If Monzo could support Same Day ACH it would make things a lot faster than the normal 3-7 days for ACH payments to transfer.
Although I’ve noticed that they already process them pretty quickly. I’ve got mine set up for direct deposits from Amazon MTurk, and generally Monzo notifies me the money’s hit my account the day after Amazon tells me they’ve sent it.
Sounds like Sutton may be accepting same day payments, but Monzo is not receiving them, or processing them same day.
I honestly think both Sutton and Monzo might be set up to handle same day payments properly, just that Amazon is sending them late. They send me the “Your direct deposit has been sent to your bank account” e-mail at 4PM Pacific time, which is well past the same day processing cut-off. Then I get the notification that the money is there around 9AM the next morning.
wondering if you get your direct deposits early
This is a bummer. May be Monzo can work it out with PayPal.
Come to think of it, how can I tell if I’m getting it “early”? So far, this is my only direct deposit (I’m self-employed and most of my inbound payments are going into my Chinese bank account due to my clients being based there) so I only have the “we’ve sent your direct deposit” e-mail and the Monzo notifications to go off of.
Monzo US does not do this AFIK.
Many other banks do.
My questions was with reference to one’s direct salary deposit. It doesn’t apply in your case.
However, the Fed Board told NACHA that it will not be able to provide timely notification of its approval for Federal Reserve services necessary to enable the new window by the deadline provided for in the rule kroger feedback
Reviving yet another old thread to say - we’ve shipped same day ACH
For now, any transfers you make from Monzo → another bank will transfer over same-day ACH rails when possible (meaning they probably won’t actually complete same day, but should complete within 1 business day as long as your other bank supports it).
Transfers from another bank → Monzo might still take a few business days to go though, but we are working to make sure these are as fast as they can be as well.