So let me start by saying I love monzo, used it for years. It’s my primary bank account, I’m an ambassador to all my friends. A true follower of monzo.5* review on trustpilot the whole 9 yards.
I’m posting this, (fully expecting to see it taken down) not because I want to stir up trouble or have arguments in the comments.
I’m just a genuine customer observing a trend that has made me think twice about Monzo.
Over the past 6 or so months, I’ve noticed more and more reviews on trustpilot, tiktok posts, news articles, reddit posts, etc about the fact that user accounts are suddenly and irreversibly being closed.
At first I was certain the users were doing something the shouldn’t, not using the account, etc.
But as I’ve watched these people’s journeys more and more of these people are receiving compensation from Monzo admitting that they’re accounts were closed “due to a system error”
That being said I wanted to make a chat for people to share their experiences in a constructive manner and perhaps have mozo officially comment on the issue at hand.
Why they can’t Tell people why their accounts are being closed
Why they can’t give people a notice period before shutting them out of their accounts.
Why people who have been proven to have their accounts wrongfully terminated can’t reopen them.
If there was a policy change internally that now means accounts that were open now must be closed immediately.
What is so terrible that they are willing to have Monzos 1* reviews on trustpilot skyrocket. And brand risk so that loyal premium customers are having second thoughts.
Chatters please keep the chat civil and lets have a constructive conversation that might help Monzo understand the gravity of this situation
Stop believing everything you read on the internet and do some research on banking laws then you won’t need to worry. There is no “gravity” to the situation.
They follow the rules all banks follow. Their aim is to grow, they won’t close accounts for no reason.
Criminals will resort to any and all methods to try and pressure a bank into releasing their funds. Monzo can’t control this.
I agree with Revels here, there’s zero gravity to this situation, just a few trustpilot reviews that are the result of following procedures they have to follow.
Very interesting stuff guys thanks, I have done a lot of looking into it but sadly found it difficult to find the information you guys have shared here. I really appreciate the links especially to Monzos own comments on the matter.
I think the reason I personally made the post was because I’ve done digging on both the app faq and forums but it feels actively hidden with nothing coming up for deleted accounts. And other such keywords.
I understand where the op is coming from. I’m sure I’m not the only one who has another bank on the go, purely 'cos I have a fear Monzo may suddenly find some reason to close/freeze my account suddenly with no reason. Never had that fear before, don’t like it, but can’t deny its there - strange really. Would very much prefer not to have the fear, and close down my other bank accounts.
It is a concern but I guess I have to trust that the ombudsman or FCA has the full picture on the incorrect closure ratio and will come down on Monzo or any bank if needed.
Monzo flag and remove negative reviews on trustpilot so their rating is better than others who don’t. Trustpilot always side with the company that pays them.
Unless it’s abusive or has staff names in then generally they are not removed.
My view is, older banks have older clientele who love to moan.
Monzo has younger clientele who are very internet savvy, I’m fairly sure Monzo used to also ask for reviews along with many other newer banks, so this also increases their rating.
Generally people don’t go online to give praise off their own accord, but if prompted, they will likely give a fair/good review based on their journey so far.
I worked in a customer care team who manage their trustpilot extremely carefully. And no, there’s no way to just remove negative reviews.
Ones that can be flagged are things that might constitute libel (calling a legitimate business a scam for example), ones that are about a different business, or reviews which aren’t about a genuine experience but it’s few and far between. All flags are checked, you can only flag to TP, you can’t remove yourself no matter how much you pay them to manage your TP profile. Trustpilot’s integrity is very high from our experience.
Most of them will be stuff like that, yes. It’s one thing to report your experience, it’s another to accuse a business of criminal activity - as you say the reason those are removed is pretty obvious. There does seem to be a fine line, some things are accepted that look a lot like defamation to me, but trustpilot has it’s own standards which they stick to.
