We’ve made our Overdraft easier to get and faster to set up. It’s that little extra support your account can lean on when your balance slips.
Here’s a simple guide to help you understand how it works.
1. How to Get the New Overdraft
We check your account activity automatically, so you don’t need to apply or fill any forms. If you qualify, you’ll get a notification in the app and an email. You’ll also see a tile and a pop-up in the app, plus an Offer Letter you can accept with your PIN, fingerprint or face ID.
If you don’t qualify yet, we’ll let you know, and you may qualify later as you keep using your account. If your check is still in progress, you can open chat in the app and ask our team, “What’s my overdraft status?”
Tip: Please keep your phone location turned on in the app so everything runs smoothly.
2. How the 30-Day Cycle Works
Your 30-day cycle starts the moment you accept the overdraft offer. Once it starts, you have 30 days to repay any amount you borrow.
At the end of each 30 days, you’ll receive a statement that shows how you used your overdraft, what you have paid and what is left. You can view it at any time by tapping 'History' in the app.
3. What Happens After the First 30 Days
You get an extra 15 days to pay at least the minimum repayment amount. We’ll show you the exact amount inside the app.
During these 15 days, we’ll send gentle reminders on day 3, 5, 7 and 14 so you don’t miss it.
If you pay the minimum or more, your overdraft stays active and refreshes within 24 hours. If you pay extra, your balance reduces faster.
If you don’t pay the minimum by day 15, your overdraft will pause for 15 days. It will come back on as soon as you make the payment.
4. A Simple Example
If you accept overdraft on January 1, you’ll receive your statement on February 1.
You have until February 15 to pay at least the minimum amount.
If payment isn’t made by February 15, the overdraft will pause from February 16 for 15 days.
On March 1, you’ll receive your next statement. This same cycle repeats every month.
5. Where You Can See Everything
You’ll find a dedicated overdraft section inside the app. This section shows your available overdraft amount, all transactions you’ve made with it, every repayment you’ve completed, your monthly statements and your current payment status.
6. Helpful Updates We Added
We now provide fixed payment dates every month, so you always know when to pay.
You’ll also see a clear minimum repayment amount each cycle, along with easy-to-read monthly statements.
Quick Recap
You’ll get an invitation when you qualify, and you can accept your overdraft offer quickly in the app.
Use your overdraft whenever you need a little extra to cover something important.
Every 30 days, you’ll receive a simple statement that shows what you used and what you’ve paid.
You have the next 15 days to pay at least the minimum amount shown in the app.
Once you make that payment, your overdraft stays active and ready for you every month.
Your overdraft is here to support you whenever money feels tight, and as long as you repay on time, it will always be available.
If you ever need help, tap the chat button in the app. We’re always here for you. 💙