Scheduled withdrawal from interest paying pot

I recently found that a scheduled withdrawal from an interest paying pot is still subject to a next working day delay in actual transfer.

I think it would make sense that a scheduled date is the date you actually receive the money in your current account (assuming sufficient notice has been given) rather than initiating the transfer on that day. This makes planning transfers difficult and you need to schedule withdrawals 4 days in advance

I experienced this problem today. Scheduled a withdrawal for today assuming the withdrawal would be initiated in advance so that it takes place today.

That didn’t happen. The withdrawal has been initiated today (a Friday) and now won’t land in my main account until Monday.

Monzo - please re-configure the way this works :pray:

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Agreed. I raised this with Monzo and they just didn’t get it. All my fault apparently.

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That’s exactly how I’d expect it to work, the date I schedule the withdrawal for is the date the funds are withdrawn, being credited with the usual delay. As such I expect switching it to cause confusion in a different group of people. I think this is something that will always have some people assuming it works one way and another group assuming it works another.

How about having a toggle between withdraw on / credit on? Or even just under the entered date having a “we’d expect this to he credited on __” message?

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I don’t think it needs to. If this is a potential concern I think all that would be needed is a message when the schedule is created saying the transfer will be initiated one working day in advance so that it takes place on the scheduled day. Perhaps the message could remain on the page used for managing the scheduled payment.

However I would also say having a transfer happen earlier than expected is far less problematic than having a transfer happen later than expected.

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If I told my bank to perform an action on a given date and it performed said action on a different date it would confuse me. Granted in this case it’s easy enough to work out what they did and account for that in future (if I care).

Pretty much one of the suggestions I made, like the idea of keeping both dates available beyond the initial set up the payment screen though.

Completely agree.

Quite simply at the moment the design provides no clear feedback on what WILL happen causing users to assume. Some (e.g. me) assume the system will carry out the action on the provided date. Others (e.g. you) assume the system will be helpful and perform the action at a point to achieve the required result on the provided date. Both perfectly understandable assumptions, the only wrong here is that the system makes users assume which it’s going to do causing confusion (my main point is that whichever option the system chooses will confuse some users).