I am worried about Monzo closing my account

There is a lot of talk at the moment of users accounts being closed unexpectedly. I love Monzo, I really do! …And would be gutted if they did this to me.

What can I do to mitigate this? Is there a noticeable trend in peoples activity who experience closures? I read about Crypto Currency being a factor for some. I don’t invest in this, but I do in other areas (ETF’s etc).

Many thanks,

B.

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Use your account for everyday purposes. If you want to indulge in crypto, don’t use Monzo. Don’t do anything illegal with your account, like fraud or money laundering, for example. Don’t use it as a business account.

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Lots of talk, from a very small % who always claim to be innocent and have never ever done anything wrong.

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5,000,000 account holders , lets say that 1000 have had their accounts closed… although I doubt its anywhere near this number …you have more chance of being run over crossing the road

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If you want to use your account for crypto, do so, there’s nothing wrong with it. I have regular coinbase and kraken transactions on my account with no issues. If Monzo did close my account one day IMO that would indicate Monzo have massive tech problems and I wouldn’t want to continue banking with them anyway.

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If you really have read “all the talk” and are still worried then you need switch banks.

You will find that this is an endless loop though and you’ll be continually switching.

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This is interesting :eyes: I don’t doubt that Monzo look indifferently on crypto, but I guess they favour accounts that have a high “normal” transaction rate when tied to crypto, vs those who just do crypto.

Glad it’s not completely a no-go! Backs up with I think Dan said in a different thread.

It has never been a complete no go and as you mentioned it came straight from a Monzo employee - I don’t think they’re the only one to mention it either. I also highly doubt that they favour (and therefore take bigger risks) with those who have a higher account usage either. That would be very foolish.

Regardless of crypto all account closures and freezing is just lots of conspiracy theories thrown around. Try not to read too much into it and take stuff written on the internet by strangers with a huge pinch of salt.

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I guess if that’s what you’d need to tell yourself to keep happy the I can’t fault you for it but it’s really no more based in truth than anyone else’s opinion on their own behaviour when this has happened.

Banks close accounts for “reasons” and few know what they are so we’re always going to have nothing more than the stories we invent for ourselves if it ever happens.

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Sadly and I follow corresponding Fb page about closed Monzo accounts :open_mouth: :hushed: :astonished: :flushed:
At first I though Monzo is ‘‘picking on’’ foreign names, but there are a lot of British names too.

Moved my bill paying account to Monzo in Jan 2021. 5 weeks later, following many stories I read on the Fb page and online, I nearly switched to TSB. After I stopped fuming, I cancelled account switch, BUT still moved away my most important bills away from Monzo :expressionless:

I did offer to Monzo (contacted through twitter) to implement additional account verification tool, to make sure account users can see a state of their accounts. Didn’t get Monzo interest. Sad really :pleading_face:

Interesting bank, handy tool set, etc, but sadly Monzo it self is not gaining my trust :chart_with_downwards_trend:

welcome Remi, great first post - don’t quite understand why you were “fuming” what had Monzo done ? or was it just the anonymous stories that made you fume ???

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Hello :blush:
Thank you :innocent:

Well, all info online could be treated as ‘‘anonymous’’ really :no_mouth:

Fuming as most accounts were closed out of blue, without 30/60 days prior warning.

I tried imagine my self in that position. And that was making my blood ‘‘boil’’ :triumph:

This was only if there was any legal requirement to do so. Otherwise you’re given a 60 day warning. If you’re not doing anything illegal with your account, then you will get a notice if Monzo choose to close your account.

Use it like a legitimate account, and you’re okay.

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Oh I agree it must be awful if you are innocent and you get your account closed , I have used Monzo since 2015 and had very few problems with it , have transferred in and out thousands of pounds no problems . apart from getting higher limits passed on the day I wanted them … I suppose if you act illegally or look to be doing something illegal , whether you have a foreign name or not Monzo will look at your account closely as all banks would

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I asked Monzo on 15 Mar 2021 (through twitter) about crypto trading.
Their response was ‘‘we do allow crypto trading, but some platforms are temporally restricted’’

So random internet stories then. No one truly knows the background into this, these stories can’t be verified for integraty.

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Agree. Still, it’s a t the back of my mind now that it MAY happen at any time.
To keep my peace of mind, I am paying my rent and O2 bills NOT from Monzo :thinking: :relaxed:

if you search the internet for banks closing accounts due to crypto trading you will see most banks will look very carefully at these accounts …however you do want you want …if you are scared that using your account will cause closure , because thats what you have read from anonymous sources on the internet you perhaps need to look at what you are using your account for and have maybe some " burner" accounts that you know you are going to get closed …personally I would use Monzo for your “normal” bills and use maybe Starling or TSB , or Lloyds …name a bank for your crypto trades and see how they view it :slight_smile:

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Sure it can happen at any bank

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So those people probably weren’t innocent, despite what they say.

Monzo on occasion will make an error but those errors are rare and resolved quickly. The rest are people that lie.

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