Following on from @AC’s (very sensible) response about not offering overdrafts, I’ve been reflecting a bit on my own situation.
I have an overdraft but almost never pay any fees on it. I use it as a buffer in case if cash flow problems, or something to use in-day, for example to pay the direct debit for my credit card whilst I manually transfer some savings in later in the day.
I wonder, though, whether instead of overdrafts, Dozens could perhaps think about offering a unique financial product. One that allows you to create your own overdraft: you put money in a savings account that is offset against your current account, allowing you to spend against it.
It would support the FINtech narrative (and I could only really see Dozens doing it), provide some nice press and be a lovely option to wean people like me off overdrafts that they don’t really want or need, but still provide a bit of a safety blanket.
What do you think?