Thanks for letting me be a part of this community, I posted this in a Reddit post and didn’t know Monzo had its own forum! so here I am with an edited post below :
I am a business owner who has been looking for a basic simple bank account for a fun, side business and I originally joined Starling, but they refused me a sole trader account! Which has baffled me!
I have been told after 15 chats etc that my history Is too squeaky clean hence why they make no money from someone who racks up debt.
I can open several high street proper banks instantly but I love how the apps, pots etc all work. But looking at Monzo now from a few friends who swear by it for personal use.
The business page on their website is very very bland and offers no in depth videos, pages etc.
On the Monzo business the invoice area on the website is very bland and no info - I’d like to know can I edit an invoice once it’s been sent as sometimes they ask to add things once they get it - like a PO number.
It’s such a shame there are no video tutorials on the business side of things.
Any info will be great! If I get a business account that is!!
I have money, im not after loans etc - just want to run a small side business in a business account and Monzo seems to be the right path for me now Starling have refused me !! But what is a worry is hearing that Monzo are also just closing peoples accounts down for no reason - I got chatting to 2 businesses the other day 1 with Starling and 1 with Monzo and they both given 2 weeks to find new banks…neither of them have done anything different, done a graphics design job and invoiced his clients for creating business cards ! and then told they have closed it.
I would just hate that to happen.
Any advice from business users and Monzo staff - thank you !
You’re probably best off looking for reviews on YouTube or searching on here for specific features to make sure it carries what you want.
They aren’t closed for “no reason” there is always a reason, whether people agree with it or not is a different story. Just because people say they are innocent, doesn’t always mean it’s the case. ALL banks close accounts or customers/businesses, that’s just life
Thanks, yeah I did see - but no one has done anything really showing the features, but I will keep looking.
I am only going by what I am reading - but strange just out of the blue they close it down. I have never ever head this from a high street business bank unless there is a serious allegation of illegal activity but then they are warned as sometimes there is an explanation.
I read of Starling, a lady had her car stolen with her card in the glove box. She froze her card on the app later that day after going through everything. They issues her a new card and then stopped her from using Starling! - she has her whole family using it the kids accounts, her personal banking and business and her husbands personal banking (they had high street banks too - but used this for general spending when out) and she was told she had 2 weeks to move bank! she run a a stationary business for weddings etc - just shocking.
I do LOVE what monzo is offering, so I will join and hope I get accepted as I would love to be involved in this community a lot more as I am a director of my main firm with 26 years experience of running a successful business and this fun sideline is something I am passionate about.
This is 100% not true, this is “tipping off” - any bank tipping off a customer to illegal activity being identified would be going to prison.
Ultimately, you’ll only hear of Monzo closing accounts, you’ll never hear of Monzo keeping accounts open. But don’t forget there are 5.1 million people using Monzo.If you had everyone posting saying “omg Monzo haven’t closed my account” it’d be a bit weird.
So yea, don’t believe everything you read on the internet - even though this message is on the internet. If you’re using the account legitimately, you’ll be good + fine.
I wouldn’t, but is it down to people banning these customers, or software…with the huge amount joining and leaving its hard to keep a track of everyone. As with covid support…some people fall through the cracks.
I would imagine it is software, there is no way that humans can monitor the activity of over 5 million customer accounts and measure those against all the various thresholds.
That being said, just like the example you gave, people naturally reach out to Monzo to find out why and at this stage I believe it is manually reviewed.
When the decision is not overturned and Monzo state that they’re not allowed to give a reason as to why, this is what ignites frustration and anger which brings them to the community where they give a one-sided (and often exaggerated) version of events.
