Why did Monzo close my account the day I received my tax return?

Fun fact… I got fired on July (Coronafired to be precise). Therefore, I am jobless … I had to go back to France (to my parents home ! yes !) No money, no job, I was counting on this money from HMRC for ages. The day where I finally received my payment Monzo decided to freeze, then close (kicked me out, no reason) and is now pretending they need 1 month to send my money back to another account… A nice and clean scam. I am speachless… If they expect making profit this way its pathetic. I suggest to find another alternative for internet banking, its aweful.

Are you sure it’s not because you’re in France?

A lot of UK banks are closing accounts belonging to those who live in the EEA because of Brexit (there is no longer any passporting rights).

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Correlation does not equal causation.

Nobody here can help you with your account, but Monzo are not running a scam. If your money is legitimate, you’ll get it back.

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They keep closing my complains, and opening new one so they are in mine with the 15 days delay to get a final answer.

I am still calling that a scam though.

Talking about 7+k GBP, day 36, still no money and no news from them.

This is just unbelievable.

I found out there was some article in newspaper about it, and there is about 7000 people in my case i the last year. It is definitely an issue and a not very smart way to secure cash for them. I understand why the founder just ran over :smile: smart guy !

This is the worst bank I have ever seen, and I did banking in many places (France, Jersey, Scotland, Colombia, Ecuador, USA, Greece, Luxemburg).

96% of accounts closed were closed correctly when investigated.

So from your 7000 angry internet mob, there’s 280 people that have legitimate complaints.

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which doesnt help if you are one of the 280 :slight_smile:

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Still a significant number.

It is. And if you were one of those people you’d be livid. But as Ian says, when there’s so many people crying wolf, it’s harder to be believed.

But ALL banks close accounts and ALL banks will get it wrong from time to time.

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It’s entirely normal for each step of a complaint to increase the timetable. Complex - and even simple - disputes couldn’t possibly proceed otherwise. It will work this way for all banks.

If you are unable to resolve your dispute with Monzo, you will be able to take your complaint to the ombudsman. To win a case there, you would have to show that Monzo acted improperly in taking so long to return your money.

If the other account you have given them is an EU account and not an UK account, that could perhaps account for the delay.

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Please, source of the stats?

What they basically do:

Monzo: "Hi, if you give me your money I will keep it safe, look at all these cool services we have for you :slight_smile: "
Me: “Awesome !! sure lets go !”

After monthes of awesomeness

Me: “Hi, now I want to take my money back to France, I lost my job and will go back there, and today is HMRC pay day ! yeah”

Monzo: “Your money ? which money ?”
Me: " you knwo, my money"

Monzo: “Sorry, yo cannot. Maybe in a month, but we cannot tell you why nor when”.

My thought … it reminds my the godfather very very much.

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Coming from HMRC, cannot be more legitimate. But they still keep it, not paying interest. This is a scam.

quod erat demonstrandum.

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It is not a scam.

There’s clearly more to this and you’ve read one too many stories from people who lie and now you’re believing them too.

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It’s not a scam. There are a lot of things wrong with Monzo in my view, but they are a regulated bank. They might have made a mistake, like all banks this sometimes happens.

Complain to Monzo, and if you aren’t satisfied, complain to the ombudsman.

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If it is taking longer than you’d like I’d recommend just sticking to the facts. When you start messaging them with random quotes from the internet (that anyone can write) and bizarre theories you’ll just add more confusion and they will need to clear that up first before moving on.

There’s no big conspiracy theory here, there never is. Keep all the gibberish to a minimum and make sure you’ve told them everything they need to know in a clear and concise manner because I don’t think you’re helping matters. Then I’m sure they’ll come back to you asap once they’ve concluded their investigation.

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Well facts are vey simple:

29/12: received 7300 GBP from HMRC (tax refund)
29/12: 1 hr later: account frozen and closed.
29/12: they prompt me to enter another bank account details to get refund.

Meanwhile, on the app I can see a workflow, saying I did all they need to get the refund. Will happen between 2 and 4 weeks. Obviously, never happend.

29/01: cannot see anything on the app, my id were removed and cannot see anymore the workflow.

04/02: still no money.

So, this never happen anywhere else. It’s the only bank where I can find this kind of issue fro the web. I am running short on money, and they just keep mine. I guess they can make profit out if it, stocks made at least 5% in Jan everywhere.

what investigation ? source of the funds is HMRC. Its written on it… I guess if they need a month to read a line, maybe they need to invest in people with brain rather than chatbot.

Hello Revolut, I guess, for OP

You’re back assuming that the reason your account was closed is because you received money from the HMRC. As mentioned, just let them do whatever they need to do without getting distracted by having to respond to your theories.

Or better yet. Escalate it to the ombudsman like someone else suggested earlier. They’ll be impartial and will review both sides of the story instead of us just hearing your version of events on here.

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You’re not helping yourself here. It is utterly ridiculous to claim than any bank would want to ‘scam’ customers out of their money in this way.

While you may have grounds for complaint in that Monzo, apparently, haven’t refunded you inside the timetable given, your course of action should be to (a) raise a complaint with Monzo, and (b) complain to the ombudsman if it cannot be resolved.

You appear to confirm that you have asked Monzo to send your money to an EU account (non-UK), which may well be the cause of the delay, given that Monzo would have expected a UK account to be supplied.

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Well, it’s an UK account. I dont see why its an issue, during my happy monthes with Monzo, I sent money abroad in a couple of days without any issues.

I just opened a complain to the ombudsman.

And of course I dont help myself, otherwise I would have sorted it out. Yes it is ridiculous, but when I see that my eToro money made 5% only in Jan, and my cryptos 27%, I would have made 1400 GBP with the retains money. And I am not a bank, I dont have their knowledge… It is very frustrating.