Closure of account

Help
1

random eamail saying that my account is being closed and no one at Monzo can tell my why. Very basic email thought it was a scam email but monzo customer services says it from them

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3

Just speculation but as they say your outstanding balance has been returned to source, I would assume there was something about that payment you received they don’t like.

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4

Further speculation, but from reading similar threads on account closures (and not freezes), the most common links seem to be accounts that are used (solely) for gambling, cryptocurrency trading and the likes with little to no ‘real world use’. Of course, none of that’s illegal but it’s a bit of a compliance nightmare I imagine.

5

Crypto?

6

Would be interesting for you to expand on what you had been doing/using the account for. What were the outstanding money’s due in? And I assume you had a zero balance or you would suddenly have no access to all your money if you used it as your main account

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8

When did this account closure take place? Was it recently or some time ago?

9


although that email does refer to previous communication.

10

They can’t tell when the account will be closed or why - never brought cryptocourrency - mainly used as a holiday account to save and spend

12

That won’t have caused your account to be closed. It’s whatever else you’ve done.

13

Yeah like the guy who kept receiving large sums of money on an almost daily basis and instantly transferring it back out. That was literally his entire feed with no other activity.

He though it was normal behaviour but others would (and did) disagree.

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14

I do this. Monzo is a spending card.

(Although, it does depend on the definition of large)

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15

I think they mean bank transfer in > bank transfer out to another account. That looks a lot like money laundering.

If you’re using it as a spending card you’re probably bank transfer in > one or many card payments out. Nothing wrong with doing that.

16

I spend occasionally. I mostly use it for moving money between accounts. For example, someone pays my monzo and I transfer it directly to a proper bank account.

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17

Why?

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18

Yeah again I’m sure that’s completely fine. Mainly because you’re sending the money to another bank account in your name.

The sort of thing that looks dodgy is when:
Joe Bloggs transfers £1000 into Matt Smith’s Monzo account.

Matt Smith then transfers £1000 from his Monzo account to Peter Parker’s account.

Two days later:
Demi Lovato transfers £900 into Matt Smith’s Monzo account.

Matt Smith then transfers £900 toTrevor McDonald’s account.

Matt’s Monzo account then gets suspended

In isolation there’s nothing dodgy about it, but when you’re repeatedly doing it and sending and receiving money from different accounts it starts to look like laundering.

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19

Which reminds me. Demi and Matt both owe me a tenner. :man_shrugging:t2:

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20

Because reasons.

22

Banks know and expect people to use accounts like that. Money in and out. Transfers. Transactions.

Accounts aren’t closed for “no reason” or at “random” there will be issues that people just either don’t think is dodgy or don’t want to admit it.

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23

If I remember correctly they were selling dodgy vouchers on ebay or something? Then withdrawing from PayPal to Monzo and then transferring it straight out. It’s likely that things caught up with them and Monzo wanted no part it all the mess (plus they weren’t making any money :wink:)

I’ll try to find the topic later.

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24

I transfer money to and from PayPal daily but I don’t scam people all my funds are legitimate and how someone above said gambling some of the funds are from that

Will my account get suspended?