Expecting a regular payment to hit Monzo today from NatWest. Apparently they donāt process payment at weekend, so Iāll have to wait until Tuesday, after the bank holiday.
Why the hell should that be? Itās done by computers, itās not like a cashier gets a bundle of notes out of the safe and schleps over to Monzo HQ.
Sorry you mean was it a cash transfer from a branch
If depends on the payment type. If it was a Bacs credit then it wouldnāt be cleared to your account by any bank until Tuesday as all Bacs members follow the Bacs processing calendar.
Natwest do process faster payments immediately even over weekends however.
And why doesnāt Bacs work weekends? Which bit is not automated?
Hey, gotta give those computers a day off some time! On a more serious note, this is why modern fintech disrupting the banking space is a good thing. Itās stagnant
BACS only runs Monday to Friday and not on bank holidays
2018 processing calendar: https://www.bacs.co.uk/documentlibrary/bacs_processing_calendar_2018.pdf
2019 processing calendar:
Why though?
BACS was structured around the working day principle, l think itās more batch orientated than event (payment orientated) - happy to be corrected. Important to note that CHAPS is also linked to working days, so you may pay for expeidated clearance but it wonāt happen if you miss working day guidelines. Although CHAPS is mainly used for high value transactions.
Iād be surprised if NatWest sent via BACS rather than Faster Payments which works 24/7 (system availability permitting). Although l did have an instance of being told that the Monzo sort code wasnāt eligible for Faster Payments a few weeks back so possibly may have happened for youā¦
This is taken from GoCardless about Direct Debits, but it applies to BACs payments too. The āDesigned in the 1970āsā is probably a great hint of why it takes 3 working days 
.
I never thought l would use this word in this forumā¦ Prehaps the best description is ārustā
Rust and maybe punched cards also. 
The reason BACS is 3 day and working day only is because vans with paper Instructions and Direct Debits would literally criss cross the country. It was the quickest way to do it back then 
Many traditional banks donāt process Standing Orders (or SOPs) on non-working days becauseā¦well, it has always been done that way. NatWest will process a SIP 24/7 I believe.
Look on the upside. If it ran 24/7 some of you wouldnāt be paid until Monday.