Why do Monzo Close Accounts?

I agree with @danw that a new thread is required. I appreciate some of this thread will be speculation but given he seems relatively eager to talk about it I wonder if there is anything we can be told.

I don’t think there is… I fear this’ll descend into chaos and speculation. I firmly believe that Monzo close accounts for the same reasons other banks do. Maybe as that blogpost said, historic failings mean fintechs close more accounts but undoubtedly the reasons are same as anywhere else so the thread shouldn’t really just pick on Monzo


I don’t think anyone at Monzo should even respond to these type of questions, no other bank would.

Just more desperate attacks on fintech banks.

It’s not really?


It doesn’t really matter either way. Until Monzo address this matter publicly they are loosing the PR War.

They can make all the changes they want to the community but it’s not going to stop people trying to talk about this.

As I’ve said before when Tom stated that 95% of account closures were accurate and correct that still leaves the 5% that they’ve got wrong.

So members of staff either need to make a choice not to talk about it at all, or talk about it but not give us half an answer

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No other bank is being questioned here and for all we know they’re worse.

Imagine the damage they have caused for the innocent 5%


Pretty sure it was 4%

But anyway, that still means that 96% are talking bollocks.

And those 4% were rectified quickly. If they are fighting back and forth, Monzo are in the right.


That’s the whole point though. Whatever they are doing the other banks control the narrative significantly better the Monzo do.

Probably worth remembering these banks I’m not your friend so “ desperate attack on Fintech“ comments are like the people that think Apple should be able to do whatever they want and are being picked on by regulators. Apple do a lot of great things but they also get a lot of shit wrong, same applies to Monzo (which is what this thread is about before somebody also points out to me the other banks also get it wrong)

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But again we don’t know that. It’s another sweeping generalisation and I wouldn’t be proud of accidentally freezing the accounts of 200,000 people even if I did fix it

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You can’t believe the 96% but exclude the rest of what Tom said. And it would only be 200,000 if all accounts were closed.

Not really. Dan doesn’t owe us anything, especially here! He’s tried to help and yet another thread covering the same ground isn’t needed.

All banks close accounts. All of them. Monzo seem to be the ones that cop the press for it, probably due to demographics. That’s the life they have now. They can’t fix it and will have to live with it.


This :point_up:

Either knowingly or unknowingly, they’ve either done something against the T&Cs or through their activities/connection with others have caused them to fall foul. So just like other banks they get the boot.

Everyone always claims they’ve done nothing wrong but when we’ve pressed for further information we usually find the cause. Be it crypto, strange behaviour, business use and so on. There’s always a reason.

Some people are outright dumb or liars too. This scenario will always stick out in my mind:


Of course there are fraudsters and scammers out there. But if you can the judge everybody by the lowest common denominator then You’re going to make more mistakes

Either knowingly or unknowingly, they’ve either done something against the T&Cs or through their activities/connection with others have caused them to fall foul.

That’s an easy assumption to make but I don’t think we’ve seen any evidence of that. Even if 99% of the people on the Facebook group are lying, that still leaves 1% who have operated their account normally and for reasons I personally believe they should explain, haven’t

I agree, except for the fact that he is here and he is defending what suits him, he can’t expect to not be questioned. If he doesn’t want to talk about it then he should’ve said nothing at all

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I’ve said it before, and I’ll say it again: all banks adhere to the same laws and regulations so if you want more transparency, write to your MP or petition for the law to be changed.

Banks can’t or won’t tell you why they close accounts, be that for financial crime or risk appetite. Why? Because if they did, you, or even criminals, could circumvent those checks to do bad stuff.

Every bank has a billion crap reviews online because of these closures.

Now why is there more press for Monzo? Because they have an online community and they generate lots more online engagement than other banks. They’re also the cool new kid on the block so it makes sense to blow it all up in the media for all the clicks.

Any further discussion isn’t worth the screen it’s displayed on


And that’s the attitude that means he’ll just stop posting.


Then feel free to mute the conversation. But it must be worth some screen time because you keep replying

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Great suggestion.



Of course there will be false positives - that will also happen in other banks too. I’m also not judging anyone, I’m just stating fact. That when someone came onto the other community with the usual tale of “it was closed for no reason, I just use my account normally” we found it wasn’t that simple.

  • I remember someone who sold vouchers on eBay, withdrew to Monzo, and the immediately transferred out.
  • There was the guy who clearly ran a raffle yet claimed loads of people were paying ÂŁ2 a month for an end of year dinner… come on really?
  • There was the guy who didn’t know crypto needed to be declared and was making thousands buying and selling
  • There was the onlyfans person who collected over ÂŁ15k doing feet stuff on their personal account.

These are just the ones who have used their personal account for business too. I could go on for days with more examples or ones that just scream something dodgy.

My point is that reading someones story online and taking it as fact is not good judgement. There are always two sides to a story so until you hear both I’d take everything with a huge pinch of salt.


Someone doing feet stuff on onlyfans is a memory I’ll never shake :face_vomiting::laughing: