UK: Monzo to disable prepaid cards this April

Monzo has announced that it will disable prepaid Monzo cards from April this year.

To continue being a Monzo customer, prepaid cardholders will need to sign up to a new current account, which can be done within the Monzo app and without starting a new application. Any Monzo users who do not want to change to a current account will be given 60 days’ notice in February that their account will be closed and any money remaining on the card returned via currently undisclosed methods.

"Any Monzo users who do not want to change to a current account will be given 60 days’ notice in February that their account will be closed and any money remaining on the card returned via currently undisclosed methods."

Any existing prepaid customers can register for a current account between now and April, with those who do so to receive a new debit card within 5 days.

Monzo has also announced that any new customers who apply for a current account will only undergo a hard credit check if they desire an overdraft facility.

At the time of writing, an exact date for the closure of the prepaid card service is yet to be confirmed.

 

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