I agree, I have also asked the COP’s… I think Monzo should offer overdrafts to people who ask, not just ask people willy nilly, who might not even want one? Seems like a waste of time asking lots of people who don’t actually want one?
Oh yeah of course, I just mean, if someone asks for one… run the checks and if eligible offer them one, if not tell them why not…
They seem to be going through offering random people overdrafts via a notification when they might not even want one? Waste of time… why not focus resources on people who actually ask for them…
They did as far as I can remember, there was a Google Form that was sent round, I believe they are/were selecting people from that pool to trial the system…
My understanding is that the overdraft is still in it’s early-ish stages and not fully rolled out. I believe the App will have an overdraft button somewhere within it when the overdraft functionality is released.
I really do t see how hard it is to let people know whether they are eligible or not.
My understanding was that people who signed up to the preview and weren’t eligible WOULD get an email telling them so, but all I and a number of other people got was the ‘incorrect email’ messsage which had been sent in error.
I get that during the initial roll out their internal scoring criteria might be pretty strict and likely be relaxed in the future but a simple message saying “we can’t offer it right now but keep checking back” would go a long way.
I just feel the current lack of transparency is very un-Monzo like!
What were you trying to achieve?
Putting money into pots.
Why were you trying to do this?
I really want to keep up with my yearly fee targets and want to religiously put this money away every month.
What got in the way
Not enough money for the transfer so the transfer to pot maxes out to whatever money I have on account, not allowing me to dip into overdraft.
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It’s probably intended behaviour but; since we are allowed to dip into overdraft with money in pots when using card, would it not make sense to allow dipping into overdraft by moving this money out to pots? Not many people would actually do, why would you pay unnecessary fees? I’m my case, I’m getting paid tomorrow so I would’ve been happy to spend 50p as I’m treating these pot deposits every 26th as an obligatory and necessary direct debit.
Just a thought, no biggie, I’ll just put this money in pot tomorrow and actually save 50p
you can do this with Starling as money in your goals (their pots) is taken into account when working out overdraft charges.
My understanding of Monzo is if you are overdrawn on your account by £90 but have £100 in a pot you pay for a £90 overdraft,
with Starling if you are overdrawn by £90 but have £100 in a goal (pot) you do not pay for a £90 overdraft as they say you are not overdrawn with us as you are £10 in the black.
Just to clarify, I’m not complaining about pricing. I just thought it would have been reasonable to allow a user to briefly and knowingly go into overdraft by moving money into pots.
That’s not quite right?
He’s not saying Current: £-90, Pot: £100, Total: £10
He’s saying Current: £-90, Pot: £90, Total: £0 with intention to further increase Pot
Can you overload a Starling Goal to take you into overdraft?
Those that do have an overdraft, do you pay your salary into your Monzo account? I’m curious if that has any effect on the overdraft rollout selection process…
Yeah I am still waiting from the google list. Though I too do not mandate my salary. It’s a catch 22 though as I do not want to move my salary and direct debits over without an overdraft as a buffer.