Monzo Baking

depressedworker

davidwatts wrote: »

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!

yeah kind of left myself open for this one - you have to laugh though really. I was only trying to get some advice and gather peoples opinions, i don't understand why some people get nasty for no reason.

cloud_dog

depressedworker wrote: »

yeah kind of left myself open for this one - you have to laugh though really. I was only trying to get some advice and gather peoples opinions, i don't understand why some people get nasty for no reason.

Possibly because people give up their free time to try to help and yet for some weird reason simple questions that would help others in clarifying / offering opinions go unanswered. I don't understand why someone would look for help and then simply not respond when asked for further details. Very strange.

Terry_Towelling

depressedworker wrote: »

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...

What method do you use to pay your employees?

danplum5

Do you actually think Monzo would risk their banking licence by freezing customers accounts randomly without following the banking regulations to the letter?

JuicyJesus

All told, this is the consequence of Monzo opening accounts immediately without doing thorough checks. If you as a bank don't do thorough upfront KYC checks at account opening then you're going to:

1. Have little to no idea what usual activity for your customers is, meaning;
2. At the first sign of something that's weird for most of the country have to treat it as something dodge because you don't know any better.

There's not really another option. Most of these stories about locked Monzo accounts eventually turn out to involve large sums of money being flung around, and because they tend to know next to nothing about their customers as a matter of their own choice they have no option but to investigate them as such.

I personally file this one under the usual case of "Why do banks have such stupid rules and ask so many stupid questions? Oh wait it's because of XYZ, actually that isn't stupid at all, oh dear."

System

cloud_dog wrote: »

Possibly because people give up their free time to try to help.

Lol! Many people on here 'help' because they have a sense of self-importance and a need to chastise others where they have a different point of view. There is certainly no altruism involved.

sportsarb

scgf wrote: »

Lol! Many people on here 'help' because they have a sense of self-importance and a need to chastise others where they have a different point of view. There is certainly no altruism involved.

Was going to say pretty much this.

The same self important people usually also say that they are 'telling the hard truth that OP doesn't want to hear...' and they then flounce off taking their 'help' with them before coming back later to have another dig and question whether anything the OP said is true at all.

They also concoct conspiracy theories where the OP's are committing all manner of crimes and that this is why the full story hasn't been told, despite they fact they rarely know, and really can't know, whether there is more to the story.

[Deleted User]

Robbedbymonzo wrote: »

I'm sorry to hear this. Monzo are doing this to a lot of people. You will get the neysayers who via the Internet know that you was doing something illegal. Based on nothing. Monzo use a lot of fake social media accounts to drown out negative posts such as your thread here. So no suprise ifcthey operate here too. They pay trustpilot to remove reviews too. When they freeze an account they block the phone number associated with the account and kick you out of the app so you can't chat to them. Email only often taking weeks to reply if ever. This bank is a complete shambles. Hundreds if not thousands of victims. Take a look at the facebook page 'monzo stole our money' most aren't 'transferring thousands' they're recieving child benefits, wages, day to day expenses.

Their get out of it with the excuse 'money has been returned to source' yet nobody in the hundreds who have joined have found money at source.
Bbc rip off britian are investigating

Please avoid monzo, stick to high street banks!

Spam.
Reported.

cloud_dog

scgf wrote: »

Lol! Many people on here 'help' because they have a sense of self-importance and a need to chastise others where they have a different point of view. There is certainly no altruism involved.

Compensating much.

System

cloud_dog wrote: »

Compensating much.

Compensating for what? I don't understand.