Hi Matthew - welcome to the forum!
We’re working on our overdraft strategy at the moment (and hiring a Head of Lending if you know any credit experts!).
We’ll be keeping our lending policy relatively simple and conservative in the early days, based on a credit check. Some overarching principles:
- We’ll tell you before you go into negative balance and give you a yes/no choice to take an overdraft or not.
- We’ll tell you how much the borrowing will cost in pounds and pence, as well as the % EAR
- If you don’t want to borrow, there will be no charges for bouncing payments
In due course, I’m sure @paul will follow up with a more in-depth post on borrowing.