Turns out, there were loads of people going through the same stuff. Others in a similar situation to Harford recommended keeping screenshots of all correspondence with Monzo, and contacting its complaints department. Monzo Bank Limited is a company registered in England and Wales (No. after contacting monzo support they told me i will be receiving the money left in the account all i had to do is send them my new bank details, and it would take 2-4 weeks it's about 3 months on now and i still haven't received anything what can i do? Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: As soon as you receive notice that your bank has closed your account, you need to take immediate action in order to be able to continue to pay your bills and manage your money. We may close your account or stop you using your card and app immediately if we believe youve: put us in a position where we might break the law, broken the law or attempted to break the law. This only happens very rarely, and most customers will never even know its happening. Wide margin winner of his sole point-to-point for Cormac Farrell in November was overturned at long odds-on in this event last year, albeit finishing a clear second to the now very useful 138-rated hurdler Three Card Brag; 20-1 shot for the Cheltenham Bumper . If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . Meu negcio no Whatsapp Business! I then got an email from them saying it was going to take two to four weeks. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. I've had an inconvenience, which is frustrating," says Harford. For over a month, I had no funds. Only like you said, if it was fraud related. Harford says that he struggled to get information from Monzo after his account was frozen. You can use your virtual card, or you can pay with your Monzo debit card and then move the transaction to Flex up to two weeks after you made the payment. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. Managers have more impact on our mental health than doctors and therapists! This needs to be sorted out now. In the summer of 2019 a Facebook group, " Monzo stole our money ", was quietly set up by Ian Fisher after his account was unexpectedly closed by the digital bank. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Troubleshooting declined contactless card payment, Card payment declined but you've still been charged, Information about our Personal Current Account Services, Proof of the original receipt (screenshot or photo of paper receipt), Proof you spoke to the merchant (screenshot of the email you sent them), Optional: proof of cancellation (screenshot if you tried to cancel the order). According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. OP will have done something or some flag for it. Usually a refund cant be sent to where a person requests it, as some fraudsters do use refunds as a means of cleaning fundsbut if you can prove the account is closed you may be able to get them to refund it elsewhere, should the money bounce back. Sign up, deposit between 5* and 10* to your account and bet365 will give you three times that value in Free Bets when you place qualifying bets to the same value and they are settled. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. In a private Facebook group called Monzo stole my money, which now has over 1,300 members, many are furious that their accounts have been frozen without notice, claiming that the company is being unclear about where their money has gone, or when it will be returned. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. If you'd still like to proceed with closing your account please complete the below steps: Bring your account balance to 0 (this includes withdrawing the balance of your Pots) Tap on your profile icon (if you can't see that, swipe down on your card) Tap on the settings cog Tap "Close account" to get started Was this article helpful? How do I get it back? If that was the case they would not have two months they would be cut off immediately. It usually happens if a change of circumstances or behaviour means a bank no longer wants to provide banking facilities to you, Its in every banks T&Cs that they can terminate the relationship by giving you 1-2 months notice and when they close the account in cases like this they just point to that bit of their T&Cs, we could all be culled off for no apparent reason. 09446231). If you used your account for anything cryptocurrency related, that might be why. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. If the refund is for the full value of the purchase, there will often be some left over which well put back into your current account. We'll add 8% interest, applied from the date we originally received the money. He. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. Doesnt seem like a bad outcome, but seems odd - I would have thought having it set like this would open the system to abuse somehow. Yeah i did think that. When VICE approached Monzo for comment, a spokesperson said that the company would not be able to comment on the closing of users accounts without specific details on individual cases. There are two ways you can buy with Flex. However, its not all rave reviews. But blocking or closing accounts is something all banks have to do sometimes, to meet their legal and regulatory obligations, in line with their terms and conditions, and to help fight against financial crime. If youre having any trouble downloading the app, logging in or approving your identity or you need us to send your balance to an international account please email remainingbalance@monzo.com with the following information: Please also send a selfie holding your ID, so we can verify your identity. Would be nice to know, in at least a vague sense, the criteria, so as a customer I can try to avoid falling into it. You are assuming Monzo have frozen your account due to the fact that you're dealing in crypto, but everything you've told us suggests they're treating it as a regular fraud concern. Closing accounts can help fight financial crime Financial crime is a serious problem across society. Thats to do with fraud and AML law - if they are giving him two months its not that. I am a victim of fraud here, I cannot even afford to take this to court. I dont understand your point? But the biggest issue i have is they said 2 months. Information about our Personal Current Account Services, Please log in and verify your identity by recording a short video and taking a photo of one of your ID documents, Once weve verified you, youll be able to give us the details of another UK account for us to forward the money to. Thats not an acceptable risk for us. