Overdraft Feedback


(Andy) #143

I’m not dissimilar to any of this, revolving credit, active credit file, multiple accounts all in good standing however I do have an active credit card thats got 12 years of good history so I wonder if that’s what monzo is looking for. I also have no overdrafts elsewhere which might help


#144

I have been trialing the joint account

No overdraft being offered on joint accounts even though the risk is being shared by two parties

Not sure how this would work as my main housekeeping / billing account as I would want some form of overdraft buffer ( just in case )


(Gareth) #145

No overdraft being offered on joint accounts yet


(Andy) #146

I guess the functionality hasn’t been built yet and :monzo: are not yet reporting financial association to Callcredit(now transunion)


#148

True but my car loan equates to 2.5% of my net income per month

Not exactly breaking the piggy bank so not exactly a high risk factor


#149

Not sure how I will be able to successfully trial with DD and SO when the overdraft is not available as a buffer and exists on my existing joint account

So at the moment I seem to be just tinkering around with an occasional purchase. Not exactly an account stress test


(Andy) #150

I’m about to go #fullmonzo on Monday on my joint account fingers crossed! :money_mouth_face:


#151

Or more likely according to the risk profile of the product or service, so a bank may use different scoring systems for different products rather than just one scoring system for their customers.


#152

Hope it all goes well!! :smiley:


(Andy) #153

Apologies for not being clear enough, this is what I meant.


(Andy) #154

Direct debits transferred on Wednesday just final account balance to transfer on Monday!


#155

i know you said it wouldn’t be changing any time soon, but it costs far to much to be competitive.
I pay the same £15,50 a month, but as well as zero interest overdraft, get worldwide travel insurance, phone insurance, gadget insurance, breakdown cover.
use the travel insurance all the time, used breakdown cover 4 times last year.

I don’t think its competitive compared to a lot of the market and will hurt sign ups when you really want to expand. As a lot of people use them every single month. Used to be one of those people but thankfully not these days.