I awaiting for the day where it happens to one of us regulars. I know it has with Revolut for a few of us, but no Monzo cases yet AFAIK. Closest we’ve got to that situation so far I think is someone’s son, but they weren’t the most active of users.
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I’m trying to convince my other half to move or JA out of Monzo and sign up to NatWest Housemate so that I can sever my ties with Monzo. I’m sure they have their reasons for closing accounts but there’s just a little too much uncertainty for me. That, combined with the failings around support (and to some extent the latest suppression of unwelcome discussions on the community) make me want to just move on.
Otherwise all I do on Monzo is get a monthly payment from a shared tab then immediately move the funds (£1k or so a month) out into another account. Not sure how they view that
Have to say, RBS is looking a really attractive Bank to move to these days. They’re essentially NatWest but more branches in Scotland. Their app is very slick, and they have all the features I want. And I’d be able to ditch the physical card since I can use the app for cash.
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There’s no harm in giving them a go… but without a physical card, could you set up CPAs? I don’t know if any traditional banks offer virtual cards
Probably still a physical card, but I was meaning more along the lines of the fact I can just leave it home.
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Ever since a systems upgrade in about 2016/17 then you have been able to transact on your account at the “other” brand anyway, for basic cheques/cash type stuff.
Historically, it all ran on the same system but with a virtual firewall that stopped branches from being able to see or do anything with customer accounts on the other (duplicate) system. After the Williams&Glyn cancellation, that ended.
I always present myself as a bit of an oddity anyway as I tend to use my Child & Co account if I go into a NatWest (and have never had a problem, although I always pay in with a paying in slip).
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How about a Santander 123 Lite account, that way you could get cashback on your household bills (assuming that is what you use the account for)?
There is no real “benefit” to using Monzo.
Whilst I know Santander are a big bank and all, I have always seen them as a bit scummy ever since they decided to bombard me with unsolicited adverts after I was accepted for uni but way before I moved to the UK. Not sure how they got my details as no other bank did it. And when I got here and tried to open an account they pushed me to get an international account with a fee to pay but fee-free money transfers abroad which I clearly stated I don’t need.
I’d move us to a FlexPlus as the insurances would be welcome soon
Maybe one day I’ll move on from Monzo, maybe they’ll go bust, maybe something else, but I won’t be closing my account/going elsewhere because of the whispers that they close accounts at “random”
I think they close in the same % terms as anyone else, but if they cut off someone younger with a facebook account, they are more likely to moan about it online than someones Mum who gets the boot from Natwest.
There’s not a chance in hell that all of them are innocent. I’ve just looked on the other place and the thread I wanted to quote has disappeared… but… there was someone who was proclaiming their innocence and then someone found a news article where he had been convicted for financial fraud.
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The closest you’ll get is that idiot who posted last week complaining he’d done nothing wrong, and someone else posted the link to the media article showing he’d been convicted of fraud four years ago.
An admission in their own words 
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Even that wouldn’t work. You’d still have to avoid all transfers into that account. And even then, once you get a CIFAS marker, all the banks will find out anyway, making the first point look even more sus.
Guilty there!
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For all the drama and scare-mongering surrounding Monzo, they are still the hub of my financial affairs.
Money comes in once a month from the same source, and then is promptly dispatched to my many accounts, leaving my spending money in the account.
No issues so far. Wonder if I am tempting fate now.
Been with them since pre-paid days.
Wish they would stop messing with the app though.
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I mentioned it in another thread elsewhere, but I wonder how many Monzo customers who have had their accounts closed, aren’t actually domiciled in the UK? Activity on their accounts suggest that they’re using their debit card in another part of the world on a frequent basis or having funds deposited from non UK sources and then there’s sufficient evidence that they don’t live or work in the UK and so their account gets closed. Some of these then rather stupidly take to social media to complain, when they’re sat 3, 5 or 10 thousand miles away. Just a thought.
You never know.
They probably got your details from UCAS’s advertisement arm, which I forget the name of. It’s something lots of people forget to opt out of, understandably, when they are focused on making their application.
I do think @anon46977588 and @Topsy2 are probably right about a lot of the closures. The thing is nothing really seems to explain all of them, unless it is just that Monzo close as many accounts as everyone but their demographic is more likely to “go public”.
I was glad to see Chris Skinner give the thumbs up to Starling, as I’m all-in there. I’ve trusted the experienced banker knows what she’s doing for a few years now, and the recent profitability has given me confidence.
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I bet there’s hundreds of thousands of people that do exactly that. I used to do the same.
If that was something so regular in the banking world causing Monzo to close accounts then they’d barely have any left!
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You could (suspiciously) pay in cash to the account!
You are right, of course, I know about CIFAS and if it gets to that stage, for whatever reason, no bank will touch you for six years.
If you genuinely are innocent, then clearing your name would be a nightmare and if you aren’t then the punishment would be no access to credit facilities at all for six years. You would have to go to one of those prepaid cards that prey on the vulnerable and charge monthly fees just to accept your salary.
If you work in a regulated industry, it can even affect your job.
Scary stuff.
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