Good news for consumers, though banks have to make money, and I think we can expect them to try to recoup this loss of revenue elsewhere.
The report claims that it will reduce the daily cost of borrowing £100 on an unarranged overdraft from £5 to 20p. If high-street banks had to reduce their fees, it would certainly have a knock-on impact on how competitive Monzo’s overdraft offering was perceived to be.
