Account Question

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1

Hi,

Just a quick question - do you have to keep a certain amount of money in the account at any time if you are not using the account?

Or if there are any additional charges?

Thanks]

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2

Nope.

Nope.

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3

No charges but if you do this, your allowances will drop and you could incur a fee

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4

To be clear though, there are no fees for not using the account. Itā€™s just that youā€™ll have lower allowances if you were going to do things like withdraw money from ATMs.

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5

Yes, and fees if you go over them. But correct if you stay within allowances no fees

6

Nope and nope.

And to keep the account active, you just need to perform an action on the account once every 6 months or Monzo will just close the account due to inactivity.

7

Where have you gotten that from?

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8

I seen it in the terms when I first opened my account a few years ago.

It may have changed now but all banks normally close an account when thereā€™s a long period of inactivity.

9

I canā€™t see anything in the terms about account inactivity.

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10

It was some time ago now so itā€™s likely changed.

I do know for sure though that for the OP you do have additional fees if you withdraw a certain each month and donā€™t use the account very often.

11

Never in my years of banking seen this :melting_face:

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12

Things have likely changed in Monzo then, it was a while ago now.

13

I donā€™t think it ever said that.

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14

I went back to v1.1 - https://monzo.com/legal/terms-and-conditions/version-1-1 - and it didnā€™t have anything about that in there :person_shrugging:

Not something Iā€™ve ever seen :eyes:

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15

SIM cards in mobiles have a 180 day period, if no activity within that time the numbers become recycled and no use to you any more.

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16

Yeah Iā€™m aware of this