A colleague of mine banks with Barclays, and enjoys gloating that when our payday falls on a Monday, he gets his money two days earlier - on the Saturday morning.
I think someone touched on this previously in a different thread, explaining that Barclays’ systems deposit the money at the end of working day 2 of the 3-day BACs cycle, rather than the beginning of working day 3. So the money goes in at the end of Friday rather than the start of Monday.
Apart from being technically incorrect, is there any other reason not to implement it this way? Perhaps a risk to the payee’s bank if the instruction was reversed by Monday, but the money was already spent?
A couple of days isn’t a big deal - but I expect I’ll have a hard time convincing him to give up Barclays if it means he’ll get paid after the weekend rather than before. And it’s certainly a nice bonus from the customer’s perspective, to have the money on Friday night/Saturday morning.
Does anyone have any thoughts or insights on this? Any reasons Monzo couldn’t process BACs this way for the benefit of their account holders?