Yes you have. You’re just not aware of it and Monzo won’t tell you what it is.
You can’t fight your corner, this is the end.
It might be crypto as it’s mostly used by criminals, but it might be something else. Some of the other people having their accounts closed have used crypto to various degrees, some have never touched it.
I’m not sure that anyone thinks this.
It’s just that there have been several similar posts over the last few months, and we only ever hear the customer’s point of view and no one ever knows the reason. There’s nothing anyone can really add to what has already been said, we can’t change anything for you and we can’t help you.
If/when it happens to me, I’ll at least know that I’m not alone, and be reassured that I don’t depend on any one bank.
‘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 wouldn’t say they misused Monzo in any way as that would probably be an immediate closure. It’s just as simple as Monzo don’t want them as a customer. It may be that they’ve done nothing wrong, just Monzo changed their criteria
Unsurprisingly banking relationships are like real relationships. You find a banking arrangement that works for you both. If either of the partners’ needs change, and it can’t work anymore, they’re free to break up – and no amount of kicking and screaming will change their mind. Best to have a clean break and move on – less headache and your life can carry on sooner
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.
This is kind of the problem. It’s a bank. It’s a service provider. You shouldn’t be a fan of any of them. It leads to situations like these. Look at them as a utility that can be replaced. Would you say “I was a HUGE fan of my local sewage company and now that they’re shutting shop I don’t want my sewage to go to someone else!” – how ridiculous is that? It’s the same with a shop, a garage or even a bank. They’re not your mate and you certainly aren’t theirs. You’re no more than an entry in a database to them, however surprising that may be to you.
Nobody here is blindly loyal to them; I for one don’t even use Monzo other than the odd joint bill my other half refuses to move to another bank. We just don’t have our rose tinted glasses on and recognise that a bank giving you two months of notice to move elsewhere isn’t the end of the world
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.
Would it really change anything? They’d still close your account and promising to be good in the future/not do whatever it is again wouldn’t change it. Every bank has different criteria/thresholds so it wouldn’t help with keeping your account with other banks either
The only thing it would achieve is criminals would know how to better circumvent Monzo systems, as stated above
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.
There can be different levels of suspicion – one that’s enough for the MLRO to raise a suspicious activity report and freeze the account.
But it could also be possible that first level support/algorithms find something they don’t like so send it on to the MLRO who doesn’t think it’s serious enough, or there is not enough evidence, to send a SAR but they still deem it sus enough that they don’t want to have to deal with things for months/years
In both cases it is in their best interest to not tell the customer why they’re closing the account for obvious legal reasons
Or they could close the account because it falls outside their risk appetite following a recent change – again, they don’t want to disclose their risk appetite and even saying as much could help criminals work out what’s up
Or they could just want to close it because they’re not profitable or because TS’s Account Closure Bingo Machine 
threw OP’s account number up today. But in these cases they shouldn’t say because it would just lead to further arguments
As you can see, no matter the reason, it’s in their best interests not to say anything
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.