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.
My job also isn’t covered in the fixed list they provide so I’d be providing false information anyway.
(🏳️🌈 Producer of "low value commentary")
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.
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. 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.
Your points are fair, but I think slightly unfounded. I always struggle to balance the argument of not giving your bank information they ask for. They’re literally meant to be the safest place for your data, you trust them with your money, but not your job or salary? Fair.
I personally have no objection to it, and it’s there for KYC (Know Your Customer) support and is a legal requirement. Monzo have in the past not been as on it as they probably should have been, and probably forgot to ask you at some point in the past & so are filling in the blanks - as they mentioned in their message to you initially (in some similar words).
Whether they’ve been fine in the past doing banking with you or not, they’re entitled to shut your account for any reason they want. But they haven’t yet, they’re simply asking for some information.
If there’s a data breach, I’d be more worried about my bank details being leaked than someone knowing what I earn, and what I do.
Unfortunately, if you choose not to share it, you may have your account closed, as Monzo need it, to ensure they’re sticking to the banking rules/laws.
Additionally, some banks ask you this at registration, so you may have already provided it to other banks, vs them asking you right now out the blue.