HSBC account closure

Ezii

Deleted_User said:

I don't understand how Revolute can add this market by mistake and then not remove it.

If all the accounts are closed, maybe try a credit union account?

I'm heading over to my nearest credit union though I have a eBay store, somewhat reselling things just to make some little profit to pay for my things here and there, I wonder if they would allow me to use the bank account to receive payments from ebay as well, whilst keeping my savings in there.

Ezii

[Deleted User] said:

I don't understand how Revolute can add this market by mistake and then not remove it.

If all the accounts are closed, maybe try a credit union account?

It wasn't revolut who added the marker, It was Monzo who had the marker added, which I'm speaking to but they haven't told me any information about why it was added.

Thrugelmir

Why can’t you use one of your 4 bank accounts? 

Ezii

Thrugelmir said:

Why can’t you use one of your 4 bank accounts? 

I'm just worried that they'll close just like how my HSBC did, because of the marker.

Section62

Ezii said:

Deleted_User said:

I don't understand how Revolute can add this market by mistake and then not remove it.

If all the accounts are closed, maybe try a credit union account?

I'm heading over to my nearest credit union though I have a eBay store, somewhat reselling things just to make some little profit to pay for my things here and there, I wonder if they would allow me to use the bank account to receive payments from ebay as well, whilst keeping my savings in there.

This sounds a more substantial enterprise than suggested in your reply to marcia_ right at the start of the thread.

Crypto plus significant eBay activity... banks are going to get suspicious with that mix on a personal account.

Ezii said:

Thrugelmir said:

Why can’t you use one of your 4 bank accounts? 

I'm just worried that they'll close just like how my HSBC did, because of the marker.

Opening more accounts won't make that less likely, and a new account won't be immune from the same action.

You need to do an honest appraisal of what you've been using the account for, and wait to see what Monzo say.

Ezii

Section62 said:

Ezii said:

Deleted_User said:

I don't understand how Revolute can add this market by mistake and then not remove it.

If all the accounts are closed, maybe try a credit union account?

I'm heading over to my nearest credit union though I have a eBay store, somewhat reselling things just to make some little profit to pay for my things here and there, I wonder if they would allow me to use the bank account to receive payments from ebay as well, whilst keeping my savings in there.

This sounds a more substantial enterprise than suggested in your reply to marcia_ right at the start of the thread.

Crypto plus significant eBay activity... banks are going to get suspicious with that mix on a personal account.

Ezii said:

Thrugelmir said:

Why can’t you use one of your 4 bank accounts? 

I'm just worried that they'll close just like how my HSBC did, because of the marker.

Opening more accounts won't make that less likely, and a new account won't be immune from the same action.

You need to do an honest appraisal of what you've been using the account for, and wait to see what Monzo say.

You can't get a business account if you're just selling few itews as a sole trader.

sheramber

Getting that large payment has triggered them to look at your account and establish that you are using it for business., which is against the terms and conditions of the personal account.

https://monzo.com/legal/terms-and-conditions#making-international-payments-span-aria-hiddentrue-classby-pass-mespan

Since you’re only allowed to use your account for personal use, we’re not responsible to you for any loss of profit, loss of business, business interruption, or loss of business opportunity. This applies to you using your account for personal use, as well as if you wrongly use it for commercial or business purposes.

Section62

Ezii said:

You can't get a business account if you're just selling few itews as a sole trader.

If you are running a business as a sole trader then banks aren't doing anything wrong if they close your accounts for 'misuse' if the T&Cs say the account can only be used for personal banking.

It also raises a question whether, if you are using a personal account for business purposes and avoiding paying due fees/charges that would apply to a business account, whether a bank could reasonably treat that as 'fraud' (e.g. an offence such as Obtaining services dishonestly).

sheramber

You can apply for a business bank account if you’re a sole trader or a registered limited company by shares (Ltd), based in the UK, and if you're an Ltd also a tax resident only in the UK.

Business types we support right now

You can apply for an account if you’re:

• a sole trader, or the director of a registered limited company by shares (Ltd),
• based in the UK, 

https://monzo.com/i/business/eligibility/

Shakin_Steve

So, in summary, you've been using your Monzo personal account for what they see as business purposes. Consequently, they reported you to CIFAS for 'misuse of facility'. The CIFAS marker has come to the attention of HSBC, who have closed your personal account.
I'm sure we could have got here much more quickly.