You stay in control of your Overdraft. You can see how you're using it, decide how much of your limit you want to use, pause it, or cancel it completely.
See how you're using Overdraft
In the app, you can see at any time:
How much of your limit you've used
How much is still available
How much interest has built up so far
How many days you've been in Overdraft
Your main wallet shows a negative balance while you're using Overdraft. Select the Overdraft section below your balance to see the details.
Set a spending cap
The spending cap is how much of your limit you want to use. When you activate Overdraft, it's set to your full limit. You can choose any amount from €0 up to your full limit.
Log in to your Finom account via the app or web platform.
Web:
1. Go to the Accounts tab and open Overdraft.
2. In the “Limits” section, you will see “Spending cap”.
3. Choose from the list of available options, or enter your amount
4. Click “Save”
Mobile app:
1.Go to the Accounts section and click on Overdraft.
2. Click on “Manage overdraft”
3. Find “Limits” and click on “Spending cap”
4. Choose from the list of available options, or enter your amount and click “Save”
Your cap doesn't change your limit. Your approved limit stays the same, and you can raise the cap again whenever you like.
Pause Overdraft
To stop using Overdraft for a while, set your spending cap to €0. This turns Overdraft off, but your contract and your limit stay in place.
Before the change takes effect, you'll see a confirmation message: “While your cap is €0, payments that would take your balance below €0 will be declined.” You need to confirm it to continue.
Turn it back on
Raise your spending cap above €0 in Limits. It works right away, with no new activation and no new contract.
If you pause while your balance is below €0
Pausing only stops new use. If your balance is already below €0, it still needs to be repaid:
Incoming payments still repay the negative balance.
Interest still applies, and is still charged on the 1st.
The 60 days keep running.
Cancel Overdraft
You can also cancel Overdraft completely. Before you do, you need to repay everything you've used, including all the interest.
1. Bring your balance back to €0 or above and make sure all interest is paid.
Web: Go to the Overdraft tab in the wallet page and find a “Cancel Overdraft” button.
Mobile: Open the overdraft from the wallet page, click on “Manage overdraft”. Find the “Cancel Overdraft” button.
You will be asked to confirm the cancellation.
After you cancel, Overdraft is closed. If you want to use it again, you'll need to activate it again and sign a new contract.
Pause or cancel?
If you only want to stop using Overdraft for a while, pausing is the easier choice. Set your cap to €0, and turn it back on at any time without activating it again.
Cancel only if you're sure you don't want Overdraft anymore, because you'll need to start over to get it back.