These legal terms (English law applies and disputes will be settled by the English courts) are between you and Monzo Bank Limited (Monzo/we/us). We will communicate with you at all times in English by email or via the Monzo app.
How to contact us đź’¬
If you have any questions or queries you can email us at remainingbalance@monzo.com.
These terms and conditions apply to the remaining balance procedure. Please save a copy of these terms for your reference.
Remaining balance procedure
There was some money in your account at the time it was closed. By following the steps below you can transfer this money to another UK bank account. Unless we tell you otherwise, we’ll add interest at a rate of 8% per year from the date your account was closed up until the date you initiate the transfer. But we’ll stop adding interest 60 days after our first communication informing you of this remaining balance procedure.
How it works
To empty your account:
Download the Monzo app and log in
Complete identification and verification checks. This will involve taking a selfie with an approved form of identification (like a passport or driving licence).
The app will display the amount that is available to transfer. You’ll need to transfer the entire amount in a single payment
To make this payment we will need the name of the account holder and their bank details. When you click “Start Transfer” you consent to making the payment. Once you have given consent you can’t withdraw it.
The payment should go through instantly but can take up to two hours. You will receive confirmation that the payment has been made. If you have any concerns or questions please contact us on the details provided above.
Our responsibility to you
We’ll usually refund your money if someone makes a payment without your permission.
We’ll also refund any money you lose if we make mistakes 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.
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
you purposefully didn’t keep your phone, card (including virtual card), PIN or other security details safe, you were very negligent in not keeping them safe, or you gave them to someone else
you acted fraudulently.
We’re not responsible for any loss or damage (direct or indirect) caused by something beyond our reasonable control. So you won’t be able to claim back money you lost if your losses resulted from circumstances that we couldn’t or shouldn’t have been expected to know about.
If there is an issue with your payment and you don’t let us know within 13 months from the date the money leaves your account you might not be able to get the money back.
How to make a complaint
If you have a complaint, please contact us. You can find additional information on how to make a complaint on our website. If you're not happy with our response after you've spoken to us, you can ask to have your complaint resolved by the Financial Ombudsman Service. You can write to them at Exchange Tower, London E14 9SR, or call 0800 023 4567, or send an email to complaint.info@financial-ombudsman.org.uk.
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 Street, London, EC2A 2AG.
The FCA’s contact details are: Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN. Email: consumer.queries@fca.org.uk
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