Account warning

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Hi this monring I got a message in chat from Monzo support saying my personal account “could” be closed as they have seen I was apparently using my Monzo personal account for business purposes. This was not and is not true. I hold a secondary Monzo business account for my business. So I asked them to clarify which transactions were flagged as “business” on my personal account.

They came back saying "faster payments from “my company name” to personal account. The exact wording they used was “I am seeing here the last transation on your personal account for faster payment “my company name” Since this situation is related to a buisness account I will to esculate this to our specialists”

This is ridiculous - as all I was doing was withdrawing money from my business account to my personal account - it was not a business transaction. Being a sole trader self employed I do need to withdraw money at times from my monzo buisness account to my monzo personal account. Now there is a threat they will close my accounts and give me 2 months notice to do this.

Anyone any advise on this ? I have sent a reply to monzo chat support trying to explain these faster are not business transactions - but its a concern if this is not allowed or for some reason they have failed to see that I own the business account and the personal account.

Any help appreciated many thanks Dino

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2

I think the person you spoke to didn’t understand and hopefully whoever it is escalated to will give you the real reason.

To me it seems perfectly logical to pay yourself and that is how many many people do it.

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3

Hi yes I have looked through all my transactions and since opening my monzo business account I have not used my personal account for busiess at all. All business payments go through the business account as they should. Its a worry though. Thanks for the reply

4

Is it just your wage you was transferring to your person account?

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5

This.

Hopefully whatever has flagged your account is just a false positive. You’ll find out soon and be sure to keep us updated too

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6

I think your only advice would be to wait and see what the specialists say as it does seem clear the first person you spoke to didn’t understand the issue. Paying yourself is obviously a very normal thing to do.

Do tell us how you get on.

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7

yes payments to myself from my monzo business account to my personal account for my private living expenses. Example I never use MOnzo business debit card for food shopping. Only a business purchase.

8

Yeah hopefully they’ll understand as it’s a very normal thing to do.

At the worst they might ask for evidence to prove you’re declaring your earnings from the company to you but that’s simple to get

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9

They can’t/wont ask this. It’s nothing to do with them what happens between you and the tax man.

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I’d reply with a detailed account of every transaction, saying what it was for, why it was made etc.

If you’ve done nothing untoward you should have nothing to fear, though it would be perfectly understandable if you you wanted to investigate accounts at other banks in the meantime.

Hope it all gets resolved quickly.

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They might ask for it to prove he isn’t using it for personal reasoning and it’s his wage not for the tax reasoning

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Thanks for the replies - I have responded to them explained what those “business transactions” are. And will wait to hear from them. I do have other bank accounts so it would not be a major issue in my life. But I enjoy using Monzo so it would be a pain if for some reason they decided to close my account. Anyway will wait and see what they say. Hopefull its a false positive and they understand it. If not well - I would move my business to another account as I wont ever risk just being closed off could not afford that.

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13

Just stop.

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14

What? I am right
A high street bank needed this information from me for a similar reason to prove that it wasn’t laundering and the deposits was my wages

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You’re really not.

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16

Prove to me how I’m not before you make false accusations.

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That’s quite interesting. Of all the account closure threads I can recall on here, not one time has there been any reported communication from Monzo prior to the closure email.

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It was mostly to do with the regular cash deposits and transactions going constantly in and out which was back a few years now before I even had monzo.
I was in the NatWest branch and when I went to put some more cash in they pulled me into the office area and question it and required evidence of declaration for the cash and the money going in & out

The cash might of been the main factor

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As stated it was a high street bank, who requested this not monzo.

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You were adding cash. Taking cash out. Adding cash. Taking cash out.

That can look like money laundering hence you were asked about it.

But it is nothing at all like what OP has asked. Completely different scenarios.

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