So I’m a very frustrated Monzo user…
I have always been able to get a reasonable sized overdraft from my bank. I’ve got a £2,000 overdraft front Starling. I rarely use much more than £500 of it and broadly speaking only go into it now when months tend to get busy with family stuff. My credit rating is high (good high!) and my salary is pretty sufficient on a monthly basis.
And yet… my Monzo overdraft is maxxed out at £100. I know people who have £1000 overdrafts with Monzo. When I ask help they give me the general answer they are being ‘cautious’ about overdrafts. However, this provides me with zero information as to why every other major bank and competitor challenger bank offers me a reasonable sized overdraft apart from Monzo?
Apologies for the venting, but it’s the one thing stopping me from pulling my salary into Monzo and I can never get any answer as to why. My main bank is Starling now and whilst I like the Bank, I think the Monzo app and features edge it out in terms of functionality and design. But right now it feels like Starling offer more banking related offerings like overdrafts, where Monzo offers a more Style.
Anyone else have any issues getting or expanding an overdraft at Monzo?