Schedule TIME for Future Payment (In Addition to Date)

Feedback & Ideas
1

I’ve no idea if any UK bank currently offers this option at all…

When scheduling future payments (such as Standing Orders) could we also specify a time, in addition to a date?

I’m paid on the last working day of the month, so have most of my Direct Debits & existing Standing Orders set-up for the 1st of the next month.

However, when payday occurs, I may need to payback irregular ad-hoc payments, which I’d like to leave my account asap (so I know where I am with my money).

So, this month, my wage is going to be paid by BACS on November 30th. There’s a one-off payment I wish to schedule on that actual date.

For whatever reason, my salary doesn’t always clear at midnight, on my payday. It’s usually no earlier than four a.m., but can be as late as midday sometimes.

I’m assuming that this is due to overnight maintenance by banks. (???)

I’d feel more confident that a scheduled future payment will definitely be made, if I could schedule a time such as 15:00hrs on my chosen date.

Would anybody else find a time option beneficial?

The option could be added as a default of 00:00hrs, and only overtyped by those whom want to schedule a specific time.

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2

Or a “retry if unsuccessful” option that will check the account has funds for the rest of the day and sends when it does?

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3

This would be a perfect example for what an overdraft is for.
Or better, not attempting the payment until funds are available. Tries at midnight, no funds - retries automatically every so often until a deadline, say 1pm and if funds are still unavailable, fail the order. I like micro-management, but setting timings on payments is going too far. You don’t actually need it to be at 3pm, you just need it for the same day.

I believe traditional banks don’t offer it because they like to manage their own processing windows - you can’t transfer everything dead on midnight, not without bursting resources.

4

I don’t want an overdraft. I’m trying to simplify my finances and decrease my use of credit, wherever I can.

I guess as a workaround, I could add a reminder in a third-party app, to remind me to check my balance and then make the transaction.

It’d just be nice to not have to think about it at all. Having “time of payment” functionality within the Monzo app would be a step towards this.

5

I don’t agree on the overdraft but I do think a sensible retry strategy through the course of the day would answer the question without complicating my life.

A Direct Debit request asks for money on the specified day as far as my consumer brain understands it. The day lasts for 24 hours so giving up after three of them seems a little rough, or at least against the spirit of the request.

As something needing a bit of backend development, I hope this will be resolved in the coming months when concentration starts to focus on feature enhancement in these areas.

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