into your overdraft. Add money to your account to avoid overdraft fees.

:information_source: You’re in an unarranged overdraft. Please add money to your account to avoid payments bouncing.

:information_source: You’re in an unarranged overdraft. Please add money to your account before midnight to avoid charges.

:bulb:It looks like your payments tomorrow will take you into an unarranged overdraft. Add money to your account to avoid overdraft fees.

:bulb:It looks like you don’t have enough money to cover your payments tomorrow. Add money to your account to make sure the payments go through.

:information_source: You’re in an unarranged overdraft. Please add money to your account to avoid payments bouncing.

:bulb:It looks like you don’t have enough money to cover your payments tomorrow. Add money to your account to make sure the payments go through.

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Won’t they just be rejected unless they are offline (which you wouldn’t know about the day before)?

In almost all cases yes, one example would be overdraft fees.

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