I am worried about Monzo closing my account

Put a complaint into the ombudsman and they can look at your case although I’m not sure they’ll give any more compensation since that’s already quite a bit

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Opening a new account and starting a CASS is 30 minutes. You’ve been compensated £155, that means £310 an hour, about 34 times the living wage. There shouldn’t really be too much stress to be compensated for as you still have access to your funds and you have plenty of time to do whatever you want with them

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Thank you, I have put a complaint into the Ombudsman.
I understand it’s in the T&Cs, however think people have a right to know some of the situations others have found themselves in. While there may be a reason, as a customer you won’t get told. So if it is due to fraudulent activity and someone using your identity, you may not know until CIFAS come back to you, which may be 2 weeks. A lot of damage can happen in 2 weeks.
No one can tell you “how much stress” something causes you.
I hope this doesn’t happen to anyone else.

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Good luck with it. Sadly, as you said you won’t get told the reason but all you can do is ask :slight_smile:

The Ombudsman will almost certainly rule in Monzos favour, especially since you’ve already been compensated and secondly because they can close accounts for whatever reason they like. It doesn’t make business sense to do it for no reason, so this is why it’s not believable.

I hope you get a different outcome but either way, be sure to come back here and update us all.

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Unfortunately it’s the law. It’s called tipping off. The 2 months notice probably means they suspect something but can’t prove it, otherwise it would be an immediate block and close.

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That’s not how it works under FCA regulations. Monzo and all banks have to follow it, they don’t get a choice in the matter.

Where are who allowed to claim my doing what?

I’ve yet to see any evidence that Monzo have claimed that someone is doing something illegal. Generally, they close accounts without giving a reason, but they don’t(as far as I can tell) ever say why, except, on occasion, to the Ombudsman.

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This topic is temporarily closed for at least 4 hours due to a large number of community flags.

No, just like any other bank in the country, they’re allowed to close accounts for any reason as long as they abide by the contractual notice period. Accusations of anything simply don’t come into it.

Accounts can be suspended, on occasion, if certain checks are triggered (and we won’t ever know what they are) but that’s different from a closure. What happens after that depends on the results of an external investigation by the appropriate law enforcement agency (to the best of my knowledge) and is nothing to do with the bank itself. So, if an account is closed after this happens, it’s being closed on instruction under the law and not (effectively) by Monzo.

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Not sure this will stay open without flag resolution but we’ll see. Previous history suggests not.

This topic is temporarily closed for at least 4 hours due to a large number of community flags.

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