I keep seeing really bad reviews for Monzo, saying they are freezing many customers accounts, is it better to bank with someone else?
You can read about why accounts are frozen here. If you are using your account responsibly and legally you shouldn’t have any problems. All banks are required by law to freeze/block your account if they suspect suspicious activity.
If you look at other banks on facebook and twitter you have people claiming that the bank is freezing their account for no reason. Monzo is a fully registered bank in the UK and wouldn’t freeze your account for no reason, just like Natwest or Santander wouldn’t.
If your account gets frozen then your card has either been stolen/cloned or the police or a court have ordered the bank to freeze your account.
Many banks freeze accounts for a number of reasons mainly due to suspicious activity in regards to large money movement.
Basically two scenarios.
Are you doing anything illegal? No? Your fine
Are you receiving or transferring large sums of money to or from abroad to people linked to crime or other suspicious activity or via an organisation linked to crime? No? Your fine
The vast majority of accounts have no issues.
I’ve always wondered why people would research Monzo’s Trustpilot but not search other banks.
Their Trustpilot reviews are probably the best of any bank!
Monzo are a fully regulated bank, and if they are freezing accounts it is because they are complying with the regulations. As all banks have to work to the regulations, they would most likely do the same thing in the same situations.
If you’re not doing anything dodgy with your account, you should be fine.
The reason you’re seeing reviews for Monzo and not for other banks can probably in part be put down to the fact that as a new bank they’re seen as potentially a weak link to be taken advantage of. The bad reviews are a form of social engineering designed to try and trick Monzo into reversing the freezing of accounts being used for bad purposes. Hopefully at some point the negative reviews will start dropping off when it is clear that such tactics don’t work and won’t work, but there’s no telling how long that’ll take.
Up to you really, your money your choice.
If you wanna listen to random people on the internet go for it.
I heard plenty of bad reviews on trustpilot all by people who cannot write in english properly, dont know why.
I’ve had no problem with Monzo for just over a year that i’ve used it.
i try to make up my own mind about services. Since moving myself and my wife over to joint accounts, we’ve not looked back! Love everything about Monzo
Same as @Danny, @Venomx & @neellik stated - do your own research, see if the features fit with what you need, see if the extra ‘fringe’ features may be useful in the near future (or be developed) and go with your confidence level after investigating the product and services available.
Reading internet reviews from people who are complete and utter strangers (if they are ‘real people’ at all) to solely decide if a product/service is good or bad does not demonstrate due diligence.
Remember, there are parties out there who will use the public domain to anonymously promote things they have an interest in and also demote what they perceive as competition or a threat.
Some may say that exact same thing happens here too
I was worried about this too but if you go on their Trustpilot profiles page and look at their other reviews, most of the time they have put bad reviews to casinos, gambling companies and other foreign sites.
Monzo has a higher rating than Trustpilot.
I think a lot of bad reviews on lots of banks on trust pilot.