‘Yes you have’.
Oh dear, so you blindly take the ‘Monzo is right, the customer is wrong’ corner. How peculiar.
It’s never the end, Revels. I hope for your sake that you don’t have your own account closed. Let’s see if you would stay so blindly loyal then.
As I wrote: I was a HUGE fan of Monzo before this and used the account for all my usual domestic expenses. But now I’m suddenly not - and I’m sure that you even you would not be happy were Monzo to treat you with equally little disregard.
I think we are all aware that Monzo’s customer service has an awful lot of room for improvement.
Out of interest what outcome are you hoping for?
Or something else?
I believe Monzo over you, yes. And it is the end. There’s nothing you can do to get your account reinstated. You can keep ranting on here and tweet to your followers, but that’s about it.
I would be very annoyed if it happened to me, but ranting about customer service and thinking I can write to someone who no longer works there is an avenue I wouldn’t go down.
I’m not sure about that. I’d say it’s mostly used by people who have no idea what they’re doing, all hoping that Lord Musk pumps in money again and their coins go to the moon.
The decentralised nature of it though does mean that it’s great for money laundering. You may not be money laundering and Monzo may not be able to prove that you are, but it might just be that they don’t want to take the risk on your account and would prefer to terminate your account. I guess things like frequent high value transactions between exchanges and other accounts can arouse suspicion.
I do have to add though that this is purely speculation. Only Monzo know why your account is being closed, and they probably won’t tell you why.
I wish I could like this post more than once just for this bit. It reminds me of the posts from people claiming to be ‘members’ of Monzo some years ago.
Sorry to say but it happens with all banks, it’s not exclusive to Monzo.
Nothing to see here, you’re just unfortunate. Good luck with your new bank.
Out of interest what outcome are you hoping for?
- Compensation
- To be given a reason for the closure
- The account to be reopened
I am asking for one thing - the same thing that we all expect: transparency.
Would it really be that hard for Monzo to send an email with the reason for an account closure clearly stated - and an option to appeal the decision if you think it has been made in error? It would not.
I think it was @Dan5 who gave the reasoning on another thread. Basically, they don’t tell you so that no one else finds out what the rules are, which might give criminals a way to bypass them.
That may be an over simplification, but I think the gist is correct.
Fwiw I’ve heard recently of NatWest shutting a few accounts giving a couple of months notice, maybe it’s some new regulatory thing.
Yep as mentioned above.
When criminals know what the limits are they’ll just stay within them to circumvent detection. I believe it is a requirement by law that they can’t reveal the reason.
Everyone saying the the OP has no comeback here is correct - Monzo won’t change their stance. I do, however, have a lot of sympathy for those customers that have been given notice by Monzo without any sort of explanation. I don’t want to get into the technicalities of the matter - I know what’s in their T&Cs. It doesn’t sit right with me and it’s not the way I would expect a modern company that prides itself on being “transparent” to act. It’s not about exercising their legal right, it’s about doing what is right.
If an account is being closed for suspected criminal activity, I would be astounded to learn Monzo are happy to allow it to continue for two more months.
Thank you Dan - well said.
I have no issue with Monzo deciding to close the account and appreciate the two months notice.
What I do have an issue with is the lack of transparency and the apparently arbitrary nature of these account closures. It’s inconvenient, unjust and frankly just plain unfair.
Just to say that they have no choice as regards the two months notice. It’s a regulatory requirement to give 60 days notice of account closure outside of suspected nefarious activity.
When this came up to start with, I searched “bank name” & “two months close account” and there’s oodles of forum threads on MSE etc for every bank you can think of.
Did you sell or buy crypto
Could this effect your credit file?
I purchased crypto. Main bank account > transfer to Monzo (Exchange rate) > Exchange.
Not a single payment has yet been made from the Exchange > Monzo.
Around we go again on this obsession with it being crypto related 
Oh so it can’t be crypto since you didn’t actually use any transactions with monzo.
Do you do sus payments? Such as transferring in and out all the time?