Well suppose there were, I still wouldnât believe a company could just cut you off and say âgood luck with other suppliersâ if youâre having trouble getting other suppliers.
Yes to credit unions. These are not well known though. It would be good if Monzo were to add some advice on these or something if they do need to close an account or decline one.
No, we donât close customers accounts for âbad creditâ.
Does credit history come into account for account opening? Iâve always pushed Monzo as a great bank for those with low/no credit history (usually those just arriving in the UK). I always assumed credit history isnât really a consideration with Monzo (except maybe bankruptcy).
No we wonât decline customers for a bank account just because of a lack of credit history/ bankruptcies/ IVAâs/ etc.
The only reason we wouldnât offer someone a bank account is because of potential financial crime risks (to the best of my knowledge).
I personally use my 
premium metal card (cleverly inserted into the brim of my dress hat) to sort out similar, everday issues, likeâŚ
Oh dear. Doesnât bode well for me then 
Given where I work Iâd be in a dark place if I was involved in financial crimes 
None of my friends have because of its low reputation 
Itâs still a concern 
âIn 2021, for the second time in two years, Monzoâs auditor warned that it might not be able to continue operating as a going concernâ
Donât think that article will have much effect on Monzo. Itâs really badly written, obviously so to most people reading it. No surprise to see it was written by a âShowbiz and Entertainmentâ reporter rather than one who actually knows about banks or finance.
Itâs a classic example of the âtake a tweet (or set of tweets) from a celeb and use them (and them only) to write an articleâ school of modern âreportingâ, with all the faults that it entails.
Chief among them being that despite the fact the headline states Westbrookâs account was closed after bad credit, this is in no way stated or even implied in the source tweets. It is entirely inferred by the writer (or sub-editor). Westbrook has said two separate things: 1) Monzo have closed my account, and 2) I canât get accounts elsewhere because of bad credit. The Mirror have smashed those two unrelated facts together.
Itâs also not at all clear if the account was closed immediately - meaning Monzo will have determined that the Terms and Conditions of use were breached - or if it was a âfor any reason with noticeâ closure and Westbrook has missed earlier communications. Given Westbrookâs history, Iâm inclined to believe itâs the former that is the case.
The comments on the article mostly seem to be dunking on Westbrook and not saying much about Monzo. I doubt itâll do Monzoâs reputation any harm, and that those who read the article and think it reflects badly on Monzo are probably going to be people who are already anti-Monzo for some reason or other.
tl;dr, despite what the headline says, itâs clear that Westbrookâs account was not closed because of her bad credit history.
Sounds like she was full Monzo and was having her business stuff paid into the account probably the reason. Who knows. Im against banks leaving customers bankless and I think more needs to be done here. I get banks are private companies and can choose who they have as customers but its unfair regardless of the poor decisions people make to be left accountless. There needs to be a universal offering for customers in this bracket. A bank needs to agree to be the operator for this special type of account and then other banks that want to offload customers for risk can use a special version of CASS to send them to this âlimited bankâ that only offers deposts, withdrawals and DDâs. Leaving people accountless should be fineable by regulators. Its 2022 people need a bank account to live. Rant over
Customers can apply for a basic bank account with a legacy bank, Monzo doesnât provide this service.
Itâll be Westbrook leaving herself without a bank account, not Monzo.
Many choices out there for her, she just needs to stop moaning and sort it out.
I donât think your getting the point. Banks should not be allowed to close peoples account when we live in a digital age. The rules banks have to follow are outdated massively.
Itâs going to take her about a week and a bit to have a new account set up and thatâs after going around for hours applying here there and everywhere.
Thats disruption to her at possibly no fault of her own. Thereâs plenty of times Monzo have closed peoples accounts for fuck all the Ex CEO admitted that on a podcast.
The bank should not have done that to her and the rules need to change. If a bank feels the need to close an account then they need to make the necessary arrangements for the customer to be given a bank account that can not be closed.
They need to come up with a new idea not continue living from old ideas
To be fair, I donât take any legitimacy in what she has said.
Itâs not the banks problem she has poor credit and probably didnât act on any warning if one was given.
I understand where youâre coming from, but again, itâs not the banks fault and the customer needs to take responsibility.
Youâre cherry picking parts to suit your argument.
Banks 100% have to have the ability to close accounts. Not because itâs sunny outside or because itâs a Tuesday in May or because you donât use round-ups. There are legitimate reasons to close accounts and if you think thatâs not the case, then thatâs what the ombudsman is for.
It is her fault. She has broken T&Cs and had her account closed.
âGo and apply at a bank that will have youâ is the best itâs going to get. You canât just pander to people.
I really hope the day doesnt come where Monzo close your account because thats what it takes for people to open their mouths. Fintech banks are supposed to be making the biggest difference in the banking industry not living off the old rules. Things need to change in the banking industry and not the banking experience. The backbone of banking needs big changes starting with the legislation
Itâs unlikely Monzo will close my account, or any other bank, given how theyâre run and nothing unsuspecting going on.
I work for a bank, I spend at genuine places, make regular standing payments to people who also shop at genuine places, and it goes full circle.
I wouldnât ever be stupid enough to run any form of business from a personal account - which is assumably what Westbrook was doing and ignored the warning signs from Monzo.
#choices
Working for a bank does not make you exempt to having your account closed. Nothing has been confirmed about her using her account for business purposes. If shes working for the BBC shes an employee. Why her account was closed is business sensitive. Even employees like you wouldnt ever find out if she banked with your employer.
There are people who have
and again⌠still had their accounts closed because banks get it wrong all the time. Like I said before. I am exhausted with banks not lobbying changes to catch up with the digital age.
You can disagree with my opinion all you want thats absolutely fine. If you donât feel that its not fair on people then thats absolutely fine for you. Your mentality of accepting everything as it is and not standing up for something that is not right and saying it as it is will result in you never having an impact on change that can effect other people for the better. Have a lovely day.
#oneday #itwillbeyou #accountclosed #sillybilly #whatyougonnado
I stand up for whatâs right, and I also stand up for banks who close customers accounts who are in breach of terms and conditions, same goes for players getting banned off Xbox Live or PlayStation for cheating, itâs their platform, they make necessary steps to remove those who refuse to abide by the rules.
I agree working for a bank doesnât exclude me from account closures, but Iâm familiar with their processes and know better than to break the rules I accepted on account opening.
Until its confirmed unfortunately no rules were broken and Westbrook did nothing wrong. Innocent until proven guilty matey. I donât care if anyone has done anything wrong or not. People deserve to be able to receive their wages and pay their bills without hinderence. Its the digital age. The rules bank follow are not up to standard.
Thats like saying someone who shoplifts should never be allowed in a shop again. How they gonna get their food when they rehabilitate and change. Comparing needs with a games console is completely off scale but thats my opinion
You seem really passionate about this, but this is âcompletely off the scaleâ
If you steal from Tesco, youâll likely get banned from Tesco. Itâs not their fault that youâve already been banned from Sainsburys, CoOp and Waitrose.
