List of Most Representative Services Associated with a Payment Account
| Service | Description |
|---|---|
| Account maintenance | Monzo maintains the current account so that the customer can use it. |
| Issuance and maintenance of a debit card | Monzo provides a payment card associated with the customer's current account. The amount of each card transaction is charged directly and in full to the customer's account. |
| Issuance and maintenance of a credit card | Monzo provides a payment card associated with the customer's account. The total amount corresponding to transactions made with the card during an agreed period of time is charged totally or partially to the customer's account on the agreed date. The credit agreement between Monzo and the customer determines whether interest applies to the amounts used. |
| Unauthorised overdraft | Monzo makes funds available to the customer that exceed the available balance in their account without a prior agreement between Monzo and the customer. |
| Transfers | Following instructions from the customer, Monzo transfers funds from the customer's account to another account. |
| Standing order | Following instructions from the customer, Monzo periodically carries out transfers of a specified amount from the customer's account to another account. |
| Cash withdrawal with debit card at ATMs | The customer withdraws cash from their account through an ATM of another entity, using a card, against the available balance. |
| Cash withdrawal with credit card at ATMs | The customer withdraws cash through an ATM, using a card, when funds are covered by a line of credit opened for the customer and regardless of the available balance in the account. |
| Alert service (App, email, or similar) | Monzo sends information about transactions made in the customer's account via the Monzo app, email, or other similar technology. |
Past versions