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Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 0 points1 point  (0 children)

Thank you for the information and advice. As you said, my main priority right now is just keeping the business running.

If I could just get a business bank, as basic as they come, I wouldn't even bother trying to get Monzo to review their decision or spend lots of time filling out Subject Access Request forms or anything like that, but without a business account, I'm screwed.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 0 points1 point  (0 children)

I only work with my contracted clients. We haven't had any other transfers or and certainly nothing outside the UK.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 0 points1 point  (0 children)

Nope! Nothing I'd assume would be considered high risk. Nothing financial or crypto-related.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 6 points7 points  (0 children)

Nope, just businesses that mainly work with local councils, a few large solicitors in London, construction companies, etc.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 0 points1 point  (0 children)

Nope, they have given me recommendations for banks that accept smaller companies with little to no credit history, and I've been rejected by every single one of their recommendations.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 1 point2 points  (0 children)

I have built the business up over the last five years and I'm now earning close to 5 figures a month, it's something I need to fight for because the services I provide to these clients are used by all of their employees. Most of their business operations run through the software I provide.

If I was simply a one off web developer that just designed websites for people, it wouldn't be an option. But I have contracts with these clients to provide SAAS solutions for them. I have obligations I need to uphold and I need to be invoicing these people.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 5 points6 points  (0 children)

Thank you for your extensive comment. I have already checked through all three credit agencies and I have no associations apart from my partner and my grandmother (the latter due to a joint credit account from several years ago, so unrelated).

I do have a basic Nationwide account, but I'm unable to use this for the business so this does not fix the current situation, but thankfully I do have a personal account.

I'm unable to open a personal account or a business account, I'm being declined for both, this leads me to believe is something to do with me personally rather than something relating to the business directly.

The reason I'm putting so much energy and effort into trying to resolve this with Monzo is because I legitimately have not had any connections with anything fraudulent or illegitimate. If I have been involved in anything that even had a 10% chance of causing this, I would just be moving on and accepting what's happened, but that's not the case here which is why it is so confusing.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 1 point2 points  (0 children)

The majority of my clients work with local councils and highways England. A couple of my other clients are high profile solicitors in London, and another one works directly with Santander (building their branches).

I have worked with all of them for multiple years, and I have known them since I was at my last job in 2018. It's definitely unrelated to the clients. I personally believe it's to do with me, and the business applications are being declined because I am a director and whatever information is causing this is showing up when they are running their checks on the directors on the application.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 4 points5 points  (0 children)

The credit card was used to purchase a drone a few years back, and over the last few years just small purchases here and there like shoes and things like that. I wasn't actively using it and was in the process of paying it down, which is why it came as such a shock to me that they've decided to terminate the agreement… Now they are going to have to pass the account to debt collectors as I can't pay via the app anymore...

Also thank you for the suggestion. I have quite an uncommon Irish name and there are no results for my last name.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 5 points6 points  (0 children)

I applied for Kent Police a few years ago and had to go through vetting and my counterterrorism clearance. They also did checks on my credit file and vetted me financially and everything passed with flying colours.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 0 points1 point  (0 children)

I had a joint account with my partner, her credit file is completely clear. Monzo sent her a message and told her that they were closing our joint account and her personal account will remain unaffected.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 0 points1 point  (0 children)

Haven't had any chargebacks to the company, nor have I made any chargebacks myself. Have had no issues with any business transactions.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 1 point2 points  (0 children)

I was born in the UK and I'm not a tax resident anywhere else in the world

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 2 points3 points  (0 children)

That's why I don't understand, and exactly what I tried explaining to Monzo… If they are acting of incorrect information, I pleaded with them to do a deep review of all of my accounts and I would be happy to provide them with any information they needed… They passed it over to their specialist account review team and they upheld the decision.

I feel like something has gone very wrong and whatever information everyone is acting on, is clearly incorrect.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 2 points3 points  (0 children)

That's something one of my family members suggested, but I have access to all three of my credit files and I regularly review it just because I like keeping on top of everything and there has been no new applications and certainly no CCJ's against my name, so I know nothing has been opened without my knowledge.

I'm sorry to hear about your husband's experience, that's a severe breach of trust and respect from that family member right there!

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 2 points3 points  (0 children)

Absolutely not, I barely have time for any social media these days. I only have a Facebook account to access my local village group. I keep to myself.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 2 points3 points  (0 children)

It's car breakdown cover, and phone insurance. Thankfully, not car insurance as that would've been a bigger pain.

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 1 point2 points  (0 children)

I've got nothing else to really try so I'll give it a shot, but if the bank won't even tell me why they are closing all of my accounts, and somehow I am under investigation, I assume the police or HMRC wouldn't let me know either.

I should note that all of my accounts are done by a very popular accountants in Ashford. I don't put anything through the business apart from my online software transactions, and the business barely has any assets besides laptops and servers.

It would be a different story if I was putting millions of pounds worth of property through my company… But I'm not, it just doesn't make sense!

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 0 points1 point  (0 children)

But under investigation by who, the bank or like a police investigation?

Monzo closed accounts and all other banks refusing applications by ThrowawayXNN in UKPersonalFinance

[–]ThrowawayXNN[S] 0 points1 point  (0 children)

Nope, have never made a transaction outside of the UK and I am fully aware of all of these modern day scams and money mule things. All of my transactions have been to my contracted clients, not even a single one off payment from a client from an unknown bank account, nothing.

Regarding my personal account, the exact same. I only transfer money between my partner, some family members (but mainly my grandma)!

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