I cant personally see how they are making money. They are closing accounts daily. People are always in the forum talking about Monzos lending being overly strict and to add to it the Service has gone to next to none.
I would escalate this to a complaint. They should treat customers fairly and telling you that you don’t meet the criteria without specifying which criteria, when you are sure you meet all their published criteria, sounds far from fair.
At the very least, you might get a clearer explanation as to why they are closing your account.
But they do have to treat you fairly. I know it’s a fine line between the two. If they are giving you a reason (which they probably shouldn’t have done), then they should be able to explain that reason. They may still close the account anyway of course.
If you can let me know a UK bank that can provide webhooks for transactions so we can automate or internal processes I would be willing to look at another one. We have invested (time wise) heavily in using the Monzo API to integrate with our internal systems to give a clear view of our business at all times.
We move all inbound money in to the correct pot for the area of business that it is for.
Interestingly, when we started the application, we weren’t able to proceed with the application as we had no PSC’s registered - the company is run by 4 equal share holders who are also the directors. We had no reason to register us as PSC’s (according to the advice we received and our reading of the rules as well) as we each own 25% (not over) and have equal voting rights.
We added each of us as PSC’s - under the substantial influence rules. Waited a day and then Starling have allowed us to proceed…