Payments for months with less than 31 days

Just noticed that a payment set for the 31st of the month got moved to the 30th (as it should when we are in a month with only 30 days). The only problem is because it got bumped a day, it then came out BEFORE my transfer to my bills pot, which is actually scheduled for the 30th of each month, one day before.

This was for my rent payments, so I paid my rent and then transferred money to my bills pot (which included the rent payment that should come from the bills pot. This left me in my overdraft.

I think it would be wise to have any payments on the 31st of the month be processed LAST during 30 (or less) day months. This means this situation would never arise.

I don’t know what the queue process is for these transactions, but feel like it would be a good QoL change for most people. Thoughts?

I’ve always put payments like this to the 1st of the month, saves any issues then.

1 Like

Yeah I would do that, but I need the money to be in another account for the 1st. I could just change that, but feel like this app change would also help people in my situation.

The order of transfers should be:

Incoming > Internal (between pots) > outgoing (between Monzo accounts) > outgoing (external accounts).

You changing it is certainly going to be quicker and easier :sweat_smile:

3 Likes

Was your account in overdraft overnight? If not, there’d be no charges.

No there were no charges.

It would be, but that doesn’t stop the fact that it’s a potential issue with how the app manages payments at the end of the month. I believe they do Incoming > Outgoing > Pot transfers at the moment, but really Outgoings should be the last transactions in the queue.

I seem to recall them mentioning that there is a reason that it is done this way. If I get time later I’ll see if I can find it :slight_smile:

Probably because a pot transfer could mean there’s not enough in the main account for outgoing payments to take place?

1 Like

How would Monzo know there’s an incoming though? Faster payments don’t give advanced warning. Pots before out-going makes sense, but don’t they move at midnight anyway?

This feels very BODMAS!

I do agree with your logic but this is something easily solved by you and unlikely to be solved by Monzo.

I agree its easily solved by me, doesn’t stop it being a potential thing for them to look at.

If I’m understanding your prices correctly, you’re transferring the money to the bills or the day before the bill is paid?

This seems almost entirely pointless to me, as Monzo move the money back or of the bills pot to pay the bill. You might as well leave the money in your main account and pay directly from there. Alternatively, put the money in your bills pot much sooner. In my case, I put money in my bills pot a month before payments are due.