Account warning

Nono just the cash in

The in & out was transfers such as from a company account and into a PayPal etc then into me so probably why it looked so sketchy

None of my transactions are cash long gone are such days :wink: all transactions these days for me are digital.
Come to think of it I never really carry cash now - only a small amount. And have not had cash payments in years. Anyway as said I will await to see what Monzo replies with. Thanks to all for taking the time to respond here )

It was most likely a mistake. Best to wait for them

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Update Monzo business team just got back to me saying it was a misunderstanding and sorry for that. They are going to esculate to see why I was sent this message in the first place. And confirmed it is totally OK to transer money from business to personal accounts. Accounts in good standing. They are going to write or call me in the next 4 days to explain what went wrong with the message . They confirmed can continue to use my accounts as normal. Pretty impressed with the speed of the chat responses from the business team so kudos on that. So all good so far )

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I mean how dare you pay yourself :sweat_smile:

Seriously though at least it’s sorted and they’re looking into it, hopefully a little bit more training for 1st line support too.

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Ha yes indeed and espcially when using my personal account to buy such dubious items such as cat food and beer from Sainsbury local ; :smiley: but just happy its not some major issue. My association with Monzo continues :+1:

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I think you’re perhaps misunderstanding what people are saying. It seems to me that you’re saying they might ask that, and as you’ve proven in your situation they might, but the point is they should not, and in that situation should probably be told to go whistle and a complaint be made. No bank should be asking you that, and I imagine very few ever would, because it’s not their place to. The fact that someone perhaps overstepped their boundaries and asked you, and then you actually gave them a reply, doesn’t mean this is normal behaviour, or ok, or should be happening. That’s what I have taken from this.

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Good that you got the correct response and quickly, not so great that you got the first message!

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We (& other banks) can pretty much ask for anything as part of our KYC (know your customer requirements)!

For example if you’ve received a large payment from HMRC a bank might want to see proof of your entitlement to that payment which could involve sharing your tax return.

If a bank is not sure about your right to work status and have concerns that you might be working without the relevant documentation they might also ask to send a copy of your biometric residence permit.

Equally if a bank want to verify payments in and out of your account thry might want to ask for invoices or other paperwork to demonstrate their legitimacy. All banks do this.

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Yes, that is the discussion we are having, you can ask, but you probably should not because unless you are pretty sure something nefarious, or even something actually illegal is going on, then quite frankly you should mind your own effin business.

I can ask you @Dan5 all manner of things about your last performance review, I can find some tenuous reason to ask and say it relates to whether you are giving me good customer service as a customer of Monzo. I wouldn’t because it would be overstepping the boundaries pretty massively and would completely inappropriate, and if I was so inappropriate to ask you would tell me to mind my own business and that would be that. The fact that a bank feels like they can ask questions like that without very strong suspicion that there is a crime being committed is completely wrong. If I spend £500 of my own money at LoveHoney are my bank going to start questioning me about what I purchased, who it was for, whether it had been used yet, what colour it was, etc etc.? I’m sure they might feel that was perfectly fine, but yet again that would be because the power balance between the customer and business is completely inappropriate. As with closing anyone’s account and not giving them a very clear reason unless you are not allowed to by law. It may be how things are done but it’s disgusting and wrong. It’s very poor and not how things should be done in this day and age. Despite everything that we’ve been through with banks in the last 15 odd years, the power balance still seems to be completely wrong and your reply seems to highlight that imbalance.

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I’d be interested to know which laws you think Monzo are breaking?

I never suggested Monzo were breaking any laws? Aside from the ‘MYOB’ law maybe :rofl:

Anyway, I’ve said my piece, nothing will change so it is what it is.

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I’ve had similar for a small loan I have (boiler replacement other year).

Asked for a settlement figure, they wanted to know where the money is coming from to pay it off. They’ve not asked to see anything just asked the question.

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Is that Monzo that asked you that question?

I only ask because I’ve had three loans with Lloyds for between £7,000 and £15,000. I settled them all early and the whole process was handled automatically without the bank ever getting involved.

Given that the interest payments are reduced in the event of early settlement, I’d happily make a complaint to the ombudsman if the bank held up my early settlement as it might look like they were trying to charge me more interest

No not Monzo. Monzo tell you in app what the settlement figure is all the time.

Sure, but you have to have good reason. The concern is that, if your systems are poor and flagging perfectly normal traffic, you may end up asking for more than necessary, proportionate and appropriate.

That’s true - but I don’t see any evidence of that.

In this instance we reached out because we were concerned about possible business use (I don’t know any more than that) but didn’t ask for any information as part of that reach out. That’s a fairly standard thing we do, sometimes when the customer comes back to us it’s clear that isn’t business use, but on the surface looked like it.

We wouldn’t close an account for business use without providing the customer with a warning first and letting them know about our business accounts.

In some cases, for example, we see customers who’ve opened a business account, who was previously using their current account for that activity, and hasn’t switched everything over - so we might just send a friendly reminder asking them to do that.

There’s no malice intended at all.

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Oh, I’m sure no one is suggesting that. The balance for compliance is always tricky too. Go too far and you catch a lot of false positives, too lax and you lose lots of money.

It’s just that transfers between a personal and business account are 100% normal and predictable. If anything, it’s a sign of account health!

This is the bit that’s more of concern. Everyone can understand grey areas and edge cases - this seems pretty clearcut

Help me card

I’m not a card so can’t help sorry :pensive: :wink:

If you message in app I’m sure Monzo will help though.

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