Say hey to Double Payday 🎉

UK Monzo Chat
224

Mine doesn’t appear at all ever, despite getting paid via Bacs. Not sure why.

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225

Are you paid by a government department? Or a similar name to those benefits excluded?

Also, being bacs, I’m assuming you see the paid early option the day before you’re paid? If you’re not; you won’t get the paid early option or double payday entry.

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226

Nope

227

Looks like I was entered into Double Pay Day this time. Were you?

228

I got paid into Lloyds as it wasn’t sorted the month prior. I may bring it back :sweat_smile:

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229

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Not sure if this will cover the DWP payroll, but good to see they’re updating the list.

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230

If they can differentiate payroll payments from HMRC, as well as APD and CDP Payments from Social Security Scotland then hopefully they can catch other similar odd ones and catch them

Good to see them also add this clause to the new terms seems like they’re actively trying to not exclude people

If we do identify salary or payroll payments sent by payers on this list we may include these, at our discretion, without further updating these terms. If you are an employee of any of the above departments or companies and we have not included your payroll, please reach out to us via chat or help@monzo.com and we will try to find a way to include you in the future. It won’t always be possible for us to identify salary payments sent by payers on the excluded list.

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231

Last months still doesn’t have any indication of double payday so I doubt it.

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232

Are Monzo able to differentiate between expense reimbursement and actual monthly pay? Occasionally the expense amount racks up quickly and exceeds ÂŁ300.

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233

If your expenses are within the threshold of the double payday, and paid first in the month, that bacs payment is used for double payday. Additional payments are not included.

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234

Well that would throw a lot of corporate employees off. Our expenses often gets paid weekly and salary payment is always on the last working day.

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235

I guess that’s unlucky :face_with_hand_over_mouth:

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236

Not sure why this was flagged :eyes:

The first bacs of the month is considered, as mentioned multiple times up the thread for clarity.

The only way around it is if expenses are made by faster payments instead. Some companies allow you to choose a bank account which they are paid into, so might be worth exploring.

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237

As has been said a few times in the thread it’s a flawed system overall for many people, Monzo want to police it to prevent abuse but that means there are a bunch of issues and restrictions. The “good” news is that the odds are not that great so most Monzo customers won’t win anyway :grin: . I saw this guesstimate on Reddit last week which puts it into perspective:

1m+ paying customers - it seems likely they are all getting salary paid in
6.9m weekly active customers - obviously no clue what the percentage is but I’d say a reasonable estimate would be 50%

That would give us around 4 million customers with 10 winners so a 1 in 400,000 chance. It’s about the same odds as flipping a coin and getting heads 18 times in a row.

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238

So just give it up then :joy:

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239

I think that is a wild assumption. I’m sure there are plenty of folks like me who use Monzo primarily for savings pots and keep their salary in a different bank.

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240

At the end of the day it’s all guesswork and assumptions as Monzo aren’t going to reveal the odds/the number of people getting their salary paid in.

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