Hi! I’m moving across to the Monzo current account and today I had my salary paid in and my rent standing order go out. Unfortunately the s/o was declined as it was processed first, so I had to make the payment manually. Is this a known issue? (Apologies if it’s been discussed a thousand times alr…

[image] anon44204028: Surely there are different categories of Faster Payment, There certainly are! I didn’t want to get into this technical detail but since you asked, we only process SIPs at the moment :blush: [image] anon44204028: but a customer may not receive them until the end of t…

[image] anon41219820: BACS Credit takes 3 working days You are right of course! I meant CHAPS, although personally I have only ever used it for property and land purchases.

[image] anon41219820: CHAPS was the precursor to FPS, but charges a fee A huge fee if I remember, something like £20!

Traditionally, the advantage of CHAPS has been the guarantee and large transaction limit. With FPS being all but instant nowadays (taking the SLAs into account of course :wink: ), and the scheme limit at £250k/transaction and rising to £20m I think FPS will stand to take over a lot of CHAPS traffic…

With the scheme limit for FPS now at £250K only a few banks actually offer that to their customers, many have much lower limits for transfers. What is the largest amount you can send by FPS from Monzo?

How come you don’t process them at weekends? Or do you and I’m forgetting?

Never said anyone was at fault, I was interested as to why Monzo might do it one way and Lloyds/other banks another way. It hasn’t caused me a finiancial problem, I was just interested and it had not been answered in this thread previously.

No harm, I should have been clearer it didn’t impact me. I suppose it could impact someone if they were expecting it to work differently though or expecting other banks to work the same as Monzo.

[image] brandscill: How come you don’t process them at weekends? Or do you and I’m forgetting? They do process them, he was replying to someone who questioned why they do.

[image] brandscill: expecting other banks to work the same as Monzo. I can see an issue if you want to pay for something from Monzo and receive money from family or friends and one bank doesn’t process until after the bank holiday but the other processes that weekend, the inconsistency can ca…

Credit and debit same day - how are low balances handled?

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anon41219820 25 April 2018 19:09 71

Given the confluence of two threads, I thought I’d cross post this here for visibility:

Topic		Replies	Views
Looking to switch but worried about direct debits Help	117	7659	17 February 2018
Multiple direct debits due today not paid from monzo account [Resolved] Help	68	2869	3 June 2021
Standing Orders\Direct Debits Help	15	4236	8 August 2018
First time Monzo user Monzo Chat	21	2155	26 October 2018
3 x standing orders declined overnight Monzo Chat	26	7450	28 October 2018

Credit and debit same day - how are low balances handled?

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