Why is Monzo Closing Accounts?

Introduction: Growing Concerns on TikTok

A growing number of users on TikTok are posting videos claiming that Monzo closed their accounts seemingly without reason. As a result, I contacted Monzo to confirm this, mainly because I was concerned. I run both my business and personal accounts through Monzo, and having them suddenly closed would be detrimental.

In addition to accounts being closed, Users report that when they try to contact Monzo, customer service transfers them from person to person endlessly with no resolution, or disconnects them as soon as they reach a representative. I believe there must be a reasonable explanation for all this.

Monzo’s Official Explanation

Monzo’s blog post explains most of the reasons why they block or close accounts.

• We spot unusual activity
• We identify a risky customer
• The police tell us to
• We think your account might be in danger
• broken the terms of this agreement
• put us in a position where we might break the law
• broken the law or attempted to break the law
• given us false information at any time
• been abusive to anyone at Monzo or a member of our community.

They also can’t specifically tell you why they closed your account. They can give you a general reason, but for your own safety, they can’t be specific, as it could be used by fraudsters to find ways around the system. Even if you’re not a fraudster, they still won’t tell you, which is frustrating but also fair.

I emailed Monzo at help@monzo.com for advice on the rules and to clarify if these videos are taken out of context. Which always seems to be the case with anything on TikTok. As mentioned in their blog post:

Monzo’s Stance on Social Media Claims

Social media doesn’t always tell the full story

Sadly it’s common for criminals to try and get into their accounts by putting pressure on us, and sometimes getting other people to join in too. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. If you do come across one of these stories, it’s wise to take them with a pinch of salt.

Rest assured we investigate all cases thoroughly and only take action when we’re confident about our decisions.

https://monzo.com/blog/2019/04/04/why-we-block-freeze-close-monzo-accounts

I was also anxious in case they suddenly decided to do the same to me. AAfter a few hours, I received an email stating: ‘We close accounts for many reasons, but I cannot give you any information right now. The relevant team will get in touch with you and assist you.’

Conclusion: Navigating Account Security Concerns

At this point I’m thinking they are just going to have someone point me to the blog post which does explain a lot to be honest, and that they wouldn’t just block your account without reason there’s always a reason even if they don’t fully explain why.

I finally got an email back from Monzo with the following response:

As a bank we regularly review and sometimes close accounts as part of our legal and regulatory responsibilities, we need to make sure customers accounts are safe. If we do make the decision to close account, please know it is always for a reason and we do not take these decisions lightly. 

As long as our customers use their account safely and keep to our Terms and Conditions then there is nothing to worry about! I’m afraid I am unable to go into more detail on this.

– Monzo Email

So theres your answer don’t believe everything you see on TikTok its most likey they have made a weird transaction or they are doing something that Monzo finds suspicious.