It looks like I can’t have my salary directly paid into my Monzo account - my work checked with their payroll processor who asked their bank processor, Barclays.
Barclays does something in the way they process BACS which means that until Monzo’s out of beta, it won’t send any payments to it.
That doesn’t sound right. Why would they care if it’s out of beta or not? They should just take the sort code and account number and pay in to it. I’d contact support and ask them about this. If they are blocking Monzo specifically, it would be anti-competitive.
To confirm, the current account is not a Beta. It’s a full, working account as far as the payment systems are concerned. We label it a preview because some of the extra functionality on our side (Monzo.me, app interface, etc) isn’t 100% there yet.
The current account. I’ve moved this post from the current account preview topic & added an - CA to the end of the topic’s title to make this (& other posts) easier to identify - hopefully that’s just an interim solution though..
while admiring the trust in Monzo and its new Current Account launch it perhaps not completely wise to put all your funds into a Current Account at this time that is being tested to see what can be broken is it ?
Ideally, you can put your salary into the Monzo current account (as many of us are doing internally) but what we recommend is keeping a bit of money elsewhere too.
Honestly, it’s makes good sense to not leave 100% of your money in any one account in any one bank, though we hope that Monzo will be your main bank that money flows through.
As per the update from the development team Monzo Bank Limited is a new start-up, and the sort code has only just been added into the modulus checking specification, and does not become valid until 21st August. In other words, it seems they are not quite there yet.
Please refer to https://www.vocalink.com/media/2717/vocalink-validating-account-numbers-v440.pdf
Version Date Details
4.4 13-Jul-17 • Section 6.1 - Added new sort codes 230088 and 040004.
These changes will be active from 21st August.
At this time we would suggest to use alternative bank details for this month since we have the pay date set to 18/08/2017 or make the payment electronically outside of payroll on or after the 21st August.
It is live - but as it’s new, some companies may not have updated their databases yet. Mine hadn’t when I first tried to update a few weeks ago but is now fine.