It's not just Monzo

Financial Chat
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Santander said it closed about 24,000 accounts a year on suspicion of fraud.

and

Lloyds Banking Group formed a “mule hunting team” to spot some of the telltale signs and patterns of behaviour associated with mule accounts and to block them. The bank prevented more than £1m being transferred to fraudsters’ accounts in the first half of 2018 alone.

Given that “It’s not just Monzo, all banks do it” is a line I use a lot when people query reported account closures, it’s nice to now have an article supporting this I can show to people.

Edit for clarity: when I say “people [who] query reported account closures” I mean people who are worried about opening an account with Monzo because they’re concerned by things like Trustpilot reviews.

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Publicly insinuating that they’ve done some sort of fraud is probably not the best idea, not saying they don’t deserve it though.

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From the article

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I intended to insinuate no such thing. I was thinking of people who are put off opening a Monzo account because they’re worried their account will get closed at the drop of a hat. I’ve edited my original post to make this clearer.

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