Closed bank account

Vinster24

Clever people of the net please help!

My 19 yr old son has had his Monzo account closed.  He said they had sent him a couple of messages but thought they were nothing important so ignored them!!!!  We have sent numerous messages to Monzo  but apparently they do not need to say why his account has been closed. He is unable to open another bank account. There is obviously something against his name and have carried out an Equifax report but it has shown nothing negative and states that he could be eligible for a loan! We have made an official complaint to Monzo - which was not upheld. We have now carried out a data subject information request from Cifas.  He is looking to move out, but without a bank account this would be impossible.  Steep learning curve for a 19 yr old- don't ignore messages!

Can anyone suggest how he can open another bank account?

eskbanker

He needs to wait to find out what CIFAS holds about him - if it's inaccurate then it can be challenged, but if it's correct then he'll be snookered....

Nasqueron

Did he by any chance agree to receive funds for a third party in return for a fee? Needs to be honest with you about this as a CIFAS marker for fraud is going to cause problems for years

username

Part of this will also be what activity he has been doing on his Monzo account to trigger the closures. Banks don't tend to shut your account down unless you do something which is against the T&Cs or illegal/questionable.

Hoenir

Vinster24 said:

  He said they had sent him a couple of messages but thought they were nothing important so ignored them!!!!  

Time for a frank fess up conversation. Bank accounts don't just get closed. 

[Deleted User]

Vinster24 said:

Clever people of the net please help!

My 19 yr old son has had his Monzo account closed.  He said they had sent him a couple of messages but thought they were nothing important so ignored them!!!!  We have sent numerous messages to Monzo  but apparently they do not need to say why his account has been closed. He is unable to open another bank account. There is obviously something against his name and have carried out an Equifax report but it has shown nothing negative and states that he could be eligible for a loan! We have made an official complaint to Monzo - which was not upheld. We have now carried out a data subject information request from Cifas.  He is looking to move out, but without a bank account this would be impossible.  Steep learning curve for a 19 yr old- don't ignore messages!

Can anyone suggest how he can open another bank account?

He can also request a SAR from Monzo and this may shed some more light on the matter assuming he doesn't already know. 

Vinster24

Bloody kids!!! 
Turns out his friend from school sent him money for him to get the cash out - he says it was £120 in total! (but who knows if this is the truth!)

Is there anything he can do to rectify? is there any basic bank account he can get?

noitsnotme

Vinster24 said:

Bloody kids!!! 
Turns out his friend from school sent him money for him to get the cash out - he says it was £120 in total! (but who knows if this is the truth!)

Is there anything he can do to rectify? is there any basic bank account he can get?

I don’t think you’ve been told all the facts by your son.  There’s more to it than a simple transfer from a friend.  The fact he is being turned down by other banks means it is fairly serious.  The source of the funds was most likely linked to fraud or account theft.  

It was probably something along the lines of someone will transfer £120 to him,he takes out the cash and gets to keep £20 handing £100 over.  But the funds came from a stolen account or credit card.

Vinster24

Is there anyway he can get a basic bank account?

noitsnotme

Assuming he may now have a CIFAS marker, this might be useful reading - https://consumer-rights.org/news/can-i-open-a-basic-bank-account-with-a-cifas-marker/

nyermen

Banks have more of a habit of closing accounts than maybe people realise (commercial reasons commonly) - however, normally other accounts should be possible as they can't also put a marker on without good reason.

You need to find out what happened and challenge if possible. Some employers will also check for CIFAS markers before considering employment (eg. In the financial industry, or as a finance related role within a company).  Maybe not such an issue now, but they'll have the marker for 7 years potentially (depending on what the flag is, it can be less or more).