trending Market Intelligence /marketintelligence/en/news-insights/trending/3hWAJ6oCLhIr1q3EbW5aTA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

UK's Monzo Bank changes overdraft rates in anticipation of new FCA rules

Street Talk Episode 61 - Investors debate if U.S. banks have enough capital in post COVID world

You Down With PPP? Consider The Risks

Street Talk Episode 60 - You Down With PPP? Consider The Risks

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive


UK's Monzo Bank changes overdraft rates in anticipation of new FCA rules

U.K. digital bank Monzo Bank Ltd. changed its overdraft fees from a fixed 50 pence per day to an equivalent annual rate of 19%, 29% or 39%, based on the borrower's credit score.

"We think 87% of people will be better off or see a monthly change of less than £1," Monzo said.

The digital bank also said that it would stop offering the free £20 buffer but added that the charge for being overdrawn by £20 for a month would only be around 57 pence at most. It added that it is also raising the overdraft limit for some customers to £3,000 due to demand.

The new system will be applicable to all customers from April 1, 2020, and Monzo will also provide the option of switching over in December or January 2020.

The change was made to comply with the U.K. Financial Conduct Authority's new rules to fix the "dysfunctional" overdraft market that will come into effect April 6, 2020.