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. Why have I received an email about a refund from my closed account? if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). It was around December last year when Rhys Harford, 25, first noticed a problem. Reddit and its partners use cookies and similar technologies to provide you with a better experience. By signing up, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from Vice Media Group, which may include marketing promotions, advertisements and sponsored content. Of course they do. [Blog link was removed]. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. In this case, where a customer has been given two months before the account being closing, it means that theyve done nothing wrong by law, but Monzo have simply (for whatever reason) decided they no longer want them as a customer. A day later I end up having payments blocked on my account suddenly and then within an hour my account was shutdown without warning or reason, stating that, "The outstanding balance of your account have been returned to their originating source". Over the weekend that 55 cash advance became a 139 cash advance as the merchant has now refunded the duplicate transaction, but the 55 Flex balance hasn't automatically settled and Monzo's 88 chargeback refund is still in my account too. I went to transfer the money over to my other account, just in case the card wasn't working [but] it didn't let me transfer it., I was in the middle of the shopping centre trying to text Monzo, and they texted me back and said my account had been frozen, and they couldn't tell me why or when it was going to unfreeze, she continues. It might be a mistake on Monzos part, youd like to think theres human intervention here. Some users are accusing Monzo of. Nothing dodgy has happened in my life at all - and certainly not in the last few months - so it doesnt make any sense to me. Monzo have flagged his account for something. New comments cannot be posted and votes cannot be cast. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. Recently the "Specialist" support team contacted me saying I have been found to have commited fraud through LocalBitcoins and other cryptocurrency platforms (which is completely untrue seeing as I have stolen no one's money and I only use LBC). Weve taken the unfortunate decision to close yours with immediate effect., The email also said that Hopkins funds will be returned to the source., According to Monzos Terms and Conditions, the company reserves the right to close an account at any time, particularly if it believes fraudulent actions are taking place. He lost 4,000, saved for his son's enrolment at university in September, after being called by a fraudster from a number that matched Monzo's, flagging suspicious activity on his account. Or will the end up in my main account or something else? VICE viewed the . This process is the same as any other High St banks. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Were sorry to see you go. (This is known as tipping off.). Before this time frame, it received fewer than 30 complaints in a six-month period. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. I just didn't know what to do., When Hopkins contacted Monzo again, a customer service employee asked her if she had friends or family who could help: I said no, and I shouldn't need to [borrow money] because I have my own money., Hopkins received an email response from Monzo on the same day that VICE approached the company for comment. Theres more here about two ways to pay, Paying off extra and early with Monzo Flex, Making a Section 75 or purchase protection claim with Monzo Flex, Making a Section 75 claim on a virtual Flex card transaction, Information about our Personal Current Account Services. Bet 10* & Get 30* in Free Bets. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Im only able to do this because refunds from a flex purchase dont repay the balance. The FOS are a sham, they are taking a further 3 months or so to come to a final conclusion after being told by an adjudicator that everything done by Monzo bank was a fair process. You can find more information in the terms and conditions. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. Reading about other people it seems their accounts were cut off immediately (and monzo claimed something like 95% of those decisions were correct- which they would do ofcourse and i assume they put it down to fraud or some sort of dodgy thing). That 400 was everything I had to last 'til after Christmas.. My account was closed about 8 months ago which is fine and I accepted it, but I need a refund from an airline for a flight I was supposed to take in March 2020, but booked in June 2019 with my Monzo card. (Monzo Closed Account Without Explanation). With its neon orange card and well-designed app, plus the ability to advance your wage before pay day, the company is popular among younger consumers. monzo closed account refund. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. However today i received a message saying the account would be closed in 2 months. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. "I thought I was the only one," he explains. Min odds/bet and payment method exclusions apply. Monzo Bank Limited is a company registered in England and Wales (No. Sadly its common for criminals to try and get into their accounts by putting pressure on us, and sometimes getting other people to join in too. Last month, it told the Guardian that it had received over 700 complaints about Monzo the majority of which were in the last six months. If youve been told by the retailer that theyve sent you a refund, its always worth checking the instalment plan to see if some of the balance has been paid-off, and whether a smaller amount has come back to your current account at the same time. I contacted Monzo, and they told me they had nothing at this time. