Terms and Conditions

Business Account v1.5 23rd March 2021

The Monzo Business Account

These terms and conditions, along with our fees page, eligibility information and any other terms and conditions that apply to our services, form a legal agreement (the agreement).

This agreement is between you (the limited company or the sole trader as applicable) and Monzo Bank Limited (Monzo/us/we). You agree to it by using the Monzo app. English law applies and any disputes will be settled by English courts.

Reference to β€˜you’ includes each authorised user, the limited company and the sole trader. Authorised users agree that they’re acting on behalf of the limited company or sole trader.

Your Monzo account is a UK business current account and you mustn't use it for personal banking.

You should read this document along with our Data Privacy Notice.

How to contact us πŸ’¬

You can contact us through the Monzo app.

Email us at [email protected].

Phone us on 0808 1699456.

Or send a letter to: Monzo, Broadwalk House, 5 Appold St, London, EC2A 2AG.

How we'll contact you πŸ‘‹

We'll contact you in English πŸ‡¬πŸ‡§ and Emoji πŸ˜ƒ via the Monzo app, or through your email, phone, business or home address. You must let us know if any of these change!

You're responsible for the actions of people authorised to use your account πŸ‘₯

You must be authorised by your business and be a director or sole trader owner to set up a business account. If authorised by your business, you can add anyone to share the account with you. If you give them admin permissions they'll be able to do everything you can (including making payments, adding other users, who can add other users), although ultimately you're responsible for their actions. You can add and manage user permissions in the Monzo App. You'll need to have a Monzo personal current account to be a business account user.

Any admin user can give us instructions on behalf of all users. We won't ask for you to give instructions jointly, unless it's to remove a user or close the account.

If we're aware there's a dispute between users we may ask for instructions to be given jointly, or reject the instruction. We may freeze the account while we investigate the dispute, and may request evidence to confirm the dispute has been resolved.

If you want to remove someone from the account, please contact us via the Monzo app.

Making payments πŸ’Έ

You need enough money in your account to make payments. But some transactions that would take your balance below zero may still go through and take you into unarranged overdraft. 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. You'll find information about unarranged overdraft fees on our fees and charges page.

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 and/or prevent user access 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 using one of our usual channels (read, 'How we'll contact you πŸ‘‹' ).

Payment Information 😊

You can find information on all your transactions in your feed and your regular bank statements in the app. Read our instructions to find out how to get a bank statement.

This table explains when we'll make payments
Type of payment Information we need How to give consent Timings
Bank transfers Receiver's:
  • name
  • account number
  • sort code
Either:
  • your card PIN, or
  • your device's biometric authentication functions
If you’ve set up a future payment, we'll treat you as giving your consent on the payment date.
Faster Payments usually happen instantly, but can take 2 hours. Other bank transfers can take up to 1 working day. The payment goes through when you give consent, and you can’t cancel it.
Transfers between your personal and business Monzo accounts Account you wish to make the payment to/from Either:
  • your card PIN, or
  • your device's biometric authentication functions
Transfers usually happen instantly, but can take up to 1 working day. The payment goes through when you give consent, and you can’t cancel it.
Standing orders Receiver’s:
  • name
  • account number
  • sort code
  • account type (Personal or Business)
  • payment date
  • payment frequency (if recurring)
Either:
  • your card PIN, or
  • your device’s biometric authentication functions
Standing orders are set up and cancelled instantly. Future transfers will happen at 2:00am (UTC) on the day they've been scheduled for, so you need to cancel them before 2:00am (UTC) on the day the payment is due.
Direct Debits Your:
  • account number
  • sort code.
We support making payments via Direct Debit only (not receiving payments via Direct Debit). To set up a Direct Debit you'll need to contact the organisation you want to pay and give them your sort code and account number. We get the payment order on the working day before we take the money from your account. You'll see it in your account as a scheduled payment. We'll collect the money at 2:00am (UTC) the day after receiving the order. Cancellations take a working day to process, so you need to cancel them 2 working days before the payment is due.
Cheques Your:
  • account number
  • sort code
Not applicable Once we've received a cheque via post, we'll send you an app notification to let you know we've started processing the cheque. From this point, we'll generally process cheques within 4 working days, unless we're restricted by technical, regulatory or legal reasons.

Fees and charges 🏦

You'll find information about your account fees on our fees and charges page. Some accounts have a monthly fee. We charge a monthly account fee, starting the day you open the account. You need to pay the fee when it's due and if you don't have enough money in the account we'll retry each day. We might downgrade you to a free account if you don't pay.

You may have to pay other costs, taxes or charges in relation to your Monzo account, which are outside of our control and not charged by us. For example, other banks may charge you for sending money to your Monzo account.

Using your card abroad 🏝

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.

You'll find information about your account ATM and cash withdrawal fees on our fees and charges page.

Your account might have FSCS Protection πŸ”’

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 (see our FSCS information sheet).

You can find more information about the scheme (including the amounts covered and eligibility to claim) from the FSCS website.

You agree to us using your information 🀝

By accepting these terms, you agree to us using your information to make and receive payments on your account. If you're no longer happy for us to use your information, we'll have to close your account. But we may keep personal data about you, your directors, your users and other relevant third parties and use it where we have lawful grounds to do so. For example, any records we need to keep for regulatory reasons (see our Privacy Notice).

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 using one of our usual channels (read, 'How we'll contact you πŸ‘‹' ).

If you lose your card or see transactions in the app that look wrong, freeze your card and tell us as soon as possible (and no later than within 13 months from the date the money was taken from your account, otherwise you might not be able to get your money back).

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.

When we'll refund you

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,
  • we should've applied strong customer authentication but we didn't,
  • 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. We can help by speaking to other banks to make sure they treat any payment we send late as if it was sent on time.

When we won't refund you

You won't be able to claim back money you've lost if you or people you authorised:

  • 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)
  • purposefully didn't keep your phone, card or PIN safe, or you were very negligent in not keeping them safe
  • gave your phone, card or PIN to someone else when your account is overdrawn
  • acted fraudulently.

We have no Quincecare duty. That means you agree that we can process authorised payments made by a person authorised on your account. And you agree that we don’t have a duty to stop or investigate any authorised payments from your account, even if there are reasonable grounds to suspect the payment is being made for fraudulent reasons.

We’re also not responsible to you for:

  • any losses that were unforeseeable when these terms were agreed
  • any loss of business, goodwill, opportunity or profit that you may suffer
  • any loss caused by abnormal and unforeseeable circumstances beyond our control.

These exceptions won’t apply if we acted fraudulently or if we are at fault and the law doesn’t let us exclude our responsibility.

Closing your account 😭

Once this agreement has started it won't end until you or we end it. 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. We will ask for joint instruction from all authorised users to close the account. 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
  • your business is no longer eligible or there's been a material change to your business (see our eligibility information).

What happens if someone dies πŸ“œ

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 use 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, and are an eligible small business, you can refer your complaint to the Financial Ombudsman Service. For more details, or to check your eligibility, you can visit the Financial Ombudsman for Small Businesses website.

Making changes to this agreement πŸ“

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: Broadwalk House, 5 Appold St, London EC2A 2AG.