Monzo closing my bank account?

la531983

They would have told you already if the loan was an issue, they just don't want to continue to give you banking facilities and will see you as a nuisance. Don't take it personally though. 

sam19901

Is there a way to appeal against the account closure?

la531983

sam19901 said:

Is there a way to appeal against the account closure?

Nope. In the same way Monzo can't appeal if you decide to close it.

The only way you would have a case is if they have potentially broken the DDA and closed your account based on a protected characteristic. By all means put a SAR in and check but unless it's something like your sexuality or gender etc, it's a commercial account closure decision and fully allowed. 

sam19901

I received a response from them just now - it's quite gentle to be honest. Any thoughts?

Hi [...]

Apologies for the delay in getting back to you. We are experiencing a higher than usual demand for support at the moment. This chat is also not a live service, therefore the response times can vary.

Thanks for your message. I’m really sorry we can’t say any more about our reasons.As a bank we regularly review and sometimes close accounts as part of our legal and regulatory responsibilities. And like we mentioned we unfortunately can’t share the specific reason for closing your account.

Our Terms and Conditions give us the right to close any account as long as we give you 2 months’ notice (this is in Section 16 if you want to check).

Further support


I’ve referred our conversation to the Complaints Team. They’ll check to make sure we’ve given you the best service.

The Complaints Team will contact you within the next 4 business days to explain next steps. They're allowed up to 15 days or 8 weeks to resolve a complaint depending on the type of issue. They usually reach out over email. Let us know if this isn't your preferred way to receive an update.

I will continue helping you with your lending in the meantime.

Lending support


To answer your question about the loan and Flex - you are able to continue to use these or pay off as normal until your account closes. If you're unable to pay for these in full by the account closure date - we can look into helping you set up repayment plans for when your account is closed. Once this has been closed, another specialist team will be in touch to continue to support you with these.May I ask how you're managing with the Flex and loan payments? Are these currently affordable?

Next steps


In the meantime, I'm just looking into the next steps - to make sure we're doing everything we can to help, I'll need to check in with another member of the team.

We'll be as quick as we can but there may be a short wait due to demand for support.

Rest assured we'll reach back out here as soon as we have any further updates.

Shakin_Steve

sam19901 said:

lcooper said:

sam19901 said:

lcooper said:

sam19901 said:

The good thing is that I can still use my account and my overdraft, plus manage my loan. Nothing has changed, but the notice of the account closure in 60 days comes up in my account. Monzo has never been my main account anyway.

Do you have a loan and/or an overdraft with Monzo? Have they asked you to settle either/both of them within 60 days? 

I do have a loan and an unused overdraft, but no mention of settling them within 60 days. Just to begin the process of CASS.

The unused overdraft shouldn't be a concern, as long as it remains unused. You should clarify what the position on the loan is - when is it due to end, how much is outstanding, what happens if it's not settled in the next 60 days / before your current account gets closed? Loans cannot be CASSed.

Oh wow. I had no idea this was going to be a problem. So it's for eight years and the outstanding amount is quite significant, which of course I won't be able to pay over two months. Do you think an arrangement would be possible?

As long as you've not broken the terms of the loan, there is no way they can ask you to pay anything more than your contractual monthly payment. Whilst your loan cannot be transferred to your new bank, the direct debit which pays it can be.

sam19901

Shakin_Steve said:

sam19901 said:

lcooper said:

sam19901 said:

lcooper said:

sam19901 said:

The good thing is that I can still use my account and my overdraft, plus manage my loan. Nothing has changed, but the notice of the account closure in 60 days comes up in my account. Monzo has never been my main account anyway.

Do you have a loan and/or an overdraft with Monzo? Have they asked you to settle either/both of them within 60 days? 

I do have a loan and an unused overdraft, but no mention of settling them within 60 days. Just to begin the process of CASS.

The unused overdraft shouldn't be a concern, as long as it remains unused. You should clarify what the position on the loan is - when is it due to end, how much is outstanding, what happens if it's not settled in the next 60 days / before your current account gets closed? Loans cannot be CASSed.

Oh wow. I had no idea this was going to be a problem. So it's for eight years and the outstanding amount is quite significant, which of course I won't be able to pay over two months. Do you think an arrangement would be possible?

As long as you've not broken the terms of the loan, there is no way they can ask you to pay anything more than your contractual monthly payment. Whilst your loan cannot be transferred to your new bank, the direct debit which pays it can be.

They said that the loan repayment plan will continue.