People are allowed to disagree. I don’t agree with every decision monzo has made but when they provide comprehensive explanations and I compare to them to the alternative legacy banks and other fintech banks, I’d much rather bank here. YMMV
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*** rushes back and tries to find posts claiming things can’t be changed ***
Nope, can’t see it. I said it won’t be changed because I don’t believe it will but that’s a personal opinion and very different from “can’t be changed” which is an absolutist type statement of the sort common in this thread.
For reference, I’m not expressing a preference for either approach here, just an opinion on the likelihood of things changing in the immediate future. Of course, adding this sentence has probably jinxed that. 
My use of words was deliberate so I’d appreciate accuracy if you’re going to reference them. (Yes, I’m a pedant, it goes with the job I do these days.)
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My apologies, you did indeed say “It isn’t going to change anything” rather than “it can not be changed” - though I never did claim to be making a direct quote.
I think we’ll need to leave it there though as to whether the phrasing you used is open enough for my interpretation and following statement, that you made the suggestion that it can not be changed, to be correct, as I don’t think we’re going to agree on that.
I stopped counting at 19 of you, 315 posts in. 10 countered.
29 likes on the first post, 28 likes on Tom’s solution.
But given the 1.8k active users, we are a minority of a minority, split.
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15 pro Monzo’s approach and 20 con
A few undecided/unclear by their replies
A number from both sides wanting ts&cs rewitten with greater clarity. A number is the best you’re going to get as i would have had to read every reply in great detail (and my pen ran out)
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You still use a pen? 
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How legacy… 
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It was crayon, they don’t trust me with sharp things
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We need an official response from Monzo!
CEO/Founder replies
Not good enough!
(ノಠ益ಠ)ノ彡┻━┻
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The CEO replied with his view on how he saw it working (which is fine).
He didn’t address the t’s and c’s issue that people have.
If the t’s and c’s echo the policy, people can dislike the policy, but they can’t argue wording.
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I don’t think the CEO of any business should be above being challenged.
I appreciate the time @anon91821566 took to make his response to us, particularly at the weekend, but I have some concerns about the content.
The community page on the Monzo website invites us all to “help us to build the bank you’ve always dreamed of” and that’s exactly what I’m trying to do.
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The T&Cs are overruled by the FCA’s rules. Monzo could write “We will charge you £1 million if you are in severe debt” but it would be easily contestable and won. Arguing about one screen saying a different figure of a balance as unfair on the other hand…
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I think the point is…
For a bank that prides itself on communication and transparency, clearly both of these things are lacking here (on this one very specific issue).
The CEO can wade in with his opinion all he wants, but the issue surrounding the t’s and c’s was not put to bed (and was actually dismissed by Tom himself).
If you have to quote the FCA on a forum discussion, it is neither transparent or well communicated in my opinion.
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I don’t see how this part is relevant when we are talking about if overdrafts should be charged for while Monzo holds more of the customer’s money than the amount they are in their overdraft. The money is ring fenced for sure for your Tax Bill regardless of when you decide to apply the charges. The account holder is basically borrowing against themselves, not Monzo, and being charged for it.
And if we’re aiming for perspective on a 50p charge perhaps the bank should be asking themselves if they should be charging it in the first place.
I do love Monzo and actually am an advocate of the flat daily rate for an overdraft, for its simplicity, but only when the customer actually owes Monzo money.
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The account holder can choose to simply move that money that you’re suggesting that they’re ‘borrowing from’ into their main account, if they want to avoid the charges.
This topic has been discussed to death already.
As Monzo said in their latest blog post on overdrafts -
We’ve always been open that this is our initial pricing model for the overdraft. We believe it’s clear, simple and easy to understand. But, it’s likely we’ll improve it over time, based on feedback from our community and data on how customers are using overdrafts.
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If its that simple can Monzo not look at the bigger picture on the account holder’s behalf and realise that they are not actually in the red?
I know it has but I just wanted to clarify that my sentence before wasn’t an objection to the rate but when it’s applied.
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No because, as Tom explained, that’s bad UX.
Well that’s a matter of opinion, the point of this thread is that other’s user experiences disagree
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Saving money is great UX.
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Right & this is how design works. It’s subjective at first but unlike us, Monzo has the data to see whether this is actually a problem or not.