Pay overdraft charges early

Feedback & Ideas
1

TL;DR: Allow users to pay overdraft charges whenever it suits them.

Hey guys,

My first suggestion, eeek!

So - unlike the majority of people who get paid monthly - I get paid on the 10th of the month, not at the end of the month. After a year and a half I’m still not really used to it.

BUT - here’s the thing. If I’m going to be in my overdraft in any given month, it’s likely to be the last few days of the month and/or the first 10 days of the next month.

This means that if I go into my overdraft at the start of the next month, I’ve got to wait until the end of the month to get rid of that nagging overdraft fees bar at the top of my feed - despite having the funds there to pay for it currently.

Seeing that “July Charges” thing every time I open up Monzo makes me unhappy, and I’m not sure being able to hide that is the responsible thing to do - but being able to pay it off whenever you’ve got cash available would be really useful.

Whaddaya think?

Thanks guys!
Tom

18 Likes
2

I see absolutely no reason why this shouldn’t exist - I’m surprised it doesn’t already?

Also, have you considered moving all of your DD’s to the 10th-15th of the month?

That would possibly solve part of your issue :slight_smile:

2 Likes
3

Hi Nick,

Yeah, I was thinking there may be some cost involved for Monzo if someone if frequently going into their overdraft then paying it off, but as it’s an internal payment - hopefully it wouldn’t cost them anything?

I have moved the majority of my DD’s to the 10th, yes! DD’s generally aren’t the problem (it’s my bad spending habits that are the problem, ha!)

Thanks

4

I don’t have an overdraft with Monzo, so I can’t comment too much on this - But I would have thought that any fee (no matter how big or small) you end up paying on an overdraft, is of benefit to Monzo - I don’t think it’d cost them anything to allow you to pay it back early (other than missed overdraft fees)?

I’m sure someone with far more knowledge will come along soon!

As for the spending, that’s a different ball game - So many places to start that can help - I hope you find the one that works for you!

5

I can see how it’d be super helpful to align charges with the schedule in Summary - or more basically to set a pay date like you can do with most direct debits. Good idea!

3 Likes
6

I would like to bump this topic because I currently owe 50p and it’s doing my head in ha

7 Likes
7

This should definitely be a feature, otherwise Monzo are keeping you in an overdraft longer than necessary

1 Like
8

I’m not technically in an overdraft now, so I don’t think that’s an issue. It’s just that they wait until the end of the month to charge you the overdraft fees, so it’s gonna be hanging around at the top of my app for the rest of the month - like a dark cloud over my entire existence :cloud_with_lightning_and_rain:

10 Likes
9

Yeah, it’s really a good idea. We should be able to add a button that says “Pay my overdraft fee”, and it debits your account immediately and removes the orange notification.

I’ll pass it along to the team :+1:

29 Likes
10

Thanks Tom! Look forward to hopefully seeing it added.

1 Like
11

Any information on this top idea? One that @tom himself acknowledged

3 Likes
12

A cheeky bump again…

3 Likes
13

Is this a thing yet? I get paid on the 15th, whereas payments for this go out at the end of the month, so I have 2 weeks with the overdraft payment due at the top :sob:

1 Like
14

Looks like it’s coming, if this is for overdrafts :stuck_out_tongue: :eyes:
image

It was added to the android app strings recently :slight_smile:

4 Likes
15

Yea, looks like it wasn’t coming :frowning_face:

Slightly disappointed that you can’t just pay these fees early…

1 Like
16

Gives the customer more control over when they pay stuff and gives money to Monzo faster - seems like a win-win.

Really hope the Lending team get around to this.

1 Like
17

Sorry to revisit an old thread but please can we have this! I don’t need to be told every time I open the app for the next 18 days that I owe a £0.01, just let me pay it now! If not that then let me just dismiss it

4 Likes
18

I agree be better if we could pay them off early

1 Like
19

Just an idea rather than having to wait till the first of the month. Why not let me pay off the usage charge early?Or at least let me pay it off early when I clear my overdraft?

21

I’m surprised this hasn’t been done yet, considering you can pay everything else early!

Although this has stopped me from ever getting overdraft fees :joy:

2 Likes