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