I’ve been using my Monzo account since 2018. I’ve not participated in any fraudulent activity and I don’t dabble in cryptocurrency before anyone asks. I’ve used the account from the beginning as my main bank account, I received salary payments, had arranged direct debits, used it for daily travel, grocery shopping etc.
Yesterday I received an email from Monzo informing me that my account will be closed in April 2021. No reason can be given and I’m in complete and utter shock and have been in floods of tears. I’ve been out of work since June last year and have been receiving my UC payments into the account.
I just don’t even know where to begin or who I can contact to rectify matters.
I’m sorry to hear that. Out of interest, do you use your Monzo account in a way that might be unusual in any way? I’m assuming you haven’t done anything wrong as you’re being given notice in advance so I’m just trying to work out why Monzo might be doing this. If the email doesn’t have any personal info in it, could you post a screenshot?
Anarchist
(Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)
5
It might be worth checking out your credit files to see if anything looks off.
Other than that, you have two months to find another bank and CASS your account there.
I could think of a few reasons that some people would consider “normal” usage , but Monzo would want to try and curtail
Ordering replacement cards every week / month
Paying your wages in, then withdrawing large amounts of cash or small amounts repeatedly
Paying your wages in then transferring 95% of it out to another bank
Disputing payments multiple times
Contacting Cops with questions daily
Try not to let it upset you, it’s just a bank account at the end of the day. You can have a new one in the next hour and move your payments etc over and then you’re golden.
You can’t contact anyone to change their decision, you need to move on.
I do tend to keep the bulk of whatever money I have in a pot and then move across when needed for the day but nothing about that would warrant suspicious activity.
Gonna sound silly but do Monzo have a monthly income requirement ie. £1500 per calendar month??
They are a lot of accounts being closed lately and I wonder if something like this just might be the reason why. With a lot of people recently out of a job (either permanently or temporarily) incomes are lower and I do wonder if the banks are (perhaps wrongly), taking a stand of this as the customer is therefore, no longer profitable for them.
? It’s not the law at all it’s simply their choice. It’s not illegal for the account to be open, otherwise it’d be closed. Monzo just aren’t being very friendly in this situation which seems to be happening to a fair number of people (just going by the tiny % who use the forum) with no explanation.
It’s possible I suppose that they’ve introduced this behind the scenes but I find that unlikely. Someone on a low income now might not be in a few years so closing the account is shooting their future selves in the foot
I think there’d probably be millions of account closures if they set a rule like that, not a handful.
Closing accounts actually costs money - it generally takes up a fair bit of staff time and can result in complaints which also cost the bank money to process (and much more in staff time).
Closing accounts en masse wouldn’t be an effective way to save the business money. The account closures are probably risk/compliance based.
