Lloyds Banking Group essentially not following the rules then. One of the central points of CASS is that payments in are redirected.
Itās a bit like RBS not following the Paym protocol. Instead of using the central Paym phone number database, it recognises if a number is also associated with an RBS Group app and credits that account automatically, instead of the account specified through Paym.
Is the perfect CASS one where everything comes over - income + regular payments, or would it be where you bring over your salary but leave the DDs and SOs behind?
Depends on what you mean by perfect. The organisation which runs CASS (Bacs) would be upset if I initiated a full switch and it only brought over my salary, as thatās not how the system is designed.
If you mean what would Monzo prefer, then I guess theyād like everything credited and debited from Monzo, so they get the fullest view of your financial life.
In my situation, Iām about to get my salary credited to Monzo, delayed until after my remortgage (paper statements required, donāt get me started!) but Iām loathe to bring all my DDs. Five of my DDs originate at NatWest and two (including my mortgage) originate at Barclays ā because of these banksā respective rewards programmes I currently gross over Ā£200 per year simply for allowing them the heavy lifting of paying my bills. Instead of Monzo seeing seven debits, it will just see two transfers per month out to two different banks and I just have to make sure Iām on top of the amounts (something I do anyway because thatās how I was brought up with money)
We can argue semantics about how #FullMonzo Iām being but Iād say that free money is the result of the perfect switch for my circumstances.
Yes I was thinking more from Monzoās perspective.
I was wondering, purely from a cost viewpoint, if thereās a tipping point where the cost of processing payments might outweigh the benefit of having the salary paid in.
The account closure part of the CASS does not have to take place within the seven day guaranteed time frame, as that is the target for your new account to be fully up and running.
The ālosingā bank/building society can sometimes take a couple of days to complete the closure, in their own time. It will close, however, unless thereās an administration error, or you owe the company money.
Well my main lloyds account has closed this morning but there was a Ā£1 amount that was pending that should have come back to me in a few days. Oh well guess I have lost that now. Luckily itās wasnāt a larger amount the audible app used to test my account out for the trial.
It should automatically go into your Monzo account, unless it was a card refund (which thinking about it, it will be).
They might get in touch with you if they canāt do the refund