So today I tried to transfer money from my business account but kept saying to try again. I called Monzo and they have told me that my account has been frozen and another team will contact me and they do not have a timeframe which is ridiculous.
Has anyone came across this issue and how long it takes for them to come back. I really need to my business account.
Thanks
Hi. Nobody here can help you I’m afraid.
There’s various reasons as to why Monzo do it, but they have weeks to do their investigation and legally can’t tell you why, under tipping off procedures.
Banks are obliged to report any activity they deem suspicious to the National Crime Agency (NCA) which has up to 31 days to investigate. During that time, the funds have to be frozen and the bank commits a criminal offence if it tells the customer why .
All you can do is wait unfortunately.
I do have access to the account and i can see the statement and account balance. They have no blocked access to the app but they frozen funds to be used.
You’ll just have to wait then, your accounts been flagged up so they’ll investigate the funds then either restore full access or say thanks but no thanks, see ya later we’re closing your account.
As above no one can help with this as it’s down to Monzo and the internal team to deal with.
Everyone’s circumstances are unique, so you will not be able to make any kind of assessment on what might happen with your account by asking a bunch of strangers in the internet their experiences and opinions.
Wait for Monzo to contact you.
The above covers everything that we know on this topic so I’ll close this now before it spirals into speculation about why the account might have been closed.