Full switch to Monzo from frozen account?

Barclays my old bank unfortunately put my account in review I can’t access it And I don’t think I ever will be able to access it due to bitcoin trading which I was unaware that it wasn’t allowed DOH!

So I wanted to know can I do a full switch to monzo and move all my money to monzo? I have money in my savings account too will all the money including money in my savings account transfer over to monzo? If I do a full switch?

Btw I will never trade bitcoin again.:pleading_face::pensive:

When you switch, only the money in the account you are switching from will move over.

Not sure if you’ll be sble to switch if your account is frozen, but I could be wrong.

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I done a bit of research but wasn’t able to find anything unfortunately, its certainly one of them unique cases that you can never find any information on when you need to.

My guess, which is purely a guess and may or may not be factual, would be no, I would imagine that due to your account being frozen there could be some sort of regulatory reason involved in their decision to freeze your account, they may be legally required to stop any activity on your account e.g. closures, credits, debits, which a faster payment of your old account balance is made to your new account, which would probably be forbidden. They also may not be allowed to close a frozen account until they have completed their investigation and/or until they have received some sort of communication from the relevant authorities to unfreeze the account.

You would also be required to give the last 5 digits of your current debit card number to initiate the switch, which will also be inactive during this time, this may also cause some implications if they are unable to verify your card details.

My hypothesis only. However, the worst that could happen if you tried a switch is that it would be unsuccessful, the best that could happen is that it would be successful, Maybe I shouldnt be saying this but I would see no harm in trying it :see_no_evil:

In regards to funds transferring, as HoddzDJ said, it is only the funds in your current account that will switch. You would have to withdraw in cash or transfer the funds into your current account for them to be moved over with the switch, this would not close the savings account though you would need to close this manually. But due to the situation I suspect this wouldn’t be possible.

Hope I’ve been some help

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Thanks mate… really appreciate it :slightly_smiling_face:

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That reminds me, I had a current account with Barclays a few years back, I opened the account online, received card, pin, a nice letter, followed by a not so nice letter saying they could ‘no longer offer banking services’ to me and that they would be closing my account in 30days.

They gave no reason and they made it explicitly clear that they wouldn’t be giving one either, how rude!

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I called Barclays customers service the lady on the phone said I should wait 10 days and that I will receive a letter… I can guess what it will say on it by reading your post :roll_eyes:

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If the account is in review which leads to a closure, generally the money will go back to your last creditor.

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Wait it out and see, it may not be as bad as that, in my case it was a new account, the letter literally came a day or two after the debit card arrived. I didn’t have any previous history with them. I may be silly even suggesting this as there is no loyalty from big businesses anymore, but they may take into account your current relationship with them and how you have managed your account with them in the past, and if you have any other Barclays products.

I had a look at Barclays and Bitcoin to see if I could find anything on a forum somewhere in relation to it but I got distracted by Barclays shouting about how they have some sort of deal with Bitcoin exchange in 2017, if they offer Bitcoin services, and then suspend your account for dealing with it it would sound like they’re just picking and choosing what they want to enforce.

:disappointed: Yeah i’ll Wait and see what happens… thanks for the help mate :fist_right:t2:

Feeling really depressed damn it … luckily I have a backup account with emergency money thank LORRRRD! Going to use that for now

Bitcoin trading isn’t inherently problematic from a legal standpoint, it is however full of headaches that banks would rather avoid. The majority of high street banks want absolutely no involvement in Bitcoin so account closures should be expected. That said, they won’t seize your money and hand it over to the government: they’ll return as they would with any other account closure. You should expect to get your money back… eventually.

I doubt an account switch would work, however it is possible. The letter you’ll receive will tell you that you need to move your money immediately, which will likely be done by providing them with a destination bank account for a transfer – or maybe you’ll receive a cheque – which means, in theory, they should be okay with your doing a switch to Monzo… the question is whether or not their system can handle switching a frozen account – which is why I am doubtful but think it’s possible.

I’d say give it a shot, given the switching service guarantees around the safety of your money you can’t lose out – in theory anyway.

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From what I have read the problem with crypto is that although you may have done everything honestly, if you’re buying or selling did you do any checks on the person you were dealing with? How do you know they’re not money laundering? If you’ve done all the required checks you should get the money back, if you didn’t them it’s a lot harder :grimacing:

I always asked my buyers for proof of ID and I tell them to take a picture holding their bank card so I know the money in receiving is coming from their own account before they can purchase bitcoins from me

I also added “I do not sell bitcoins for use in illegal activities” and “if you send me dirty money obtained illegally I will sue the :poop: out of you no mercy ” buyers have to agree to my terms before trading

Cool, should make it easier for you then if Barclays ask you to prove source of funds. So many don’t :cold_sweat: