Returned to source

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1

Sorry if this is in the wrong section.
so iv’e had monzo account for about a year now and last week they closed my account out of the blue for no reason.

they asked me for a sort code and account number to send the remaining funds too, i did this… i then got a email saying they shut my account and the ‘remaining money in your account has been returned to source’ what does this mean? as the details i gave them to send my money to nothing is there, and they keep on repeating there self on the emails saying the same thing about money being returned to the source

can anyone help please?

2

The money paid into your account has been sent back to the account from where it came from.

E.g your salary would get returned to your employers bank account.

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It’s never for no reason. Monzo have to follow the law around matters like this, and in all cases they aren’t allowed to give you a reason as to why.

Is there anything you’ve done in the last few weeks to give them suspicion that you are using your account in a manner incongruent with what is expected? Are you using it for business purposes, or have you been trading with questionable merchants? Have you been doing any crypto transactions?

Your money being returned to source means that any money in your account will have been returned to wherever it came from.

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4

Why do people never understand what “returned to source” means?

5

There has been a huge surge in account closure… Monzo must be clamping down

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okay i understand, the only thing is that i had a high payment go in for £5000… but surely they wouldn’t shut my account for that right? i mean i have money go in to my barclays all the time and they just ask now and again for proof of where the payment has come from and its sorted… but monzo clearly don’t do anything like that.

one more thing why would they ask for my sort code and account number to send my money back to if they are just gonna return the money from where it originally came from?

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I’d like to see a source for that statement!

There have been a few more on here in the last few days but that’s anecdotal evidence at best. It’s certainly not statistically significant.

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If it was crypto profits probably.

If the money hasn’t gone back to the source it came from it probably means they haven’t been given permission yet to release it.

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That’s what I mean buddy, posts here and couple of other places… There is a rise… That’s what I am seeing

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If you haven’t used your account in a way that gives monzo any history of your transactions, then it’ll look odd.

If it’s crypto, it’s definitely something they wouldn’t be happy about.

The account closure process is pretty standard. If there’s money left they need to know where to send it, but they’ll gather the info regardless of that, as far as I’m aware (I haven’t been through the process, just from what I’ve seen).

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