Get Paid Early (Discussion)

UK Monzo Chat
61

Its BACS. The guy sat across from me in work had the option to get paid early.
My guess is they are testing it with some people.

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62

Does getting paid early have any effect on summary? Does the left to spend period stay the same or come forward a day?

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63

I get paid on the 28th, so will keep a look out for this the day before. :eyes:

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64

I could see people who get paid on the 1st not wanting it potentially 3 days early (if there’s a weekend in the way) because it might mess with their budget

But in general I can see a lot of people wanting it instead of having their money delayed because of an old banking convention. It wasn’t that long ago payments only cleared during business hours

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65

Well, I get paid using faster payments, so I can’t use this :upside_down_face:

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66

Bah, I get paid by BACS tomorrow but I didn’t get the option to get paid early.

67

Has somebody from Monzo confirmed whether this has been rolled out fully yet or is it just selected users? Seem to be mixed experiences based on people’s comments so far :thinking:

68

It has been rolled out to around 10,000 users as a trial. (Source - Manchester event)

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69

I’m expecting some expenses from work this week :crossed_fingers: and I could REALLY do with this feature :slightly_smiling_face:

70

I don’t actually think there is a ‘salary’ category is there? Last I was aware summary didn’t categorise payments IN only payments OUT.

71

HI @dnlbaines
Is there anything else from the Manchester event you can share (if you were there)?

72

I can see my salary in my feed for tomorrow, but no option to grab it early sadly.

I remember when the current account preview first launched - we all got paid a day early by accident for the first month of two :smile:

73

Nothing major really. They spoke about developing this feature and how there has been a lot more legal work than expected which is part of the reason for the limited and slow rollout.

There are cases where even after 4pm the money might not be guaranteed to be sent to Monzo so they need to have things in place to deal with that.

They also showed your Monzo and Monzo points (and said that your Monzo might be a way of earning Monzo points in the future). Spoke about how they do A/B testing and how your Monzo tests showed it helped users find and use more features. Finally they talked briefly about the new navigation aiming to improve discoverability in the app which is also the reason for your Monzo.

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74

I was starting to wonder that too. Does it rezero the mount spent from budgets?

75

I’m guessing not as the summary is set from X date of the month until the day before that date next month - at least that is how I used to have it set up. So you’d have to wait until the summary resets itself.

76

Hmm, in that case all I can think is that as my salary is from a bank and I have other payments to that bank (mortgage), Monzo doesn’t class the incoming funds as salary but as Bills (same as the mortgage).

This is despite me saying that I get paid on the 20th or nearest working day beforehand. I’d have thought the system could recognise based on that.

No matter - it would be nice if it popped up to say “incoming funds due tomorrow” etc - even fd text message banking can send me an SMS whenever money is deposited into my account, albeit historic.

77

How do they send the money, is it by BACS? In which case it should come up the day before (greyed out). As I say, my pay isn’t marked “Salary” and it doesn’t make a difference to summary or anything like that.

I don’t get a push notification the day before but can see it in my feed - can you not even see it in your feed?

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79

I used to get paid by the same employer as my mortgage payment went to and both were categorised differently

80

Yeah I work in a shop and my salary gets classed as Groceries :man_shrugging:

I believe it’s probably to do with the salary transactions being grouped with the same merchant group as transactions made in shops. For you it would be the same group as those paying off their credit cards, I’d assume and that’s why it’s being tagged as ‘Bills’. So essentially it’s treating it a bit like a refund.

It should be possible to distinguish between salaries though as previously my salary used to show as ‘Shop Name Salaries’ and wasn’t categorized and looked like when someone sends you money. :man_shrugging::man_shrugging:

Monzo should theoretically be able to guess salary transactions and tag them as such but I imagine it’s fairly low priority.

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81

BACS as it shows greyed out in the feed the previous working day.