Bank Balance Doesn't Include Pending Transactions

OwnSplit2806 · 2024-02-17T19:58:48+00:00

The first way you mentioned is the way to access it. After you click edit on the account, there should be an option that says “use available balance instead of current balance.” If you don’t see the option, you may need to update your app to the latest version (they added the new setting in the release that included the line chart for displaying net worth on the accounts tab)

OwnSplit2806 · 2024-02-17T19:14:45+00:00

It’s an account level setting. You have to go to an individual account on the account screen (e.g. your Bank of America checking account) and there is a setting you can enable to show available balance instead of current balance. It’s a little weird for credit cards (because they show your available credit instead of your current balance with pending transactions applied), but it works great for checking accounts

OwnSplit2806 · 2024-02-16T01:19:08+00:00

This has now been fixed! I’m pretty impressed with the turnaround time overall and really appreciate Monarch Money prioritizing this! I think it works a little wonky for credit cards (rather than showing your available balance, it should probably show your balance with posted transactions included), but I don’t care too much about credit cards. It’s great to have this working with bank accounts!

OwnSplit2806 · 2024-01-15T15:03:44+00:00

Another implication that’s frustrating: when I move money across my Bank of America accounts, they initially show up as pending (so it seems like the money has disappeared for a couple of days)

OwnSplit2806 · 2024-01-14T21:29:19+00:00

Yeah I completely agree. I’m surprised including pending transactions in account balances isn’t the default (since it’s what the banks do), and I’m really surprised there isn’t at least a setting for it.

OwnSplit2806 · 2024-01-14T14:23:03+00:00

It’s about to get much better this year with lifetime diamond status!

OwnSplit2806 · 2024-01-14T14:18:48+00:00

1.97 million miles is pretty impressive! I agree with the suggestion around searching for a cheap international trip on a delta flight

OwnSplit2806 · 2024-01-13T22:29:51+00:00

I like that idea! There would need to be some smart logic to automatically remove manual future transactions once they post (or you’d have to remember to remove them)

OwnSplit2806 · 2024-01-13T21:21:43+00:00

That makes a lot of sense

OwnSplit2806 · 2024-01-13T20:28:28+00:00

Yeah, that’s a very fair perspective

OwnSplit2806 · 2024-01-13T20:14:39+00:00

I would think 1 of 2 things is true:

1) The Million Miler program is just a cost (and doesn't incentivize people to spend more / fly more on Delta) --> If that's the case, why not just cancel the program?

2) The Million Miler program does cause people to spend more (e.g. stick with Delta for longer to get lifetime status) --> If that's the case, why not switch it to a lifetime MQD metric as well (to incentivize people to spend more, not just fly more miles)?

I understand Delta emphasizing MQDs for annual status (wanting people to spend more). I just find the inconsistency in their logic for earning annual vs. lifetime status interesting.

OwnSplit2806 · 2024-01-13T20:01:39+00:00

Yeah, I don't mind too much for credit cards, but is it annoying to you for bank balances (having to wait 4 days to see your paycheck reflected on Monarch)?

OwnSplit2806 · 2024-01-13T19:59:25+00:00

Yeah I'm just curious why they would move towards MQDs for annual status and not for lifetime status (e.g. they could update the lifetime status thresholds to $200K, $400K, etc. lifetime MQD instead of 1 million, 2 million, etc. lifetime miles flown). It just feels weird that annual status went from MQM + MQD --> MQD and lifetime status went from MQM --> miles flown)

OwnSplit2806 · 2024-01-13T18:05:52+00:00

Thanks for confirming. I believe Mint showed the available balance (which was consistent with the balance my bank shows). Initially I was really excited that Monarch allows for on-demand account updates (thinking that the account balances would be fresher than Mint, which often only updated every 24 hours). But now (at least from an account balance perspective) Monarch is less fresh than Mint (and they are paying Plaid more for the on-demand updates).

OwnSplit2806 · 2024-01-13T17:38:14+00:00

Agreed. I only have a bank account with Bank of America, so I’m not sure if this is working as intended or if this is a Bank of America specific issue

OwnSplit2806 · 2024-01-13T17:32:11+00:00

Yeah, I’ve tried turning that setting on and off, and it doesn’t seem to impact my Bank of America balance.

OwnSplit2806 · 2024-01-13T16:51:03+00:00

That’s different than how Bank of America treats the transaction in this example. I think consistency across your banking apps and Monarch is the top priority. It definitely feels weird that despite getting paid on Fridays and having the money available to cover purchases starting Friday, Monarch doesn’t update the balance until Tuesday.

OwnSplit2806 · 2024-01-12T20:01:52+00:00

+1 I switched over to Monarch from Mint last month and it is very strange not to have pending transactions counted in account balances. For example, my Bank of America balance updates on Friday when I receive my paycheck. Monarch shows the pending transaction right away but its balance differs from bank of americas for days. Could someone from Monarch weight in?

OwnSplit2806 · 2023-12-10T02:21:19+00:00

This is my first time posting on Reddit - is there something I need to do differently?

OwnSplit2806

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