Pay early feature - when it notify you?

Help
21

No.

Bacs payments work on a 3 day cycle.

Day 1 - data upload from your employer/benefit office etc
Day 2 - the data is visible in the system and the receiving bank can see the payment data due
Day 3 - is the normal payday

Day 2 is where Monzo and Revolut and other banks can see the data is due to go into your account, and Monzo and Revolut allow access to this payment evening time of day 2, as it’s unlikely the payment can be recalled after 4pm onwards.

Some employers will say paid by bacs on your payslip, but sometimes it’s faster payments instead (just like me sending you a bank payment).

If, at the top of your transaction feed it has a greyed out section of employer name and then amount, you can usually collect this around 4pm.

If this isn’t showing, your employer didn’t send the funds via bacs, but instead faster payment, which monzo can’t advance early because it can’t see the payment is due in to your account, these happen instantly.

1 Like
22

I just asked my employer payroll department. Seems they may not have enough knowledge about terminology. He confirmed they use bacs. But his terminology was ‘bank transfer IS bacs’, I think different right?

23

People use them interchangeably.

When you have the money in your account you’ll be able to tell. Sometimes the first payment from an employer doesn’t appear early.

But chasing your employer or anyone else is futile at this point. Just wait 12 hours and you’ll have it and then you’ll have a better idea for next month.

3 Likes