MONZO BANK LIMITED
Financial Ombudsman decision DRN-4576828 Upheld
Upheldoutcome, as published by the Ombudsman
—no sum stated
Mon Mar 25deadline to accept (not the decision date)
The Ombudsman does not print a decision date. The date above is the deadline the consumer was given to accept or reject the decision, which is set about a month after it was issued. It is reliable to the year, not to the month.
What this decision was about
In the Ombudsman’s words
Monzo should have realised that Mr S’ overdraft had become demonstrably unsustainable for him by August 2020 and that it needed to refund all the interest, fees and charges it added to the account from this point onwards.Charges and fees
Rules cited
FCA CONC (Consumer Credit sourcebook)
Source
This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN-4576828.pdf on financial-ombudsman.org.uk.
The outcome shown is the Ombudsman’s own published classification, not our reading of the text. Nothing here is legal advice, and a decision concerns only the complaint it was made about.