Monzo closing account I think is unjustified


I recently lose my iPhone on a night out which had my monzo account and iPhone/Apple pay Attached.

After being able to get a old phone working I got into my monzo and found there had been transactions made which weren’t me. So naturally as any person would I’ve reported this to monzo as fraudulent activity for them to investigate and find the culprit and to hopefully retrieve the funds someone has spent.

They’ve gotten back to me saying they won’t be treating this as fraud even though I’ve explained the situation and proved proof of what they’ve asked for.

Now they’re closing my account within 2 months with no explanation. I find this difficult that this ‘amazing banking service’ is just going to close my account like this.

I have a large amount of money in the Pots and saving isa, and I’m no longer with any other bank.

I don’t really know what to do is the main banks I’ve tried in the past won’t accept me for an account other than Lloydds, which I closed a few months prior as I had no use for it

How do you know that your account isn’t being closed for the same reason other banks won’t allow you to have an account?

Did Monzo explicitly say that because you reported 2 fraudulent transactions they’re closing your account or is that just a guess?

Presumably they don’t believe it’s fraudulent as you need biometrics for Apple Pay

Or it could be the same reason as the other banks are refusing you

We are all just customers so have no idea. Reopen the Lloyds account?


What kind of transactions? Card? Bank transfer?

Which country were you in when your phone was lost?

I smell CIFAS


Could also be poor credit rating. Best not assume as we don’t know. Monzo will accept people despite credit rating. Only banks with a basic account will, but you specifically have to apply for that account, though some will offer you one if you’re not eligible for a regular account.

Biometrics can be overridden with passcode, a surprising number of people still use passcodes that are easy to guess. We also don’t know that the unauthorised transactions were made using Apple Pay.

I’m not sure what to suggest, OP, but escalation to the regulator may be your next and only step. Check your credit file for any CIFAS too. Hope you get your money back out of your savings pots!

I read it as it isnt an immediate closure, so savings pot shouldnt be an issue

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I was able to open a monzo account the same time I was being declined from other banning organizations.

It might be when they don’t have any other account to withdraw and transfer them too, especially if they’re having a hard time opening one.

I’ve checked my CIFAS thing mutiple times over the years, I’ve never made a claim or anything of the such. So I doubt it. I’ll get another report send through to double check.

Again, what kind of transactions? Card? Bank transfer?


This is true. Had to use this many a time because masks not being compatible with Face ID. A pain in the bum!

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They didn’t explicitly say it was due to that, they just said they would be closing it soon due to their TOS.

I don’t have the biometrics setup on my phone’s like the finger print stuff. Usually just use a password or my Lin code.

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Sounds like when they were looking at your account due to your fraud report, they saw something that they didn’t like.

Do you deal in cryptocurrency? That’s another reason we’ve seen on here for account closures.

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Transactions in-store. McDonald’s, some other unkn buisness I can’t find online or the map for the amount of £32 GBP via two separate transactions, with a few others. Totaling up to no more than £125GBP. But it’s still money during these times with covid

In the past I’ve brought crypto currencys just to see if anything comes of it. But I’ve not sold or deposited funds via it as I still have it. The transaction when I broguht the crypto was a normal bank transfer via local Bitcoin

I appreciate all the replies, I didn’t expect so much so soon. My credit score is below average but even then ,that shouldn’t be a reason to close a basic current account as that’s what it basically is I assume.

Did you not have a password? More likely CIFAS