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

Kim_13

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?

Advance warning can’t hurt but may not do anything - too much is automated nowadays, and an algorithm cannot account for advance notice. You’d hope if it did block that the advanced notice (and any evidence they would ask for and receive at that time) would mean a human quickly unblocking it.

cronzo95

Kim_13 said:

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?

My savings are all with monzo who locked them along with the current account. 

I was worried that applying for a new high street account while my Monzo account is blocked would raise even more flags? 

If it gets to the end of the month and I'm still unable to access it then it'll cause big problems. I'm hoping that as it happened at Christmas it's taking a while to resolve but as I've done nothing wrong it should be fine. It's giving me sleepless nights.

I've forwarded them the document from my last employer to show the source. No idea if it's got lost. The first time I contacted monzo they had no idea why my account had been disabled and forwarded my request to another team. I have a feeling its algorithms automatically disabling accounts. 

cronzo95

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?

If you don't already I would open a current account with CBS then transfer the money to that so they'll see the source and then transfer from the current account.

It's not uncommon for peoples neobank accounts to be disabled from what I can see if anything unusual happens so there is a reason to worry and high st appears to be less of a risk.

Kim_13

cronzo95 said:

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?

If you don't already I would open a current account with CBS then transfer the money to that so they'll see the source and then transfer from the current account.

It's not uncommon for peoples neobank accounts to be disabled from what I can see if anything unusual happens so there is a reason to worry and high st appears to be less of a risk.

As far as I’m aware CBS are not currently offering current accounts, they did in the late 00’s/early 10’s but it’s likely this will change as part of the Co-Op coming on board. Whether that will be by May I don’t know.

A high street bank should not know that your Monzo account is blocked unless Monzo apply a CIFAS to your record. They shouldn’t do this as you’ve done nothing wrong, but you would have bigger problems if they did as every mainstream bank would then refuse an account or close them in short order.

born_again

cronzo95 said:

Kim_13 said:

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?

My savings are all with monzo who locked them along with the current account. 

I was worried that applying for a new high street account while my Monzo account is blocked would raise even more flags? 

If it gets to the end of the month and I'm still unable to access it then it'll cause big problems. I'm hoping that as it happened at Christmas it's taking a while to resolve but as I've done nothing wrong it should be fine. It's giving me sleepless nights.

I've forwarded them the document from my last employer to show the source. No idea if it's got lost. The first time I contacted monzo they had no idea why my account had been disabled and forwarded my request to another team. I have a feeling its algorithms automatically disabling accounts. 

Applying for a new account will have no effect & is the best thing to do. Then get wages & DD's set up there.

penners324

No need for a 'high street' bank. They're as likely to freeze an account as Monzo is. Opening an account with any bank and then putting several thousand pounds into it and immediately out of will very likely lead to the payment or the account being frozen. You're far better off using your main account with Monzo.

Using Starling or Chase would also be ok. 

Seems to be 2 different questions on here.

Kim_13

penners324 said:

No need for a 'high street' bank. They're as likely to freeze an account as Monzo is. Opening an account with any bank and then putting several thousand pounds into it and immediately out of will very likely lead to the payment or the account being frozen. You're far better off using your main account with Monzo.

Using Starling or Chase would also be ok. 

Seems to be 2 different questions on here.

Chase or Starling are as likely to block an account as any other bank, but they leave the customer up the creek without a paddle if they do and the customer only has the one account, since they cannot go to a branch with proof of funds and make a withdrawal(s) to live on while their case is under review by the bank.

The advice to open a high street account was to ensure that OP has this safety net in place in case they should experience the same in future. I was not suggesting that the OP closes their Monzo account once unblocked. I bank in this way myself - spend from Chase but could get a cash withdrawal from a Halifax branch in an emergency. If OP feels that Monzo have not dealt with the review as quickly as they could have done, then they might switch that account to Starling or Chase once their access is reinstated.

cronzo95

born_again said:

cronzo95 said:

Kim_13 said:

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?

My savings are all with monzo who locked them along with the current account. 

I was worried that applying for a new high street account while my Monzo account is blocked would raise even more flags? 

If it gets to the end of the month and I'm still unable to access it then it'll cause big problems. I'm hoping that as it happened at Christmas it's taking a while to resolve but as I've done nothing wrong it should be fine. It's giving me sleepless nights.

I've forwarded them the document from my last employer to show the source. No idea if it's got lost. The first time I contacted monzo they had no idea why my account had been disabled and forwarded my request to another team. I have a feeling its algorithms automatically disabling accounts. 

Applying for a new account will have no effect & is the best thing to do. Then get wages & DD's set up there.

Thank you. I have applied for a new account. Doesn't help so much as don't have a job and the lump sum from my last employer is locked away along with my rainy day savings. But I hope now Christmas is over they can unblock before the bills are due at the end of this month / start of feb. Then I will have my money in several different accounts.

gt94sss2

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?

Transferring the funds into Monzo is unlikely to cause issues. There is no benefit in contacting them in advance.

However, to be aware that when it comes to actually paying off your mortgage, Monzo only allow customers to pay £10,000/day unless you request a temporary limit increase in the app - which is a manual process/not instant..

cronzo95

gt94sss2 said:

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?

Transferring the funds into Monzo is unlikely to cause issues. There is no benefit in contacting them in advance.

However, to be aware that when it comes to actually paying off your mortgage, Monzo only allow customers to pay £10,000/day unless you request a temporary limit increase in the app - which is a manual process/not instant..

Who knows if 14.5kwill trip something to get an account investigated, thats around the figure that got my account frozen. There might be a benefit notifying them so at least there is a paper trail if they decide to suspend your account.