Why are they closing my account

I’ve been banking with monzo for 9 months but I’ve received an email saying that they are going to close my account.

I don’t understand why they won’t tell me and I don’t understand what I’ve done.

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Nobody here knows, either, I’m afraid.

If they don’t want you as a customer there isn’t much you can do.

Search for another bank and use the CASS to move everything over before the deadline to make things easier.

What is CASS?

Sorry. Current Account Switch Service.

Basically you press a button and it moves all your direct debits and everything from one bank to another so it’s dead simple. Whichever bank you choose next, check if they have this feature (most do) and follow their steps.

Do you have a cifas?
Have you ever bought or sold crypto?
Have you used your personal account for business?

We are not monzo workers but usually it’s because they don’t want to offer you service anymore for doing something they don’t like

I’m only 17, the only money I receive is from my parents , friends & school & i only spend my money on shooing or on food. So for them to just shut down my account without reasoning doesn’t make any sense to me

So if people were to send me money, I wouldn’t need to give them my new details ?

no, you would still need to give “people” your new account details …CASS is mainly for direct debit transfers where you pay companies from your account for their monthly / quarterly bills

Yes you would need to give people who send you money your new details.

However if they did accidentally sent it to your Monzo account, it would automatically get forwarded to your new account for a period of time. 18 months if I remember correctly but don’t quote me on that.

Shooting? Shooing? Is that even legal?

Sounds about right for a teenager :laughing: :wink:

Oh god, here we go again…

If you’re receiving large/frequent amounts and then moving that money on, it could look bad to Monzo.

Pure speculation and you’ll never know the reason they are closing your account.

Omg ! I meant shopping sorry :sob:

That’s true. My friends who also bank with monzo and people on twitter are also getting their account closed so at least I know it’s not something i’ve done

Lets just face reality here. Monzo have a business model to uphold and occasionally, people fall outside of that model and this causes them to no longer be profitable to Monzo. They are a business after all and businesses need to make money. Once you are no longer profitable, Monzo are under no obligation to keep you as a customer. This is the same with all banks/businesses. Therefore, Monzo take the decision of giving you 2 months, as per their terms, and closing your account(s). It can happen anywhere.

Personally, i have £3 in my account and transfer money over for my DD payments, purely because I can’t be bothered to get hold of my works agency and go through the hassle of moving my salary over. Do I fall into that business model?? Who knows…

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This has nothing to do with profitability.

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Maybe not, but it is a factor.

Maybe no one knows but it can’t be a factor as no matter what type of business you have they’ll always be some kind of unprofitable customers and just avoiding them is unjustified as it’s unprofessional as not everyone is in the same financial situation.

Theirs a reason behind the account closures, one that we’ll never know but I can grantee it’s not about profit as even a millionaires account could/will get closed if they did something monzo didn’t like.