I have a lot of scheduled payments going out on the 15th. Since the 15th was a Saturday this month, the DDs came out on the 17th. Now in the scheduled payments list, it says “Monthly on 17th” next to those, even though it’ll revert to the 15th next month.
It would be great if that list was smart enough to know if the coming month’s regular DD day was a weekday or not - and then adjust the date in the list.
Failing that, just keep it to show the 15th every month.
I believe it’s because Monzo don’t know that you haven’t changed the payment date yourself, so it goes with whatever it was last time.
On a DD, isn’t the date included in the original DD instruction?
Just the effective date and processing date are included in the AUDDIS file
So if the processing date is on there, it should be possible to use that on the “Monthly on XXth” instead of putting the last payment date.
It’ll just reset to the 15th next month surely?
The list will say “Monthly on 17th” until next month, which isn’t correct. (It’ll come out on 15th next month and most months)
So next month onwards it will say 15th. Is there something that’s vital it shows the right date to a tee or is this more just keeping order/looking better?
No no, certainly not vital. Just about keeping the dates correct, and it’s something that probably no one thought of when building it.
“Look at last payment date to show next payment date” makes sense for recurring debit card payments, but it breaks with DDs which can only be done on weekdays.
Banks don’t control direct debits, they just pay them when the originator asks for the money. So Monzo can’t show you the exact next payment date, or amount, because it can’t guarantee when the originator will request it, or how much it will be. They will only show you the approximate next payment date, and amount, based on the previous payment.
The agreement to make a certain payment on a certain date is between you and the company involved; it’s not the bank’s business.
Not all Direct Debits are monthly and there’s nothing to say specifically that’s it’s a monthly Direct Debit.
Take a PayPal for example, their preferred method of payment is to use Direct Debit for transactions, presumably because of the lower cost bs Credit & Debit cards. If you’re buying a load on eBay, there could be DD payments going out many times a month.
EDIT
Just remembered, you can tell Monzo it’s monthly, ignore me. Yes it’s silly that it does this!
No such information is shared. You as a customer know and you get notified, in advance, when and how much should be taken. However, what monzo see is when payment was submitted and when it should be processed. They do not know if it was intended to be collected on the 17 or the 15.
Most credit card payment cycles, despite being more or less fixed, do drift despite the usual date available for direct debit collection.
Hence using the last payment date is the most up to date prediction. And yes it is a guess, and yes paper/email notifications from the supplier directly to yourself will always be most up to date.
It would be really cool, if BACS would support BACS messages to share payment plans / expected dates and amounts directly with the banks. I.e. such that when credit card statement is generated they notify via BACS and boom monzo has accurate collection amount and date. And like update it live, if one pays down the credit card and the BACS amount to collect is changed.
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