Monzo against competitive lockin - let us close our accounts


(Ben Green) #1

Don’t get me wrong. I’m loving :monzo: so far, but I’ve seen several videos where @tom mentions his distaste with other banks who sign up account holders then sell them other products and they become locked into a stagnant and kind of toxic set of products. You also promote a culture of transparency. Great stuff, I feel the same, I like that.

However, what happens when I hypothetically decide to close my account? At the moment, in a way I’m locked in. I would feel more like you’re putting your money where your mouth is if you have a button or link in the app to close an account AND allow us to keep our data. The button shouldn’t be too prominent, maybe at the bottom of the profile screen perhaps?

If you do that then I bet you still won’t get many closures, if any at all, but it will reinforce the transparent image and the idea that you’re free to move as you wish. It’s a smart bank, with a smart app and actions like that should be easier than going through a support service.

What does everyone else think?

Just to reiterate - I do not want to close my account. I love it.


Noob new to Monzo! - Monzo & My Credit Score + Closing My Monzo Account
(Leon) #2

Great post with some very well considered points. Let’s see what comes of this.


(Rika Raybould) #3

Take a look at the lower right of the screen in the image of this post I’ve linked from @hugo, seems like a good place to put it when they get around to implementing it.

Right now, there isn’t much to close but I’d bet there’s some requirement to allow closures of current accounts somewhere in the stack of rules and regulations.

Perhaps on account closure, full data export should be offered within the app and/or emailed to you as part of the confirmation, either as a link to download or attached to the email itself depending on size.


(Ben Green) #4

Aha! I’ll admit I hadn’t seen that. Well it’s good to know it’s already been thought of :flushed:


(Tristan Thomas) #5

Great idea :slight_smile: I’m sure we’ll have something like that. I can’t remember off the top of my head the rules, but I imagine it’s regulated that it’s relatively easy to close a bank account


(James Billingham) #6

One of the things which is important to remember with financial products like Mondo is that while you can close your account whenever you want, you cannot delete your data. Mondo has to store the vast majority of your financial data for 7 years.


"Close Account" button very close to "Log Out" button
(Rika Raybould) #7

Of course, this should probably be mentioned as part of the closure. It does not prevent them from offering that final data export and no longer using the data though.