Source: CMA
One of the measures introduced in the Retail Banking Market Investigation Order 2017 requires banks and building societies to specify the Monthly Maximum Charge (MMC) that could accrue in relation to a Personal Current Account (PCA) in any month as a result of exceeding, or attempting to exceed, a pre-agreed credit limit on a PCA.
Banks and building societies are required to publish the MMC every time they publish any charges that could accrue to an account as a result of exceeding, or attempting to exceed, a pre-agreed credit limit.
Monzo failed to publish the MMC in its Fee Information document between 25 October 2018 - 19 November 2021. Monzo’s MMC is currently £15.50.
Monzo has taken steps to end the breach and prevent a recurrence.