I have used a lot of banks in the past. Every single one only shows the settled date for transactions on the statement. Even other online banks like Kroo, Starling, and Chase do this. However, Monzo show the date of transaction on their statements. So even if I buy something on April 30th and it clears on May 1st, it shows up in the April statement.
I was wondering if there is a way to change this? Knowing the settled date is more important to me. I was also wondering why Monzo do this? In my experience, its unique to them.
The settled date is more important to know and also produces less cluttered statement. For instance, most statements wont show active card checks and reversed payments, Monzo does. It makes it harder for me but for the novice user it may be easier to understand.
How is the settled date more important? Iâm curious.
It could be 30 days before it settles, the money still moves out of your account. How could you honestly remember that small Tesco shop when the payment didnât leave until a month later?
It would raise far more concerns to me personally if I wasnât given the transaction date
Why not just show both dates, like pretty much all credit cards do?
They all have (in my experience) a transaction date and a received by the card company/process date (the latter wording varies by company, but itâs the date they have received and posted it to your account).
I donât understand how it is beyond any bank to not show these.
I would say in terms of financial accuracy (in that when the amount physically leaves your account) the date posts to your account is the most accurate, the day of spending is just nothing more than a pending transaction, since the money wonât have physically left your account and be in the merchantâs.
It was spent on Friday. Thats the point. For me, and it seems every other bank operating in the UK, settled date is best. Settled date is important for many reasons, the main obvious reason is to show how much you had and when it was actually deposited/withdrawn. But I get Monzo is oriented towards younger people who just want their statement to show when they purchased something, not when the money was actually taken. It would be better to give us an option to show settled dates.
Anarchist
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Careful who you are calling âyounger people.â
I prefer it to show when the transaction is made, and Iâm not one of those âyounger people.â
Agreed. Only the date the transaction took place really matters to the customer.
Sounds to me like the op is just used to doing things a certain way and is struggling to embrace change. It has nothing to do with age, thatâs for sure. An absurd thing to say.
The thread is really a question on why they do it differently than everyone else. Not about whether you think settled date is important.
The older someone is, the more knowledge they usually have. Obviously, this isnât always true. The date of transaction is probably easier for a less knowledgeable person to understand than the settled date. Thatâs probably the reason for Monzo doing it this way. The question would obviously then be, why do all other banks do it by settled date? Monzo are avoiding the âwhy is my 2nd Jan transaction showing on the 4thâ questions, but the other banks must also get these questions.
I was just interested why Monzo was an outlier. This thread indirectly gave me the answer.
That isnt how transactions actually work. But I think thats probably why Monzo do it this way. It seems to confuse some people. Just interesting they do it differently from every other bank.
This is rarely true. Age doesnât equal wisdom, knowledge or experience. Someone who has spent 5 years living a varied and eventful life has more knowledge and experience than someone who has spent 50 years doing the same thing, with little variation.
Age doesnât mean anything, and it certainly doesnât entitle you to anything.
If you prefer traditional banking, there are options out there for you.
Iâm an older person, so by your theory I should be more knowledgeable.
Iâve been checking my bank statements for 47 years, so Iâm quite aware that most banks use the cleared date, not the transaction date. Iâve never liked it, because if I check the statement after the transaction date, but before the cleared date, it looks like I have more money available than I really have. Itâs just too easy to forget about transactions that youâve made which havenât cleared yet. That could result in spending money you havenât got, and going overdrawn.
I understand why banks use the cleared date, because their systems are all built round batch banking and clearing cycles. They simply werenât designed for the world of instant payments.
The new banks, such as Monzo and Starling, arenât limited by antiquated systems, so they can show you the actual transaction date, which reflects an accurate balance on your account, and stops you accidentally going overdrawn.
The only reason that the old, legacy banks, donât do it this way is because it would be extremely expensive to overhaul their systems. They know that most customers can live with it, even though itâs not ideal, so theyâd rather spend the money on something they consider more cost effective.
Thatâs a good explanation actually, itâs essentially a legacy problem. If it had always shown the purchase date historically, nobody would be asking for it to show the cleared date.
I can understand being used to it working that way, but a statement showing the date a transaction was made by the customer logically makes more sense than the date it was processed by a banking clearing system. Itâs by far the more relevant date if youâre reconciling transactions on a statement with receipts for example.
This thread has now drastically diverted from the original question. I donât see your quote in my original comment, and it isnât what I said.
Monzo use transaction date instead of settled date as its more straightforward and easier to interpret for the majority of users. Thatâs the answer to my question.
Thanks for your comment. My original question was why Monzo do it differently, and I think Iâve concluded they do it this way for simplicity. Itâs easier for the majority of their customers to understand and settled date just isnât important to them. I still think they she add the settled date somewhere as why not? Always go for more features.
Just a slight note, Starling also show settled date on their statements, not transaction date. As I mentioned in a previous comment, Monzo seem to be the only bank doing transaction date. I find it curious, which is why I posted.
âIâm older so I know better and younger people are stupidâ. Come on.