I have been with Monzo since 2016 and have never had an issue with service, with the app or with any aspect of banking with Monzo. Until now.
This week I received an email which states ‘We’re closing your account on 17th May 2021’. No further detail, no explanation and no obvious way to dispute this decision and seek clarification.
Having read through Monzo’s Terms and Conditions, I have broken none. Equally, having read many posts on Reddit about seemingly random Monzo account closures, it seems there is one common denominator: crypto currency.
There is nothing in Monzo’s T&C’s that explicitly forbids using the service to transfer to or from one of the world’s leading crypto currency exchanges, so this area is at best ambiguous.
That being the case, I’ll submit a formal complaint to Monzo’s Head Office and to the Financial Ombudsman Service on Monday, but in the meantime I would like to ask the community if there is a way to appeal this decision with Monzo?
Thank you all