If bank account is frozen do you lose the money in it?

vixg66

I'm preparing for bankruptcy and have opened a Monzo account in advance, thinking that if that account is frozen I will open a Nationwide basic account (I understand that Monzo often let people keep their account open after BR so am hoping that will be the case). I won't owe Monzo any money when I go BR.

If the account is frozen and Monzo close the account what happens to any money I have in the Monzo account? Is it released back to me or to the OR? The Monzo account is for rent, bills, living expenses, etc.

Thanks

BobbyBb

This happened to me. You won't lose the money, but you will need to speak to your bank to get it unfrozen.

This was a bit of a pain for me as I'd declared the account to the OR in my initial interview, and they'd confirmed they had no interest in it.

To get it unfrozen I had to get the OR to speak to my bank and confirm they weren't interested in this account and that I could carry on using it. It was sorted out in less than half a day, if a little stressful!

BobbyBb

Should say if you mention to the OR that this account is for bills, food etc then that should be ok.

Helen14

During the interview I have mentioned to OR that I am concerned about bank accounts getting frozen, so OR arranged the letters to be emailed to me stating that OR has no interest in funds.
Once Nationwide account got frozen, I went to the branch and they faxed the letter to the headoffice. In couple of days account was ready to use again.

vixg66

Thanks for your replies. I’ll time things so that DD’s aren’t due and make sure I have some cash available and hopefully will be okay.

ramtops

Monzo didn't close my husband's account. In fact, they messaged him via the app to say that they'd heard from the OR, the account was available for him to use, and they wished him luck going forward!

They really are a cracking bank to deal with - I love them