Has the been or will there be any official word on account closures? I have 3 accounts with Monzo 2 of them paid. I’ve supported Monzo every chance I can but this is shaking my confidence. If there hasn’t/isn’t going to be an official word on it may just jump ship.
The official word is don’t believe things you read on Facebook and focus on facts.
- If you look at the numbers you’ll see Monzo is continually growing
- Ask yourself if it makes business sense to ban customers for “no reason whatsoever”
- Read some of the many topics on here from people who claim they’ve done nothing wrong and you’ll see that while they believe this, a reason is always uncovered.
- Google “[bank name] closed my account for no reason” and you’ll see its common wherever you go.
You won’t find a bank that doesn’t close accounts. It’s a regulatory requirement to close accounts if fraud is suspended
If it’s all BS why don’t Monzo say so? Seems to be a lot of noise about it.
That’s a different issue, I’m talking about 2 month notice closures for “seemingly” no reason.
It is the same but just less severe, so they’re giving some notice instead
I’m sorry, you didn’t say it was the 2 month closures you were talking about.‘Seemingly’ is the key word
Something has flagged the account up to Monzo. They can’t say what.
Oh Lordy, not this again
Saw that one, not sure why it got the traction it did
Simple answer is if you are that worried then leave its that simple but as others have said all banks do this all the time.
There is always a reason, they just don’t and cant tell people due to legal requirements.
Stop believing what you read on Facebook and Reddit…
Yeah I know, you’d think Monzo would say something and put a stop to it wouldn’t you
They can’t control the internet. They just have to do an article (like the one posted earlier) and hope that people don’t jump to conclusions from rumours.
No, I wouldn’t.
From past experience, whenever they addressed the issue, it was just blown up further because they can’t say anything concrete.
Monzo are limited in what they can say by law. Even if there is no actual financial crime and they could technically give a reason, they won’t because it will help people avoid detection in the future, and commit crime.
But you probably know this – or you’d know if you read the other billion threads about this issue and didn’t just want to kick up fuss again
Thanks for reaching out with your query.
The responses given have covered this well and especially @Rat_au_van who has linked to our blog posts about the topic.
With that in mind, I’ll be closing the Topic as an answer has been provided