Shouldn’t Monzo change rules on overdrafts during coronavirus pandemic, as most of banks already did…
There is https://www.fca.org.uk/news/press-releases/fca-proposes-temporary-financial-relief-customers-impacted-coronavirus some of measures are only if you’re affected financially by the covid-19 (presumably you’d need to contact Monzo) the only universal thing is that customers should be no worse off under new overdraft rules
Of course if Monzo get or have had many requests (to extent they can’t cope with them)some of the measures could be applied en made
Have you contacted them to say you’re in financial difficulty so they can work through what help they can provide
I expect many are hoping for free overdrafts and frozen loans for all, which would be nice but not sure it’s a good idea as it would cost Monzo and also risk encouraging debt and creating issues when the help ends
It’s not a blanket approach as plenty people don’t need that help, they’ve already said contact them in app chat if customers are struggling
not sure “most banks” is accurate …if the sun is to be believed… a lot of the banks are giving themselves quite a bit of leeway in their terms to refuse the overdraft, also don’t assume you now have a free £300 overdraft without contacting the bank first , you probably won’t have it , you will probably come under their un arranged overdraft fees
FCA are pushing a bill through to help those that need it but again I would have a guess it’s contact your bank to tell them you need that support
I think it does qualify who will be offered the free overdraft terms for a limited time on a limited amount , due to be decided April 9th I think
" * Ensure that for customers who have been hit financially by the coronavirus and already have an arranged overdraft on their main personal current account, up to £500 will be charged at zero interest for up to three months."
So the free overdraft is worth about £10-20 a month. But if you are deep into a big overdraft you might not get any help, seems fair
Strikes me as easier if government just gave everyone £50 and be done with it
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