Hi, Monzo have blocked access to my app as I’ve not provided them personal data about my job or salary which I’ve never had to provide before, nor have I ever been requested to provide this for my other bank account.
I can’t access my accounts, my savings accounts, and I can’t even access the app to cancel my plus membership. They’ve effectively blocked me access to my money. Is this legal?
I’ve been with Monzo for 4 years and previously invested.
Yes it is legal! Banks are regulated and have to ask these questions. If you don’t provide them they have every right to block access to your account.
It’s in the KYC and AML regs, so you have to supply it, and other banks will ask too.
My job also isn’t covered in the fixed list they provide so I’d be providing false information anyway.
Your options are to provide the info (even if the job info isn’t perfectly accurate, you are just supposed to pick what’s closest) and get your account un-blocked, or go to another bank who may ask the same questions anyway.
Thanks for the tip. I have another account so will use that going forward.
Not providing legally required information just sounds like throwing a tantrum. Good luck with your other account. What happens when they ask in the future?
You choose the closest option. More fool you.
Hope your other bank works out for you.
Expanding the acronyms:
Know Your Customer.
Anti Money Laundering.
It is normal for all banks to ask for information from the customer in order to help meet their obligations under these two pieces of legislation.
I have had other fintech institutions ask me for this information, it’s not just a Monzo thing.
You won’t usually notice high street banks ask you, because often their sign-up requirements are more detailed in the first place, and they acquire information about you through ways not available to online only banks.
It’s entirely your choice to decide not to provide information, but no bank would be doing anything wrong if they declined to provide a service to a customer when they can’t pass the KYC and AML checks.
I just wanted to know my position. Seems Monzo are happy for me to keep transferring money in and to continue managing my direct debits, but just don’t want to give me app access. I hence wanted to know the actual legality of the position. I thought if it was an obligation they would be obliged to close my account if it was a legal requirement. But apparently not and they can continue managing my money.
Thanks all.
You can use current account switch service to mobe everything out of Monzo, and close it. That should transfer over all of money, and direct debits.
No idea what happens with savings accounts though.
Or you could provide the requested info and unlock your app access.
Starling, Revolut and if I remember correctly Barclays have asked me for this info too.
Thanks. Monzo have been happy to have my money, take my plus subscription, take my crowdfunding investment and manage my mortgage deposit and payments without this information so far - but now all of a sudden they want to block me. They also know exactly what my spending habits are so probably know more about me than any other company.
I just find i’m constantly handing out personal data to everyone these days. I don’t see why all of a sudden they want to know my job and salary. Seems very personal and im surprised so many people are happy to share this data without question. If everyone stopped shelling out personal data we’d stop being asked to provide it.
They say it’s for my safety, but I think I’m safer not sharing this information at all. What happens if there is a data breach? It’s more personal data released.
Sorry if this frustrates people, just my view and I’m happy for people to have their views too and appreciate people may not agree with me.
Thanks again.
Revolut have not asked me nor my high street bank which I’ve had for 30 years.
If a bank had a data breach, someone finding out vaguely which industry I work in would be the least of my worries.
And if you trust them with your money, why don’t you trust them with a very rough idea of what your job is?
I more don’t like the idea that they can turn round and say one day, you’re not having your money unless you tell us X, Y, Z.
So, in other words, you are moving the goal posts?
I don’t think they do, actually. Your first post gave me the impression they had closed your account, but @michaelw90 surely has it right in saying they have :
Which is to say, they don’t want to lose you as a customer, but they can’t keep you if you don’t provide the needed information. They’re doing everything possible to keep you, but from their point of view they need you to play ball as well.
