Cifas marker cat 6

Hi i was wondering if anyone else is in same situation.

I got caught up in becoming a money mule back in 2019 and had a marker on my name. Cat 6. All my ban accounts started to close down. Ive been refused for basic accounts etc i dont know what to do.

I have monzo at the moment but im worried this might be getting closed in the future following the closure of my old accounts.

I done a stupid mistake and i regret it everyday it feels worse then a prison sentence.

This is the only account i have left can someone please help me this has effected me in everyway possible. :frowning:

Hi Jay/Jubz

Welcome to the community

Any experiences here will be anecdotal at best and speculation at worst

Given that you a Monzo account, you have not heard anything from them, and all situations are unique, I suggest contacting them in the chat in app ASAP. Honesty really is the best policy here

Other members, please keep to the specific question. As above, speculating on the situation is really never good and would likely see the topic closed

1 Like

Im worried if i contact them and tell them theyl be notified of the marker and close the account :frowning:

At least you’ll know what’s happening and what to expert :expressionless:
Otherwise, you just sit around and worry “yes no, yes no” :confused:

That’s the very last thing I’d do. There is literally nothing to be gained from drawing attention to yourself.

Even a written assurance from monzo customer service (which is unlikely to be forthcoming) wouldn’t be worth the paper (or screen) it’s written on, as customer service can get it wrong, and Monzo can change their mind.

I’d do nothing at this time. If Monzo decide to close the account later on, I’d cross that bridge when you get to it (there are credit unions and other institutions that might help in such instances, but again, I wouldn’t worry about something that may or may not ever happen right now)

3 Likes

There are examples here of people with Cifas markers who have been able to get credit union and/or basic bank accounts.

I agree with @Dwarf though, contacting Monzo is the last thing you should do. If they haven’t spotted it yet then let sleeping dogs lie.

In the meantime look up local credit unions and alternative accounts and just be ready if the worst happens.

Even if Monzo close your account they won’t tell you why so you’ll have no way of knowing if the Cifas marker caused it

4 Likes

Not sure this is the right advice.

If the OP has managed to open an account then they’ve already managed to pass the necessary checks. There’s nothing to worry about, and if Monzo do decide to tweak the level of risk they’re open to and close their account later down the line, the OP can deal with it at the time.

3 Likes

Monzo do check at other points as per the other threads about this.

Sure, you can hope they don’t but would you rather know now or just wake up to it one day?

OP, have a search, there’s multiple threads on here about this and good suggestions of other banks to try as when a bank is a certain size, they have to offer you at least a very basic account.

3 Likes

Try an account with a local credit union, can get one as a backup. Then if the worst happens you’ve something to fall back on straight away without the stress of having to sort it.

1 Like

I agree with above posters who say do not contact Monzo about this, it could be like opening a hornets nest. Instead look at opening a backup account with a credit union just in case…

In the meantime be scrupulous in how you run your bank account, who you send money to and receive money from, and steer away from anything that may look unusual or suspicious.

Fingers crossed you will be able to keep your Monzo account until the CIFAS marker drops off your record.

3 Likes

you can try open a account with revolut they do exactly what monzo do but better, bills pots, disposable cards virtual cards which are free and get paid a day early, roundups, the only thing they don’t have a banking license for the UK yet only a e-money license but they’re in the process of getting one so give them a try

2 Likes

Obviously opinions differ, but hoping they “never notice” risks becoming one of those other “they’ve closed my account without warning” topics we all so know and love

If Monzo were okay with opening the account knowing the facts then contacting them changes nothing. If this will be news to them then I would personally prefer to be out ahead of it

1 Like

That’s not what I said though?

1 Like

Sorry, that bit was not specifically with regards to what you wrote, but some of the other comments

Thing is, though, that this isn’t how it works. Monzo might well be OK with it today, but not tomorrow.

So asking them today can only ever give you certainty if they close the account as a result.

If they leave it open today, that will mean nothing for tomorrow.

That’s why I said you have literally nothing to gain by contacting them.

4 Likes

Il just wait and see. I woudnt have been as worried but i have a spouse visa application to submit with proof of income etc and will need bank statements for this monzo is my last hope. Im just hoping they let me keep it for another 4-5 months at least. What worries me is apparently they review accounts now like high street banks do as they are member of cifas now.

Ive tried nearly all the basic banks i got rejected. Cashplus and think money also rejected! I just opened one called suits me but they are not officially a bank and reviews aint to good

There is a thread here somewhere of someone finding a Credit Union who would give them a debit card if a Cifas marker and they were in your posision of unable to open a basic account anywhere. Have you tried local Credit Unions?

Yes ive tried they said to apply online which im going to do. Only thing now is i dont know if they can stamp a bank statement to verify as home office as for certified copies of bank statements. Its just all happend at the wrong time. I havent even told my family members about it. Having to wake up everday thinking it might be today it gets closed etc.

Stop getting ahead of yourself and just focus on one thing at once. Wait until your application to the credit union has been processed and then start looking at statements and such.

All this worry and remorse you’re feeling is normal. These are the consequences for your actions and are there to stop others from thinking it’s ok to do the same. As harsh as it sounds they are probably similar feelings that the victim of your crime would be having if you hadn’t got caught too.

2 Likes