Or send a letter to: Monzo, 38 Finsbury Square, London, EC2A 1PX.
We'll contact you in English 🇬🇧 and Emoji 😃 via the Monzo app, or through your email, phone or home address. Please let us know if any of these change!
You're responsible for the actions of people authorised to use your account 👥
You can add anyone to share the account with you and they'll be able to do everything you can, although ultimately you're responsible for their actions.
Any of them can give us instructions on behalf of all users and we won't ask for you to give instructions jointly.
If there's a dispute between users we may ask for instructions to be given jointly, or reject the instruction.
If you want to add or remove someone from the account, please contact us via the Monzo app.
Making payments 💸
You need enough money in your account to make payments. But some transactions that would take your balance below zero may still go through. If that happens, we'll let you know the amount you'll need to repay before the end of the day and you'll need to pay us back as soon as possible.
Joint account holders will be individually as well as jointly liable. This means we can ask any of you to pay back money you owe us.
We may block your payments if:
your instructions are unclear
we suspect criminal activity on your account
we're not legally allowed to make the transfer
it goes over your payment limits (you'll find these in your app; they'll change over time).
If we block a payment, we'll let you know as soon as possible.
We'll give a card to each user who signs up for your account via the Monzo app.
We won't charge you any money for paying by card abroad. When you use your card abroad to make a payment in a foreign currency, we use Mastercard's exchange rate with a 0.0% fee.
Your account might have FSCS Protection 🔒
Monzo is covered by the Financial Services Compensation Scheme (FSCS). The FSCS pays compensation to eligible depositors if a bank can't meet its financial obligations. Most depositors are covered by the scheme, but it depends on some FSCS criteria.
You can find more information about the scheme (including the amounts covered and eligibility to claim) from the FSCS website at www.fscs.org.uk.
You agree to us using your information 🤝
If something goes wrong 😱
Please keep your phone, card and PIN safe at all times. If we discover any security issues affecting your account, we'll contact you as soon as possible.
If you lose your card or see transactions in the app that look wrong, freeze your card and tell us as soon as possible.
We'll usually refund you any money if:
it was taken using your card or card details after you froze your card in the app, unless you acted fraudulently or were very negligent
someone makes a payment without your or another authorised user's permission.
We'll also refund any money you lost due to our mistakes or inaccuracies with your payments.
But you won't be able to claim back money you've lost if:
you gave us incorrect instructions or we can prove that the bank we sent your payment to received it (although we'll still try to help you recover your money)
you purposefully didn't keep your phone, card or PIN safe, or you were very negligent in not keeping them safe or if your account is in overdraft, you gave them to someone else
you acted fraudulently.
If someone pays money into your account by mistake you give us permission to return it.
If you've used your card to make a payment which didn't specify the exact amount (for example when hiring a car), and the final amount is higher than you could reasonably have expected, we'll give you a refund. You'll need to tell us within 8 weeks of the transaction, and give us any information we reasonably ask for to investigate.
Errors with Direct Debits are covered by the Direct Debit guarantee scheme.
Closing your account 😭
You can cancel your account within the first 14 days of opening it, or close it at any other time. If you'd like to, please get in touch with us. You'll need to repay any money you owe us before we can close your account. Once we've closed it, your card won't work and you won't be able to access your account.
We can close your account by giving you at least two months' notice. We may close your account or stop you using your card and app immediately if we believe you or any authorised user has:
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.
What happens if someone dies 📜
Where there are multiple account holders and one of you dies, the account won't be considered as part of the deceased person's estate and the surviving account holders can continue to operate the account.
How to make a complaint 😔
If you have a complaint, please contact us and we'll do our best to fix the problem.
If you're still not happy, you can refer your complaint to the Financial Ombudsman Service. For more details you can visit their website at www.financial-ombudsman.org.uk.
Making changes to this agreement 📝
This agreement will always be available in the app and on our website.
If we make changes to it that are clearly in your favour, we'll tell you once we've made them. Otherwise we'll give you two months' notice.
If you don't agree to these changes, you can let us know and we'll close your account. We'll transfer any money in the account to another account of yours, and you'll need to pay back any money you owe us.
Monzo Bank Limited, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 730427). Registered in England. Registered No. 9446231. Registered Office: 38 Finsbury Square, London, EC2A 1PX.