Barclays aren’t processing until tomorrow either which is annoying as I have the money there for them to take. I’d prefer on their due date, less chance I get confused and spend the cash
And all my transactions since Friday are in pending showing they under tomorrow’s date
Whilst I see your point, and I certainly don’t see why UK banks don’t process standing orders and direct debits on weekend bank holidays, the problem is that the vast majority of UK banks do this.
That means that the general UK public had a certain expectation. It also means that there is a real risk that eg rent payments are paid out before salary comes in, which can have serious consequences.
As such, if Monzo insist on handling direct debits and standing orders so materially different from all other banks, then they really should publicise that very much!
As it stands this is the main reason why I cannot consider using Monzo for anything else than petty cash,and why I cannot recommend Monzo to anyone, because the risks for anyone who’d use Monzo without reading through hundreds of responses in this thread first, are far too great!
@HughWells, this also answers your question.
Doesn’t everyone get paid early before the bank holiday? Even the social sent my dole money last Thursday instead of tomorrow
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on the last working day of the month I would think ??? not just bank holidays, otherwise the payment would be late ?
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You are right, of course. That part of my argument doesn’t hold up!
I still stand by the rest of it, though, that if Monzo want to be different from every other bank in this, then they should really publicise this a lot more!
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I suppose a note on the feed a few days before could do the trick?
And/Or a note on the standing order setup screen.
or perhaps a note to your legacy bank that any charges incurred for late payment of SO because of their inability to process SO on the date required, or the nearest working day before the date, will be passed on to them 
at the end of the day you set up a standing order to use that money on that date, not after it, as any payment might fail if the funds aren’t there
Their reply would be to read their t&c’s
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True - great customer service from Lloyds
"Important information about Standing Orders and Future Dated Payments
This information applies to the following payment types; Standing Orders, Direct Debits, Cheques and Future Dated Payments.
We make payments from your account shortly after midnight at the start of the due date. If your payment date falls on a non-working day, then we will try to collect your payment the next working day."
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Surely there are different categories of Faster Payment, including:
- Single Immediate Payments
- Forward-dated Payment
- Standing Orders (i.e. FPS Standing Orders not BACS Standing Orders)
- Direct Corporate Access
While Single Immediate Payments and Forward-dated Payments are 7 days a week any FPS Standing Orders are not supposed to be processed weekends or bank holidays according to FPS. So not all types of Faster Payment are 24/7.
However, for most FPS payments you should be able to send them 24/7, but a customer may not receive them until the end of the next business day as there is no obligation on banks to process them at weekends or bank holidays.
The issue is if you are sending a payment at weekends or bank holidays, if the recipient can receive it and access it great but if they can not access it for a few days until their bank reopens then wouldn’t it be better to delay the payment?
People wrongly assume all FPS payments are received by the intended recipient in the 2 hour target but in many cases they are only received by the recipient bank not the individual customer.
I have seen at other banks their customer send an FPS payment but as it not arrive the same day they complain as the person they want to receive it still hasn’t got it. A pain if they were expecting to buy a car or use the funds for travel.
Maybe we need to manage people’s expectations of the limitations of the Faster Payments Scheme?
People assume it travels faster that a TARDIS and the other person will get it in minutes. In reality it tends to go to a bank and in office hours will be processed fairly promptly but out of hours just sits there waiting for someone to return from their weekend off and flick a switch before it gets moved to their customer’s account!
I always wondered why some banks give an option to send payments during the week by BACS transfer or FPS, and it because BACS will be same day (if sent during the week) but FPS could be the end of the next business day or two hours or instant, which is too unpredictable for some people 
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I’m confused why this is Monzo’s fault?
I’m assuming that you have a rent SO set up for the 2nd and usually a rent share payment due to be received on the 1st (which makes sense)
The issue here is with Lloyds though, and the assumption that both banks wouldn’t process until 3rd.
Or have I got this wrong?
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Because the engineers implementing this didn’t even think about such a stupid idea (no offense to you, just the general way of not doing it on holidays is stupid) - why should an automated process even care about bank holidays?
The legacy ones don’t do it because on a bank holiday there is nobody to put the stack of punched cards in the machine for processing (only half-joking there, although it’s no longer punched cards I wouldn’t be surprised if it’s still a manual process where someone needs to trigger the job manually), but modern infrastructure doesn’t have that limitation.
Personally I would’ve been surprised if any SOs did not come out on a bank holiday. Finally, what’s the harm of sending it on a holiday? Worst case scenario if the receiving bank does not support it then they will get the money the next working day as if the SO was processed on that day.
There certainly are! I didn’t want to get into this technical detail but since you asked, we only process SIPs at the moment 
This is correct yes 
Most FPS are received within the 2 hours, but the official SLA is “by the end of the next working day”
The way SIPs are handled requires the recieving bank to acknowledge synchronously (within a very strict timeframe) that the are either accepting or rejecting the payment. If the latter, you’ll see another feed item saying the payment was declined.
Lloyds is a great case in point for this: over this weekend your balance updates correctly with any FPS, but these don’t appear on your statement until Tuesday.
Ultimately, I don’t think there is any reason we shouldn’t be sending SIPs - the scheme is open as usual and if a recieving bank didn’t want to accept a payment for whatever reason, the option is there for them to decline it.
This is something we are now trying to do better when talking with customers 
BACS Credit takes 3 working days CHAPS would be same day I believe. (CHAPS was the precursor to FPS, but charges a fee)
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You are right of course! I meant CHAPS, although personally I have only ever used it for property and land purchases.
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A huge fee if I remember, something like £20!
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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 
), 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.