Monzo is terminating my Business account without providing a reason

I think we have different definitions of clear. Monzo has essentially said “We have to stop supporting your business account because we are no longer able to support your business. Have a look at our T&Cs as we aren’t going to provide any information or context as to why we’ve come to this decision”.

The outcome might be clear but the reason behind it definitely isn’t.


If you’re looking for another business bank account, I’d recommend Starling’s business account. Similar features to Monzo.

This. There is nothing to resolve - as the decision has been made and no industry body or ombudsman can reverse it. Time to move on to another bank I’m afraid.


Try Mettle …you get FreeAgent for free with it.

I just received the same message. Extremely disappointing as nothing has changed since the account was opened. It’s a shame as I really enjoyed using Monzo, but if this is how they are going to behave (just closing accounts with no good explanation) then I’m not going to use them for personal banking either.

1 Like

I understand it’s frustrating, but it’s not Monzo being awkward. That’s the law.

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 .

I would assume the same applies to closing the account too. They can’t tell you what, incase you then do something to circumvent that.

Sorry but that does not make any sense, they are closing the account, what could I possibly do to “circumvent” that? Even HSBC, for all their failings, at least will explain to you why they are suspending or closing your account.

They’re closing your account for a reason - likely a breach of their T&Cs.

Therefore if they were to say “we closed your account because you transferred over £XXXX to this merchant who is on the naughty list” everyone would know what the threshold is and who is on the list.

This is obviously just an example :sweat_smile: but it could be anything like that. Funnelling money through offshore accounts might be have been a better one to give :laughing:

1 Like

With another bank. There are other regulations to follow.

Or as Ordog says above.

I totally agree. If you had done anything to raise suspicion your account would have been frozen and you would have no access to it or the funds.

This seems to be a commercial decision by Monzo, and that they refuse to discuss the reasons, while perfectly legal, is unutterably shabby.

Especially considering, when I decided to terminate my Plus relationship with Monzo, they were practically begging me to give them chapter and verse on my reasoning.


I’ve contacted them asking for an explanation and have been referred to their business team. Fingers crossed can get to the bottom of this, would be a shame to have to leave. I’m a Premium personal user and would have thought they’d be doing everything they can to retain paying customers, especially ones like myself who evangelise the product.

1 Like

The cheery use of emojis and exclamation marks at the beginning of the message is really jarring given the contents of the message.


Yeah, they crack on about ‘Monzo tone of voice’ but they really have misjudged this.

One emoji and an exclamation mark is a huge misjudgement.

I hope the FCA are aware.


Yes this. It sounds like Monzo behind the scenes are trying to de-risk their accounts under management or reduce its exposure on the business banking side of things --understandable given everything that is going on in the economy at the moment and especially in certain industries reliant on people being there in person. Removing access to banking seems like a pretty crummy way to deal with a crisis though.


No need to notify the FCA. Just a weird way to start a message that is essentially telling a paying customer to F off.


Sometimes it’s not bashing. In this case it’s as suggested: a bad misjudgement of the situation.


To what end? If there is no overdraft or loan facility, there is broadly speaking no risk. Obviously we don’t know specific circumstances of people in this thread, but it feels a bit of a cop out to say they are lessening risk based on the economy by closing accounts?


I think it’s on-brand, and maybe for a more formal way of doing things you remove the emoji and the exclamation mark, like traditional banks would. But Monzo aren’t and don’t want to be a traditional bank, they want to do things differently.

If the message was more like this…

Sorry, we’re having to close your account :door: Please make sure your balance is at zero by the closing date of 6/1/21 :calendar:

Then yes, maybe that would be a step too far.

I read it as a nice friendly introduction :man_shrugging:

Better than a cold hearted Dear Sir…

1 Like