Hey everyone, I didn’t want to tag on to the other “debates” around overdrafts, as they tend to focus on the policies more than anything.
I’ll also add, this is in no way intended to come across as arrogant or insensitive - I am genuinely curious about the following…
Why does an overdraft matter so much with banks like Monzo and Starling?
I understand there are people who live pay check to pay check, and I genuinely get the need to have a “safety net”, for those emergencies - I really see the value in an overdraft here.
But for the people who are financially secure, who utilise the savings options available to them, and generally keep a close eye on their finances… Why the need for the safety net?
I haven’t applied for an overdraft with Starling (or Monzo), I can’t ever see a situation where I would need one (If I was using it as my main account, I would never leave it low enough that an unexpected payment might not clear), and if it wasn’t my main account, I’d know how much I needed in there.
So, am I missing something here?
Your thoughts and real world examples are appreciated!