Monzo - We Are Closing Your Bank Account

bradztheman

I have just had a really strange email stating monzo are closing my bank account in 2 months time, 17th June, i find this really bizarre, in the email they said we can't give you any explanation, i have my wages paid into that account, i am £2000 overdrawn, but my wages always cover the overdraft fees each month so im really confused. 

My question is what will happen to the £2000 i am overdrawn by, will they just write this off? I also have a monzo flex card with a limit of £1500 and i always make the monthly payments.. will they forward this debt on or just write it off?? To be honest they've suggested reducing my overdraft or anything like that, and ive only had it for about 9 months and i always make the payments....

freesha

Sounds like a scam to me. Call Monzo (on the number found on their website, NOT in the email) and query

Its_just_Barry

They definitely won’t write off any money you are due them, you will have to pay it all back. 

FlorayG

Contact Monzo through their app - NOT via the email. I think you'll find this is some sort of scam

bradztheman

No, its legit, i just logged in on the app. See the screenshots.. i find this bizarre as they've not asked to reduce my overdraft at any point, and like i say my wages go in on a regular basis and any fees are always covered for both the flex credit card attached and the overdraft.
maybe they'll write my account off as satisfactory as im not sure they can automatically forward my debt to debt collection as it wasn't my choice to close the account it was theirs..

akm2018

I don't know why people are assuming scam. The Monzo Community Forum has a regular supply of people complaining at having been told by Monzo that their custom is no longer welcome. It's Monzo's business, they get to decide who they have as a customer.

Does the email not say anything about your overdraft?

born_again

bradztheman said:

No, its legit, i just logged in on the app. See the screenshots.. i find this bizarre as they've not asked to reduce my overdraft at any point, and like i say my wages go in on a regular basis and any fees are always covered for both the flex credit card attached and the overdraft.
maybe they'll write my account off as satisfactory as im not sure they can automatically forward my debt to debt collection as it wasn't my choice to close the account it was theirs..

Sounds like a simple case of they are looking at you income & debt & just seeing it rolling over each month & not getting any better.
So they are off loading you before their debt exposure gets any bigger.

They will chase for the debt to be paid. Non payment will lead to defaults on your credit history & make getting any further credit harder. 

So perhaps best to switch away now & start paying the debt off.

I would also do a Statement of Affairs to see if you can cut down on spending. So you are not simply living in O/D every month.

Once you have the SOA.
Head to this section for further non judgemental advice 👍
https://forums.moneysavingexpert.com/categories/debt-free-wannabe

surreysaver

What sort of transactions are passing through your account? Maybe you've done something which has spooked them?
While it's a good sign they're not closing your account immediately, so that would imply they're not suspecting you of doing something illegal, there sounds like you've done something to have spooked them, or otherwise breached T&Cs

bradztheman

born_again said:

bradztheman said:

No, its legit, i just logged in on the app. See the screenshots.. i find this bizarre as they've not asked to reduce my overdraft at any point, and like i say my wages go in on a regular basis and any fees are always covered for both the flex credit card attached and the overdraft.
maybe they'll write my account off as satisfactory as im not sure they can automatically forward my debt to debt collection as it wasn't my choice to close the account it was theirs..

Sounds like a simple case of they are looking at you income & debt & just seeing it rolling over each month & not getting any better.
So they are off loading you before their debt exposure gets any bigger.

They will chase for the debt to be paid. Non payment will lead to defaults on your credit history & make getting any further credit harder. 

So perhaps best to switch away now & start paying the debt off.

I would also do a Statement of Affairs to see if you can cut down on spending. So you are not simply living in O/D every month.

Once you have the SOA.
Head to this section for further non judgemental advice 👍
https://forums.moneysavingexpert.com/categories/debt-free-wannabe

If this was the case surely they would write to me to say they're reducing my overdraft limit.. but no, literally 2 months left with them, i'll pay any fees owed each months as i dont want missed payments on my credit history. 

And no it doesn't state anything about money owed to them ie the overdraft or credit card. Bigger fools them as i was going to clear it all next month with my tax rebate.

boingy

You still have to clear the debt, regardless of whether the account is closed so I'd plan to still clear it with that tax rebate if I were you.

Section62

bradztheman said:

If this was the case surely they would write to me to say they're reducing my overdraft limit..

Which may give you reasonable grounds for complaint and enough to cause them hassle and expense by going to the ombudsman.

Whereas closing your account for undisclosed (but likely 'business decision') reasons narrows the scope of what you can complain about, and potentially a more straightforward FoS case if it comes to that.