Devastated About Account Closure after 2 years

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.

You could try putting a complaint in but under their terms they can close any account so I’m not sure it will do any good

Maybe open an account with Starling if you want to keep a digital bank

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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

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wow can it ? :slight_smile:

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.

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No nothing unusual.

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.

I’ve attached screenshots of the email.

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Thank you. I’m doing so now and also requesting a DSAR from CIFAS.

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There it is.

There’s what? :thinking:

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:popcorn:

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“Transparency by Default”.

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The thing that really gets me here is they’re using their cookie cutter sometimes they have to close accounts for legal reasons and can’t tell you why excuse, yet they’ve put you on notice, which isn’t what banks do when they have to close accounts for those reasons.

They then go onto directing you to directing you to open an account account elsewhere. Something you will find next to impossible if Monzo can’t serve you due to regulatory or legal reasons, other banks probably won’t be able to either.

To me this makes for a very tone deaf, unsympathetic and insensitive email. I hope you get it resolved, or find a bank that’s willing to have you.

Although I dismissed the notion the other day that a trend was appearing here that would signify they’re purging accounts now they’ve reached 5 million customers, this is now the 6th credible claim of Monzo doing this just this week, so something seems amiss here. I’m half tempted to move my income and direct debits back to Barclays and cease using Monzo after seeing these.

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Let’s not do another thread on this when one already exists. Monzo have clearly tweaked their risk criteria which caught out some customers. Unfortunate but is the law.

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.

Just a thought.

? 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.

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They probably have a profitability metric, many businesses do. That can lead to things like this especially during a downturn.

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

If that’s the case there will be millions of these!

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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.

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Does an account closed by the bank ( not for fraud) show up as closed by the bank on credit files?