Monzo Baking

depressedworker

Hi Everyone,

I'm looking for some advice on my Monzo account that was recently closed. Mainly for two reasons. What happened to me could cause someone with no other access to funds serious problems and i have done nothing wrong to my knowledge that warrants an account closure and seize of funds.

I'm own a small marketing agency the employees a couple of people, i pay myself on invoice as a director and did so just before the most recent bank holiday in August. As soon as i did my monzo account was frozen, i appreciate this happens from time to time so carried on as normal expecting it to be sorted soon. The following week after trying to contact monzo i received a notification in app saying my account was closed and that i needed to supply a non monzo uk account details to get my money back. I was also informed could take 2-4 weeks, in some cases longer, they can provide me with no information on why my account was closed and also could not speed up this process at all. Upon further investigation its apparent this happens quite alot with monzo but i haven't been able to see if people manage to get their money back at all and their is no evidence to any of these closures ever being resolved. On the 24th September it is exactly 4 weeks since i was contacted and notified. When you speak to monzo they just say they have no information.

Do you think i will see this money again or are monzo allowed to keep it with me never knowing why? The amount was £1,100.

Looking forward to your comments...

eskbanker

depressedworker wrote: »

I'm looking for some advice on my Monzo account that was recently closed. Mainly for two reasons.

Do you mean they gave you two reasons for the closure (if so, what were they?), or that there are two reasons why you're looking for advice?

They're obliged by AML regulations to conduct investigations once something triggers suspicion, and aren't allowed to divulge any details while these are in progress, and likewise can't give any particularly accurate indication of timescales.

Without knowing any more than what you've posted, I imagine that they're more likely to be concerned about funds that have been paid into the account rather than what's been drawn out of it, if that helps direct you towards the root cause.

Anyway, if all is legit and above board then their investigation will exonerate you and you'll get your money back, eventually....

depressedworker wrote: »

What happened to me could cause someone with no other access to funds serious problems

This is a significant point, and living proof that it's always best to have accounts with multiple banks, so that if one does this there's something elsewhere to rely on for the short term.

cloud_dog

depressedworker wrote: »

I'm own a small marketing agency the employees a couple of people, i pay myself on invoice as a director and did so just before the most recent bank holiday in August. As soon as i did my monzo account was frozen, i appreciate this happens from time to time so carried on as normal expecting it to be sorted soon.

Were you using a personal account to run your business, or was it a Monzo business account?

born_again

How long have you had your Monzo acc?

Do you use it for any business transactions?

depressedworker

i guess i just have to sit patiently and wait, really tragic for someone that cant afford too though.
And no reasons were given sorry, just the two reasons why i wanted to ask peoples advice.

depressedworker

Business account is with santander, i had my monzo account for over two years and used it regularly as i liked the quirky features. Upon looking into this further and seeing their Facebook page it is full of people in the same situation. Its quite alarming that its happening. of the 28 most recent reviews 16 state their account was closed and money withheld... that cant be a coincidence can it?

eskbanker

depressedworker wrote: »

Upon looking into this further and seeing their Facebook page it is full of people in the same situation. Its quite alarming that its happening. of the 28 most recent reviews 16 state their account was closed and money withheld... that cant be a coincidence can it?

It's probably not a coincidence in as much as when people are unhappy with companies they're significantly more likely to go onto social media or review sites and sound off about them. It's obviously somewhat unlikely that 16 out of every 28 Monzo customers has their account closed....

cloud_dog

depressedworker wrote: »

Business account is with santander, i had my monzo account for over two years and used it regularly as i liked the quirky features. Upon looking into this further and seeing their Facebook page it is full of people in the same situation. Its quite alarming that its happening. of the 28 most recent reviews 16 state their account was closed and money withheld... that cant be a coincidence can it?

Your posts are a little unclear, even when asked specifically about account usage. You haven't listed the two reasons Monzo apparently provided you with.

So, were you using your personal Monzo account for business purposes?

worried_jim

depressedworker wrote: »

Business account is with santander, i had my monzo account for over two years and used it regularly as i liked the quirky features. Upon looking into this further and seeing their Facebook page it is full of people in the same situation. Its quite alarming that its happening. of the 28 most recent reviews 16 state their account was closed and money withheld... that cant be a coincidence can it?

Sounds like they are conducting their banking obligations known as "KYC" know your customer and have called out the dodgy way you are operating your accounts. They have three million customers now so 16 moaning about being rumbled for dodgy activity is neither here nor there.

davidwatts

Shocking that no one's done a gag about using your loaf, having fingers in lots of pies or having your cake and eating it given the thread title!

depressedworker

eskbanker wrote: »

It's probably not a coincidence in as much as when people are unhappy with companies they're significantly more likely to go onto social media or review sites and sound off about them. It's obviously somewhat unlikely that 16 out of every 28 Monzo customers has their account closed....

No you're right but i was just stating in the 28 most recent reviews that twas the general theme...

cloud_dog wrote: »

Your posts are a little unclear, even when asked specifically about account usage. You haven't listed the two reasons Monzo apparently provided you with.

So, were you using your personal Monzo account for business purposes?

I was not using my account for business purposes - they don't allow business banking currently to my knowledge. My business acc is with santander. The two reasons was in reference to why im writing this post.
1. i hope this doesn't happen to someone who is reliant on their money in Monzo
2. The most high risk thing ive done with my account is a £5 bet on a football accumulator, the rest of the time the money was spent shopping and dining out.

worried_jim wrote: »

Sounds like they are conducting their banking obligations known as "KYC" know your customer and have called out the dodgy way you are operating your accounts. They have three million customers now so 16 moaning about being rumbled for dodgy activity is neither here nor there.

Thanks Jim, I didn't realise you were aware of my banking activities, thanks for clearing that up for me The obvious amount of people that are in the same situation as me just at looking over their social accounts tells me that they will be investigated very soon. No other Bank writes a blog on their website titled ''Why we sometimes freeze accounts'' without being held to account eventually.