Agreed. Unfounded and, in my opinion, completely ludicrous. I think maybe in some very extreme cases it might happen, like when someone contacts customer care daily or something.
But like any bank their main goal is to convert customers to profitable ones, not just axe all the ones that aren’t profitable right now! And to have a meaningful impact they’d surely have to close at least a few hundred thousand accounts.
All customers are potentially profitable. That’s why they are still growing and still accepting new accounts, even though the vast majority of new accounts won’t be salaried at first.
edit: apologies for a very accidental but potentially offensive typo
I see what you mean but I’d point out that’s a sensible thing to write. They have to clarify what happens if Monzo closes the account, if they said ‘if we close your account then you won’t pay the cancellation’, a special few might decide just to be incredibly difficult customers until Monzo has no option but to close instead of paying the cancellation fee.
So hopefully if it does say that it’s there as a cover for worst case scenarios and wouldn’t be the first choice.
Not sure what we are expecting from Monzo staff here? If the company have said to a small group of customers they no longer wish have their business and they do not wish to give a reason, do we expect Barry from Monzo Customer Operations to jump on the online forum and tell everyone they’re binning off some of their unprofitable customers (or whatever other reason)?
Personally not surprised that they are being silent. Closing accounts is a very murky area both legally and emotionally for the people who are having their accounts closed.
Indeed. As @danmullen says, it should be two months’ notice. And even if whoever is disputing this has added quotes to show it’s a quote from Monzo’s terms and conditions, it should still be “two months’” in that case.
It’s very odd that someone is determined to keep changing the topic away from a correct form to different forms of wrong.
I have learned this evening that the use of the apostrophe in this case is essentially in place of the word “of”.
I’ve found this frank exchange of grammatical expertise mixed with utter nonsense most refreshing and; frankly: a whole lot more entertaining than the topic itself.
Hi Mark2021. Did Monzo tell you their reason for rejecting you as their customer? I’m asking so that we’ll all know what to do to prevent other banks from rejecting us in the future…
Just wanted to say that certainly in the more ambiguous cases I sympathise with those affected. if this happened to me I’d be anxious and worried and a little paranoid I guess. I’m a fairly private person (I value that greatly) but one who does things by the book, security issues or things like this where someone or thing is making decisions about me based on something I don’t know about trouble me!
I’m channeling those feelings to try and see this through the eyes of those it’s happened to. There has to be less surgical way of handling these things, especially when you have the perception of friendly and even very inclusive and accessible banking.
I totally understand legal investigations couldn’t be discussed of course
Have people whose accounts are being closed had a prompt in the past to confirm tax residency? What does it say in the app under tax residency?
There’s a Reddit post about a 2-month notice closure but OP lives in Egypt so that could be a great reason to close with 2 months’ notice. I wonder if it could be related to tax residency or other non-serious T&C breaches like Monzo thinking you live abroad/use your account as a business account?
Does anyone impacted regularly sell things on eBay/Gumtree/etc?
