Monzo has disabled my account, it's been two weeks and no updates

cronzo95

Over the holidays my bank account suddenly stopped working. I gather I've been flagged as suspicious, the only thing that I can think that happened is I received a significant pay out (5 figures) when my employment ended with work.

I totally understand that they have rules they need to follow so can't / won't say anything. But I had lots of unsued bank accounts a while ago and closed them all to put my money in one place which I'm now really regretting. I have bills and tax to pay and have had to borrow money to buy food. It's really not making me feel good that I can't access my own money.

Yes I was foolish to put it all in one company that's just online and not have some cash at home. But they can't tell me how long this will take, do they have any obligations at all to me as I'm struggling with no access to money.
 

FlorayG

Have you spoken to them by 'phone? I've always found them very helpful

cronzo95

Yes, they were friendly but ultimately said we see your previous messages to us and we can't unblock the account or give you any more information as already said. 

Ergates

FlorayG said:

Have you spoken to them by 'phone? I've always found them very helpful

If the account is frozen due to suspicious activity (e.g. a suspicion of money laundering), then they legally cannot be "helpful".  The jail sentences for tipping-off are no joke.

boingy

I find the "tip off" thing rather daft. If you are up to no good and your account gets frozen surely you'd figure out the reason very quickly, regardless of what the bank does or does not tell you. And at that point you'd probably move on to another account or bank to continue your nefarious deeds.

born_again

boingy said:

I find the "tip off" thing rather daft. If you are up to no good and your account gets frozen surely you'd figure out the reason very quickly, regardless of what the bank does or does not tell you. And at that point you'd probably move on to another account or bank to continue your nefarious deeds.

Sadly many people are not so savvy & get caught out being mules.

Hoenir

cronzo95 said:

 the only thing that I can think that happened is I received a significant pay out (5 figures) when my employment ended with work.

Be somewhat unlikely as the bank should be able to see the source of the funds. 

CrickJon

In May, my current mortgage deal will end and I will have approx £14.5k outstanding.

I have this amount saved with Coventry Building Society in readiness to pay it off. The plan, in May, was to release this money to my Monzo account and then pay off the outstanding sum.

Is the £14.5k transfer from CBS into Monzo likely to trigger Monzo into suspending/disabling my account? Is there anything I can do to mitigate it? Should I contact them and advise closer to the time?

Hoenir

CrickJon said:

In May, my current mortgage deal will end and I will have approx £14.5k outstanding.

I have this amount saved with Coventry Building Society in readiness to pay it off. The plan, in May, was to release this money to my Monzo account and then pay off the outstanding sum.

Is the £14.5k transfer from CBS into Monzo likely to trigger Monzo into suspending/disabling my account? Is there anything I can do to mitigate it? Should I contact them and advise closer to the time?

No need to have any concerns

sheramber

Can you not transfer direct from CBS?

Kim_13

A high street bank in this scenario would be obliged to allow a cash withdrawal against your wages/salary upon receipt of your payslip. I would proactively offer Monzo proof of the five figure sum in the hope that this will speed up the process, and open a high street account as soon as possible. Give the details of that account to any new employer.

Do you have any savings accounts from which you could withdraw into said new high street account, and replace the savings once Monzo unblock your account?