Hello, I’ve read loads of reviews and people saying that Monzo closes accounts after innocent transfers and I refuse to believe it but because it is my only bank and the only one I can get, I’m so scared of if I was to transfer large sums of money to my account Monzo would close it.
I also heard that Monzo won’t even speak to them even if they could prove that no fraudulent activity happened. I’m loving Monzo right now and honestly I’m going to keep it for years since it’s so easy to use. Luckily I’ve started to gain money as an social media influencer so I’m just scared.
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There is nothing to worry about unless you’re up to something dodgy. All banks do this if they suspect wrong doing.
A quick Google and here is one for Santander recently:
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I only have 3 things to say:
It’s rare
if you can prove it monzo will listen
Don’t worry if you don’t have anything to hide
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If this is true, then there’s no point in worrying, as you have no choice. If your sources of funds aren’t suspicious, your account won’t be closed.
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Hello!
I don’t think you have anything to worry about.
If you want to read up on it a little more you can see: https://monzo.com/blog/2019/04/04/why-we-block-freeze-close-monzo-accounts
Many of the stories associated with closed accounts are attempts to put pressure on the organisation to payout (child sick/hungry/homelessness/mortgage due) and whilst there will be some false positives, often these stories are part of the scam.
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Thanks so much!!! Your absolutely right
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That’s where you went wrong, right there.
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Welcome to the community. Hope you stick around both here and Monzo more generally
It was revealing to see that these sort of stories crop up routinely in reviews for other banks as well. There must be lot of people out there unable to feed their four polar bears because the bank froze their earnings from pole vaulting, and so on!
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your so correct I guess I was just overreacting and a big worried.
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Worth remembering that people don’t come in to the forums, or write reviews, if their accounts are working just fine, it’s only the ‘bad stuff’ that people will write about!
Monzo is, like all other banks, accountable and works within banking regulations. So any type of activity which could be flagged as fraud, regardless of the bank, is likely to result in your account being frozen as the bank has to take action.
Anyway, welcome to Monzo, it’s great!!
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So, I read the article about why Monzo might close an account and it mentioned about suspicious activity and I’m a little confused. Basically, Monzo is my main account but I have another account that I occasionally get paid into from surveys etc. I then transfer this to my Monzo bank and then transfer it to my husband’s bank account for bills (the other account doesn’t like my my hubby’s bank details for some reason! Otherwise I’d just transfer it straight from the other account to his. Is this classed as suspicious? We’re only talking £20 here and there, but I know it might look weird £20 coming into my account ans then going straight out to my hubby, even if we do share the same last name!
I have 7 current accounts and regularly move money between them for all sorts of reasons. I wouldnt worry.
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Ah, okay. Thank you. 
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Monzo are a regulated bank, and follow the same rules as every other bank. Unless verified, I wouldn’t give much credence to negative Trustpilot reviews. “Post a negative review” is pretty much party of Scamming 101 for people who are trying funny business.
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“More than 40,000 cases which “bore the hallmarks” of money mule activity were reported to UK fraud prevention service Cifas last year [2018]”
It’s a dangerous world out there…
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