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

CrickJon

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..

Yes, they have since confirmed this in chat and told me to request a temporary extension over £10k when I am within one month of wanting to settle the mortgage. And also said, after I had explained the situation, that there would be no issues from their side. Thanks for drawing my attention to this anyway!

CrickJon

sheramber said:

Can you not transfer direct from CBS?

I did think to do this but withdrawal has to be to the named account.

CrickJon

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.

I just wanted to apologise for hijacking your thread Cronzo, but it was a similar kind of issue.

cronzo95

CrickJon said:

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.

I just wanted to apologise for hijacking your thread Cronzo, but it was a similar kind of issue.

No need to say sorry at all, these things are all related. Yours should be fine, but it's no harm in preparing for if you do trip a swtich at a bank

Snowy4

cronzo95 said:

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.
 

Please can I ask if you got this resolved and how long it took? My husband is currently having the same issue. Monzo account frozen for 4 weeks and he doesn’t know why. He’s spent hours on the phone (promised call backs but they never happen), more hours on the webchat which is useless and countless emails unanswered. We don’t know what else to do. 

tomxlisa

Snowy4 said:

cronzo95 said:

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.
 

Please can I ask if you got this resolved and how long it took? My husband is currently having the same issue. Monzo account frozen for 4 weeks and he doesn’t know why. He’s spent hours on the phone (promised call backs but they never happen), more hours on the webchat which is useless and countless emails unanswered. We don’t know what else to do. 

This is scary to read as I use them for my main bank account now, I’ve still got other banks but they are my main day to day account that I use mainly but reading that they have frozen accounts kinda puts me off building a large sum of money in there, by the way the user probably isn’t gonna get back to you letting you know the outcome they had as they haven’t been active since january 15th. 

Nasqueron

tomxlisa said:

Snowy4 said:

cronzo95 said:

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.
 

Please can I ask if you got this resolved and how long it took? My husband is currently having the same issue. Monzo account frozen for 4 weeks and he doesn’t know why. He’s spent hours on the phone (promised call backs but they never happen), more hours on the webchat which is useless and countless emails unanswered. We don’t know what else to do. 

This is scary to read as I use them for my main bank account now, I’ve still got other banks but they are my main day to day account that I use mainly but reading that they have frozen accounts kinda puts me off building a large sum of money in there, by the way the user probably isn’t gonna get back to you letting you know the outcome they had as they haven’t been active since january 15th. 

Freezing accounts under AML rules is normal for all banks, you won't escape it by using a different bank. Having multiple backup accounts and spreading funds is the way forward

TheMod1

Why does it always seem its the app based banks like Monzo, Revolut etc that so many people have problems with accounts being frozen.

I'm not saying that the big banks won't do the same but it seems less likely plus you have the option of going in branch. This is why I only use the big banks with physical branches as my main bank.

Snowy4

I would strongly advise against anyone using Monzo as their main bank/savings account. Unfortunately my husband has learnt the hard way. We still have no idea what’s going on and can’t get through to anyone by phone or email. It’s so stressful, we are going to run out of money soon and have absolutely no idea when he will have access to his account again