Reclaim overdraft fees from Monzo
Monzo charges overdraft interest at a single advertised rate, set by how your eligibility was assessed when you applied. If that overdraft was handed to you when you clearly couldn't afford it, or interest kept stacking up while you were stuck in a cycle of borrowing, you can ask Monzo to refund the interest and charges. Plenty of people have got money back this way. You send the complaint yourself, it costs nothing, and you keep every penny.
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Your rights
Since the FCA's overdraft rules came into force on 6 April 2020, banks must charge a single simple interest rate and can no longer levy fixed daily or monthly fees, and they cannot charge more for an unarranged overdraft than an arranged one. Separately, banks must lend responsibly: if Monzo gave you an overdraft or repeatedly let your limit grow without checking you could realistically repay it, that may be unaffordable or irresponsible lending. You can complain to Monzo for free, and if they reject you or take longer than 8 weeks to give a final response, you can refer it to the Financial Ombudsman Service at no cost. You normally have six years from the events, or three years from when you realised there was a problem, to complain.
Step by step
- 1Pull your Monzo statements and transaction history from the app (tap your account, then export). Note every overdraft interest charge and any month you were stuck in your overdraft and couldn't clear it.
- 2Message Monzo in the app via Help, or email help@monzo.com, and make a formal complaint. State clearly that you believe the overdraft was unaffordable or the charges were unfair, and ask for a refund of interest and charges plus 8% simple interest.
- 3Give Monzo up to 8 weeks to send a final response. Keep every reply. If they offer a partial refund, you don't have to accept it as full settlement.
- 4If Monzo says no or misses the 8-week deadline, refer your complaint to the Financial Ombudsman Service within 6 months of their final response. It's free, and you submit it yourself online.
What they'll say, and your comeback
“You agreed to the overdraft terms, so the interest was charged correctly.”
Comeback, Agreeing to terms doesn't make lending affordable. The question is whether Monzo checked I could realistically repay before granting or growing the overdraft. If they didn't, that's irresponsible lending regardless of what I signed up to.
“Our overdraft pricing is fully compliant with FCA rules.”
Comeback, Compliant pricing isn't the same as affordable lending. I'm not just disputing the rate, I'm saying the overdraft should never have been offered or extended at that level given my financial situation at the time.
“These charges are too old for us to look into.”
Comeback, I can complain within six years of the charges, or three years from when I realised they were unfair. Please confirm in writing if you're refusing on time-limit grounds so I can put this to the Financial Ombudsman.
FAQ
Will complaining affect my Monzo account or credit file?
Making a complaint won't close your account or harm your credit score. A refund or a correction to wrongly reported overdraft data can only help.
Do I need a claims company to do this?
No. Claims firms take a cut, often around a third. The complaint to Monzo and the referral to the Financial Ombudsman are both free and designed for you to do yourself.
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A self-serve tool, not a law firm. General information, not legal advice.