Monzo reprimanded by CMA over unclear on fees

Monzo has been reprimanded by the Competition and Markets Authority (CMA) for failing to specify the monthly charge in the correct document when users agreed to overdrafts.

The CMA claimed that a breach between October 2018 and November 2021 meant that the app’s customers were not aware of the potential monthly fees, on exceeded agreed overdrafts. which can reach £15.15 a month.

The CMA did not carry out formal enforcement action after Monzo updated its charges document in November.

The CMA said in its announcement Monzo has taken steps to end the breach and prevent a recurrence.