A post was merged into an existing topic: Removed Posts February 2021
I made my post to say what I though VVD t was the most likely reasons, not to list all the possibilities. That’s been done ad nauseam already.
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Hope I don’t sound rude here as it’s not my intention at all, but did you even read the comment you were replying to? The comment is clearly saying that while in itself we’ll never know whether the account closure was unjust or not, that in itself is part of the problem.
It’s obviously not the bank’s fault it they’re following the regulations regarding fraud so are unable to say, it’s ar regulatory issue, but what @coffeemadman is saying, and I tend to agree, is that it really does leave a bad taste. It’s not a circle going around again, as perhaps the law needs to be amended somehow. Perhaps not, but it certainly seems to be something that should be looked at again as to whether it is the best approach, and whether the cloud of secrecy is used by banks to close accounts of customers who aren’t doing anything concerning. Who knows? No one other than the banks because they’re basically able to hide it by just saying “we’re closing it and we don’t need to say why” which seems fundamentally wrong to me, but perhaps just me. 🤷
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The problem is with all of this discussion, we don’t know that this is true because we don’t know the reason.
And so we don’t know that this is possible.
We either trust that Monzo are doing the right thing, or we don’t. And each of those options is a completely valid position to take.
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Agree to a point. I don’t think it needs explaining up front to users, but certainly needs to be available somewhere. Standard practice in many industries. And of course it need not be an exhaustive list either.
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I think there’s two separate things though. One, that people would like the banking regulation to change (not the law) to stop this being permissable and force banks to give reasons for account closures. Two, that even if the regulation doesn’t change, Monzo being a bank that repeatedly says it is ‘completely transparent’ should give reasons anyway. Or maybe just drop the statement they are ‘completely transparent’.
I think there’s some confusion over tipping off laws, but to be clear there’s no regulation which says they can’t give reasons for account closures. The regulation says they don’t have to and they choose to use that.
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I’ve slowly started to catch up on this thread this morning and what I’m seeing is a common trend about the difference between instant freeze and closure and two months notice and no reason why.
I agree with @coffeemadman on the fact that there needs to be a change but this thread will not bring that change.
I have absolutely no doubt that someone here in this community knows where the problem lies (with regulators. Terms and conditions of FCA rules)
So if anyone really wants to make a change will someone start a petition on the gov.uk website?
Edit: To change some sort of rule that stops banks hiding behind “Not telling you why” or a petition to prevent banks closing accounts for A or B?
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Barclays you can do it on their app, I think?
I dont want it to sound OTT but i honestly think this is a broader issue and not just relating to Monzo but other banks aswell and its ancient rules and we should all be collectively challenging it to help people of the future. For all we know one of us could be next and the transparancy is really important whe its not fraud or AML related.
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Banks are allowed to remain open under the current legislation. Obviously there may be issues with staffing with means some may be closed or operating with short opening times.
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I think everyone is saying this since every single account that has made a post saying they’re closing have all gone onto universal credit within the past few weeks and have a free account so in the event of this being true and they’re banishing people who don’t have a income it’s naughty
Yes.
My friend signed up in one last week and didn’t even need id or proof of address
No they haven’t.
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Exact same thing has happened to me too so disappointed
Yes they have. Look they all have stated they have free accounts and universal credit
I think you’re right as that’s the only new thing I’ve done the moment I lost my job I got the email of death
Please stop applying causation where it doesn’t exist. It’s more likely that someone on a low income/universal credit will be very worried if something happens to their bank account. That is more likely to result in those people seeking out a place of support, i.e. the community, and sharing their perspectives.
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I was on benefits too when I got mine I’m so confused
I think you may be mistaken. I think I read in one of the other threads that the OP of this thread isn’t on universal credit. But perhaps @mark2021 could clear that up for us?
True, I can trust that what they are doing might be the right thing, but I can disagree with how they are doing it.
Trust is a funny one, it can let you get away with a lot of things. It can be hard to obtain and is very valuable once you have it, but a sure fire way to erode trust is by using blanket statements.
Sure sometimes the blanket statements are required and those who trust monzo will understand that, but do it often enough and the erosion of trust will spread to those who weren’t directly affect by the initial action to begin with.
Saying on one hand that you are good to keep banking as usual with them for the next two months while on the other saying they can’t explain why after two months that’s not an option is a bit of a d**k move in my book, whether it’s legal or not.
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