Monzo has offered a preview of its overdraft facility for iOS customers.
Monzo claimed that overdrafts in their current form were hard to understand, therefore over the last six months, Monzo has been trialling a model to help solve this issue.
For the preview, the overdraft will cost 50p for each day an account is overdrawn.
Monzo has built in a £20 buffer so that customers can use £20 of the overdraft with no charges for as long as they need.
Charges will only kick in once customers go below -£20 on their account balance.
The Monzo overdraft will display the customer's charges acquired so far that month at the top of their feed.
The overdraft limit will be reflected on a pulse graph, with it tinted yellow indicating that the account will be charged.
Monzo will use the feedback from this first version to build an even better experience on Android in the coming months.
As of 29th August 2017, the mobile bank welcomed its 1,756th customer to its most recent current account preview for both iOS and Android customers.
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