Cash Advance

It would be cool if we could get a cash advance from our check for a minimal fee.

Might be too much risk for Monzo, though I guess it depends on the rate cheques bounce.

You could analyze a persons spending habits and only lend based on there risk level . Something like earnin does .

Or you could just use the Earnin app and leave a nice tip.

Cash advance from a check would usually be a result of the federally mandated $200 availability from a check within 24-48 hours. After that any remaining funds would have to clear ACH. The recent implementation of RTP (UK faster payments) has made money movement much faster for us as well. Generally if you want more money available from a check you need verification from the other bank that the funds are authorized and available. Also, general funds availability clauses in consumer agreements with the bank are usually the same across the board. β€˜We reserve the right to withhold funds to verify availability, etc.’ A lot of this depends on your profiles with EWS (Early Warning Services) and ChexSystems respectively. There is also the option for an LOC or overdraft service but I have a feeling this would be a much later feature depending on their funding and risk overhead.