Monzo - Frozen Account

PrudentPeter

If a bank has frozen your account and isn't telling you why, it is almost certainly because they suspect you of carrying out some form of illegal activity (not saying you have). They are not allowed to tell you why they have frozen your account as this is classed as 'tipping off' and they can be fined extremely heavily for this. The only thing you can do is let them carry out their investigation and come to their conclusion, once they are satisfied that they have covered their own backs your account will be unfrozen.

born_again

PrudentPeter said:

 The only thing you can do is let them carry out their investigation and come to their conclusion, once they are satisfied that they have covered their own backs your account will be unfrozen.

Or closed...

In most cases a complaint will get no where as bank will just say to FOS AML and thats the end of it.

Mandy278

Thanks for all your replies.  If anything it might help someone in trying to decide whether to open an account with them or not.  To date the account is still frozen no updates or anything.  We are just grateful there is no money in the account.  I have closed my Monzo account as I cannot trust them that they may close mine when they feel like it.  There is a Guardian report on the fact that Monzo are closing accounts and seems to be a random computer selection.  To clarify his account was used to pay his wages in from the company he works for, pay his travel expenses and to transfer some out and in, usual stuff, no purchase from suspect Amsterdam or off short accounts lol.  In actual fact the account is £3.07 overdrawn so not really high rollers and nothing that would alert them to any suspect money laundering etc.  The HMRC payment was made after the account was frozen.  Luckily he was able to sort out his HMRC payment, but it was delayed by 2 weeks!  Went straight into his Lloyds personal account with no issues.  Still waiting to hear from Monzo and doubt we ever will, he cannot even close it.  Will try and update again, if we ever receive correspondence from Monzo.  

jonesMUFCforever

If it is overdrawn you cannot close it unless they decide to write it off. (Frozen account or not).

TotalNoob

I know this is an old question, but I really feel the need to correct the moronic know-it-alls who don't understand the nature of modern employment.

If you work as a contractor within the scope of IR35 (the insane "intermediaries legislation") you are known as "self employed" even though you receive wages on a PAYE basis, and your client pays your tax and NI as if they were your employer, and do not fall within the standard definition of "self employed" and are not classed as a business.

It's just the government's way of getting more tax without having to give employee rights.

This is very common within the building, IT and oil industries, and has been in place since 2000.

Hope this helps!