Salary Prediction


(Jamie Risner) #1

I see that Monzo pre-lists when my salary will arrive in the feed and the amount. Is that a predictive algorithm based on last month or is it via a heads up from my company that a payment will be coming?

THANKS! :smiley:
J


(Callum O'Neil) #3

It’s what you’re actually going to be getting :grinning:


(Andy) #4

It’s based on the bacs file which is the actual amount you’ll get from your employer

The bacs file lists all bacs debits and credits for the following working day


(Sean) #5

One of my favourite parts of Monzo; if they know about it then they’ll tell you about it. This allows for so much more forward planning than traditional banks who tell you everything after the fact.


#6

I find this useful, good to know dd’s coming out or salary coming in next day.


(Jamie Risner) #7

Thanks all! That’s a really useful feature then, to find out before my company even issues me the payslip! :smiley:

J


(Matt) #8

I get paid on the 15th which this month is on Monday so it’s showing on my feed today. When I used NatWest it let you use Monday’s salary from 00:01 on Saturday. When I switched to Santander they didn’t, and I’m assuming Monzo don’t either. I would be interested to know why some banks do let you use it and some don’t.


(Callum O'Neil) #9

I think it depends on how quickly it is processed by the bank.

However, I have two different jobs which pay monthly via direct debit and it is always paid in bang on 01:00 on pay day.


(Andy) #10

Some banks will let the amount be available since they’ve already been told that the money is going to be transferred and some will hold it until the transaction day


(Matt) #11

Operational decision then I guess - bank by bank.