Central Banks are out of money.
Does anyone know if I have grounds to take this to the FOS? Monzo won’t give me a reason for closing my account. They just want to shut it down. They blocked everything, and some direct debits failed. My partner couldn’t access our joint account.
@MikeSpencer
Why stick with them? Just move on.
@MikeSpencer
You’ve been flagged for possible illegal activity. They would prefer to lose you rather than deal with the risk.
Just switch to another bank. There are plenty. I like Revolut because they seem okay with crypto transactions.
@MikeSpencer
Not so familiar with that bank, but many banks are cautious with crypto. There’s a theory that some government departments don’t want banks involved with it.
They were right when they said you were getting scammed because they were about to scam you.
Fable said:
They were right when they said you were getting scammed because they were about to scam you.
Exactly.
I get your frustration. NatWest blocked my deposits to Kraken, which is funny since I think Kraken has a US banking license. Now I’m using Uphold.
Isn’t it strange that we can’t buy Bitcoin freely while we can gamble on horse races and roulette? Gambling has real consequences but it gets a free pass.
@Kelsey
Exactly. It makes me wonder why they don’t care about your money when it comes to gambling. Maybe it’s not a threat to their profits?
Trying to complain is a waste of time. The banks haven’t done anything wrong. They can close your account whenever they want without giving a reason. It’s their account, not yours. I’ve been in the financial sector for over 15 years.
I remember getting complaints when credit accounts were closed because they were inactive or used for gambling.
Bottom line, credit cards belong to the card companies, just like bank accounts belong to the banks. If they aren’t making money from you, they’ll find a reason to drop you as a customer. Paying off a balance in full actually costs them too.
Open a Revolut account to hold or buy all the crypto you need. There are many other options too.
@CharlotteAmelia
My credit card company suspends my account every time I try to use their cash transfer feature, which has a 5% fee. Seems like they’re just wasting money by checking in with me.
The first time makes some sense, but after repaying it and doing another transfer to the same account, it feels like a frustrating waste of time for everyone.
But when you want to deposit, they don’t ask any questions.
I’m planning to invest every single penny I have in World Liberty Financial.
Coinbase is a scam. Just a heads up.
If you don’t believe me, try deleting your account—it’s impossible! They keep your info forever so their shareholders don’t see any bad news. Get a hardware wallet right away.
It’s always wise to have a second bank for transferring to and from crypto exchanges.
But it’s ridiculous. Bitcoin and crypto are all about freedom, and we should continue pushing for self custody.
I’d recommend Revolut as a good replacement for Monzo since they’re friendly toward crypto.
We should be using our accounts to borrow from banks for interest. They don’t want that, but it’s going to happen.
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I’m sending money to Coinbase, which is a FCA regulated exchange, but I can’t find it on the FCA’s registered crypto company list. Is it under a different name?