Does or will Monzo have a feature where it’s members will receive their paychecks one or two days early?
If you get paid via BACS payments then you can claim the amount 1 working day early than you normally could.
Oh okay, I see now. I just researched it. Okay, great! Thanks for the insight.
Hi Tre’Von, welcome to the community!
I notice that you are a US member of the community, which is as new an experience to us as it is to you
The mention of BACS is specific to the UK and, as far as any of us here know, the Get Paid Early feature is only for the UK for now
What electronic systems are used for paychecks in the States?
Direct Deposit and through the ACH Network.
That’s like 85%, pretty much rest is physical Paycheck or Cash.
However some businesses also do Payroll cards too, which is like them topping up your pre-paid card. The modern version of Paychecks as you don’t need a bank account.