Exactly as the title. I’ve just completed a CASS From NatWest to Monzo. One of the features listed was In some cases where applicable salaries can be paid up to one working day earlier than usual. Everything has been transferred over, but will I still need to inform my payroll of my new bank account for Monzo to recognise my next salary payment as a salary (To Monzo) thus unlocking that benefit? I know the money will go into my Monzo regardless, but just wondering if I need to tell my payroll to change my bank details so they have it as a direct payment in as opposed to a redirect (I’m not sure how behind the scenes sees it)
Yes, you’ll need to tell your employer about the change of bank details.
Banks only forward payments on when the money hits the account, so your previous bank would only transfer it over on the normal payday, and it wouldn’t show as a BACS payment in that situation I don’t believe.
You should absolutely tell your employer irrespective of the pay early feature, because your previous bank details are now invalid (okay, it’ll redirect, but the point stands)
The CASS redirect isn’t permanent so as above would need to update the details with them (and everyone else as well) as eventually the payments may fail otherwise.
And one additional point, you might not be able to use this feature anyway if your employer doesn’t pay you via BACS. Your payslip may say they do, and they may say they do, but that’s not always the case.
You’ll see the get-paid-early feature IF you are paid via BACS. If you are paid via the Faster Payments service, you won’t get the choice to get-paid-early.
Basically, any incoming amount which is paid via BACS can be claimed early, not just your salary (separate overtime payments, expense payments, child benefit payments, etc.)
Thanks. Payslip says BACS but will just have to see. When recieving salary years back it used to say “faster payment recieved” on my statement and alerts but no longer does. Will inform them of change anyway, no harm done by doing so.
There’s no harm in telling your employer but it’s not necessary - they’ll get the new bank details the first time after the switch that they pay you, regardless of whether it’s BACS or FP.
I’ve never bothered telling my employer/pension provider myself and the new bank details have been on the next payslip.
I’ve switched (using CASS) multiple times into Monzo (from Lloyds, Barclays) and could always use ‘get paid early’ feature even when the previous bank was redirecting my BACS pay to Monzo.