Monzo terminated my account

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1

Hi

Today I got this message.

Anyone else had this? Im gutted to be so unceremoniously dumped by them.

Ive opened up a bank with revolut. Goodbye Monzo.

"Hello

We’re getting in touch to let you know that we’ve decided to close your Monzo account on 24 June 2022. You’ll have access to your account until then.

We’re really sorry for the disruption and how unexpected this is. In the meantime you’re still a Monzo customer and we’ll do everything we can to make this a smooth process for you.

Unfortunately we can’t tell you why we’re closing your account

We can’t share the specific reason for closing your account. As a bank we regularly review and sometimes close accounts as part of our legal and regulatory responsibilities. Section 14 of our Terms and Conditions explains our right to close an account, if you want to check.

You have a few options before 24 June 2022

While you can keep using Monzo as normal until then, we recommend that you withdraw any money, close any Pots and transfer any payments to a different account. After 24 June 2022 you won’t be able to use your card or send and receive payments.

You can use the Current Account Switch Service (CASS) to move all your money and payments across. It’s free, takes just 7 days and once you’ve started the process you don’t need to do anything else – your new bank will handle all the admin for you. There’s more information on CASS in our Help section.

If you don’t have another bank account, you still have 2 months to open one and transfer your money and any payments over. We’ve got more information on how to open a UK bank account if you need it.

If there’s still money in your account when we close it, we’ll ask for alternative bank account details and send your money there. It’s quicker to move money yourself beforehand though, and we’d recommend you do that if you can.

We’re here if you need us

If you need to get in touch with us, the best way is using the in-app chat from your phone as usual. Please bear in mind that our customer service team will help any way they can, but won’t be able to give you any more information about our decision to close your account.

Thanks for using Monzo."

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2

What have you been up to @Rollingskies ?!?

3

I use it to buy crypto. But i thought monzo was crypto friendly
id transfer money in just to transfer out for crypto purchases to biannce. I wanted to keep all my crypto transactions separate.

Guess they wernt making money but still

4

That’s annoying! I read the below by Chris Skinner the other day which may shine some light on the situation
 The algorithm must have flagged something, sounds like this is caused most frequently by large but infrequent transactions.

“If you’ve been banned in error (something rare) a Manager (known in the company as a “squad captain”) can get it overturned. I’ve seen this happen a few times.”

5

If that’s all you use it for I guess Monzo would see no value in having you as a customer. I assume they see some risk in customers who engage in crypto, and in your case no reward or obvious sign of future reward.

6

If it’s a personal current account, and you are making lots of crypto transactions, it may give the appearance that you are using the account for trading therefore using it as a business account which is against their terms and conditions. Furthermore, many criminals use crypto for money laundering, and they may perhaps be suspicious that this is what you are involved in :man_shrugging: might be wrong, but some feasible guesses none the less.

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7

It’s possible Binance could also have been the problem, they are not on the FCA registered Crypto Firms list.
https://register.fca.org.uk/s/search?predefined=CA

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8

Im just shocked, that theyd do that.

Theyve lost out. Ill never go back and nor will i recommend them. Instead ill be referring revolut to friends.

I had enjoyed using monzo, but im done.

Im a professional with no defaults great credit score.

Its a shame as i did wonder if FT might integrate one day.

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9

This is another great example of why Crypto would be a killer feature for Freetrade. Hopefully it doesn’t come too late.

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10

You may wish to consider to requesting a SAR from Cifas to see if there is any other information resulting from, or around the account closure. Not everything occurs due to a default or poor credit score.

Even if it’s just for peace of mind.

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11

I use my monzo account in a very similar way and I haven’t gotten this. The only difference is I use coinbase pro not binance. So it could be a binance issue I guess.

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12

Just to confirm, I have most of my (share) trading accounts running off one bank acct. That said I don’t do crypto. I bought £i of bitcoin a while back and it’s now at £5.34 and I don’t care if I loose the lot.

I digress


Can banks be funny and say you are running a business if you connect them to share trading accounts, typically speaking.

Just want peace of mind

13

Maybe Monday :eyes:

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14

Monzo have been running a ‘fine line’ with the FCA around regulations for anti money laundering. There was a report this week (I think) that didn’t name them specifically but hinted they (and starling), we’re on boarding people to easily.

If you’ve a pub who has not checked ID at the door then you’ve probably got to throw out everyone who looks a bit young.

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15

Yes, it would kill off all our Monzo accounts if we had a few too many Freetrade topups and not enough Aldi purchases :slightly_frowning_face:

16

Not the report, but a bit more background here -

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17

Thanks @pawn thats probably what I’d scan read this week.

18

Are you a Russian Oligarch?

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19

Im as regular as regular can be.

White married british male. I’m an accountant married to a doctor, we’ve a good income and needless to say have a perfect record both in law and in finance.

There is nothing wrong with transferring money from HSBC to monzo to send to binance. Monzo was supposed to be crypto friendly, I thought.

I guess I genuinely just wasnt making them money. However, it sounds like I’m not the first person here to use it like that and it just seems so short sighted. How’d did they think this would help them in long term?

If I’d opened and never used account I’d understand them closing it. Oh well. I seem to be alone here.

20

I’m only guessing at the reason for account closure here - but if all you are doing is using them as a conduit to funnel money between HSBC and Binance you’re not giving them any signals that you will be a valuable customer in the long term, or worth the risk in the short term.

I use them for both day-to-day banking and crypto-related transactions and haven’t had any issues. My guess is it’s important they see me as someone who doesn’t only use the account for crypto-related transactions.

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