Why Is Monese Blocking Accounts And Freezing Customers' Money?
I am receiving a growing number of reports, comments and seeing a lot more mentions on social media of Monese freezing and blocking a large number of their customers' accounts.
Although I frequently get similar reports from people with different bank accounts, I have recently had a spike in complaints with the vast majority of them being from Monese customers.
Given Monese does not have a particularly huge share of the overall UK market, this seems to be an unusually large number of complaints so I wanted to talk about it.
DISCLAIMER: Everything in this video is based on anecdotal evidence. I do not have access to a large enough pool of Monese customers to make any definitive claims and I am not a lawyer or a certified expert on financial regulation so please make sure you do your own research. Everything I say may well be wrong.
If you are a Monese customer and have been affected, drop a comment below and let me know as much detail as possible.
The official position of Monese is that they are legally obligated to follow regulations with regard to suspicious activity and while that is true, I go a little deeper on my personal view of their official position and the obligations of large financial companies.
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DISCLAIMER: I am not a financial advisor and this is not a financial advice channel. All information is provided strictly for educational purposes. It does not take into account anybody's specific circumstances or situation. If you are making investment or other financial management decisions and require advice, please consult a suitably qualified licensed professional.
