Is there a precedence when transfers out and in are simultaneous?


This situation arose for me in Feb because there are only 28/29 days.

I have a standing order going from my individual Monzo account to fund my joint Monzo account.
I also have a standing order going out from my Monzo joint account main balance into a bills pot.
These transfers were both scheduled for exactly the same moment. 2am on 29th February.
If the transfer out executed before the transfer in then there would not have been sufficient funds.

I ended up doing a manual transfer before seeing what happened, but is there a well defined explanation of what will happen in this situation? Is there a precedence for types of transactions? What if the transfer out had been to a third party?


Monzo’s approach is not the best.

My standing order failed

If a standing order fails, the most common reason is there wasn’t enough money in your account. It won’t automatically go through if you add money, so you’ll need to make a one-off bank transfer instead.

If you’re sure you had enough money but the standing order still didn’t go through, get in touch and we’ll take a closer look.

Lloyds gets it right.

Payment of standing orders 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. If you don’t have enough funds in your account at this point to make a payment, we will try to make a payment again after 2.30pm the same day. This gives you the chance to put extra funds into your account so that we can make the payment. The money needs to be available to use straight away, so you could transfer money from another personal account you have with us via Internet, Mobile or Telephone Banking or pay in cash directly over the counter at one of our branches with a counter.

If you do not have enough funds at the beginning of a day to make a payment:

• You have until 2.30pm to pay money into your account to
make the payment that day.
• If a payment takes you into any type of overdraft, you have until midnight to pay money into your account to avoid a daily arranged overdraft fee for that day.

If there are still not enough available funds, we will make a final try on the next working day before refusing the payment. We won’t charge you for this and we’ll tell you when we’ve refused the payment.