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July 1, 2022
Finance Technologies

Starling and Monzo hike up overdraft charges for bad credit scorers

UK challengers Starling Bank and Monzo are changing their overdraft policies effective April 2020 which will see customers with bad credit scores charged higher fees, This Is Money reports. Starling is set to add 25% or 35% interest rate charges on overdrafts depending on customers’ credit scores, having previously only charged a flat 15% rate. The previous week Monzo said it would be replacing its 50p per day fee on all borrowing over £20 with a set of interest rate charges ranging from 19% to 39%. Monzo’s £20 fee-free buffer will also disappear as part of the changes. First Direct and…
Starling and Monzo hike up overdraft charges for bad credit scorers

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