Saying cheerio

Being one of the original 100 and using our account extensively, we have just been told via chat that we have 2 months before our account is being closed.

No reason other than failing the eligibility criteria - our business meets all of the criteria on the website but they can’t/won’t give more details.

Just what we need before Christmas :frowning_face:

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Been a few of these posts of late. Wonder if something has changed internally that affects what businesses they will offer accounts to.

They’re being shtum on the details too, as annoying as it is. Would be nice, if when they’re able to, they explained why they made their decision.

I’d recommend just switching back to your legacy business account. It’s probably best and safest for your business than fiddling around with fintech.

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A particularly bad time to be changing business bank account given many banks are limiting new customers signing up at the moment…

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Switch to legacy or look at tide. There’s something going on inside Monzo I think, there’s been alot of personal accounts being closed too!

Have you tried Starling Bank?

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Yes it’s being run by different people with different ideas now. Ideas which make money.

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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.

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Obvious conclusion is that there’s a degree of derisking going on. Maybe related to the fincrime review mentioned in the annual report, though likely we’ll never know.

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Heresy though it sounds, sometimes it’s just this :point_up_2:.

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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.

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They don’t have to tell you in the same way they don’t have to offer you an account.

Complaining won’t change anything.

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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.

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Giving them 2 months to move is fair. So it probably isn’t anything major they’ve done wrong.

But they don’t have to reveal anything more and complaining is just wasting everyone’s time.

Move on and find a bank that suits better.

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We have just started the application… :slight_smile:

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Hopefully all goes well you get treated the correct way.

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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.

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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…

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Result :smiley:

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They haven’t approved it yet - but they have accepted our application. Would hate having to go back to downloading CSV files daily…

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