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. Ive posted about this previously. Last run: 364 days. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Existing customers can get help via the app. Thats kinda worrying if what you say is true (I dont doubt that it is) but as a average user with no shadyness in my life like 99.9% of account holders, we could all be culled off for no apparent reason. Hoping it was just a technical error, he tried to transfer the funds to a different bank account, but found that he was unable to. Update on this earlier post. However, it's not all rave reviews. Having a wage deposited into it and its all been fine. 6 yo Gelding. If the money has been credited to your account then Monzo will be able to advise on how you can get hold of it and the rest of your funds after they've concluded their investigation. Sometimes freezing, blocking or closing accounts is part of that. A spokesperson for the Financial Ombudsman Service told VICE: If youre unhappy with your provider [bank], get in touch with the Financial Ombudsman Service and well see if we can help.. It might take a while, but you should get your money back in the end. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. Monzo Bank Limited is a company registered in England and Wales (No. Heres some more information about why this sometimes happens. New Customers only. They were quick to respond, but not with very helpful advice. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. W: 12st 0lb. Get in touch with proof from the merchant confirming that they plan to refund your deposit. How is this fair? Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. Our Financial Services Register number is 730427. Sent messages to them but they seem pretty slow at the moment. So obviously it cant be a security risk or a fraud risk issue as they still are allowing me to use their service for 2 months, right? Monzo Bank Limited is a company registered in England and Wales (No. Monzo Premium is for customers aged between 18 and 69 years old and comes at a monthly cost of 15 for a minimum subscription of 6 months. What can I actually do. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. Free Bets are paid as Bet Credits. 18+ only. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Why have I received an email about a refund from my closed account? I am being treated as a fraudster without any due process. Were a regulated bank. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. If you have a Monzo Plus or Premium subscription youll need to cancel that first by following the below steps: If youd still like to proceed with closing your account please complete the below steps: Existing customers can get help via the app. Most refunds will come back within a day or two but sometimes they can take up to 2 weeks, so it's always worth checking your Flex 'Manage' tab and current account. Nobody here is going to know, because if its happened to them, they wont know either. Form & Verdict. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. When our fraud systems spot activity that might be suspicious and we decide to block an account, we aim to have a person review it within 10 minutes (night or day). If you have any issues with the in-app flow and provide your defund details by email well aim to transfer it within 7 working days for UK accounts (2-3 weeks for international payments). It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. I was relying on that money, and I was stressed and anxious because I couldn't sort anything out, and I don't have any family members close. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. If it's rejected the merchant should inform you and then likely ask for new details. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. I genuinely thought it was just an issue with their system, Harford tells me over the phone. After being criticised by. If a fraud closure is immediate then it's clearly something less serious but also something Monzo don't want to be a part of. OP will have done something or some flag for it. If dodgy stuff is confirmed (or unable to be shown to be legitimate) they'll close the account to protect themselves from facilitating further ML/fraud (as any bank that is found to do so can face a huge fine). Denied for all further applications. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It made me feel upset and angry because that's the only money I had for my daughter, she says. It was here that Harford found the advice he needed to get his money back. I have been banking with Monzo for a few months now, using it to trade Bitcoins through LocalBitcoins (peer to peer) and pay for various things. The start-up has done so well that, in 2019 after a new round of funding in the US, it was valued at around 2 billion. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Ive asked Monzo to take a look at this via chat, but were at 9 days now and Im still yet to get a response from a specialist. They're saying they can only refund to the original card Any idea what I'm supposed to do here? If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. very strange situation here. For more information, please see our 'If criminals get access your online banking via your Sim card, they can charge your details, set up new payments and even open up another account or take out a loan,' Steve told us. It's all the same: I'm sorry for the inconvenience, we don't have a time frame, we can't tell you why. I've told them I have a baby. Sometimes blocking or closing accounts is one of the ways we do this. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. I thought I was the only one, he explains. I was wondering how this will work with the Flex experience - will that purchase be paid off? If the merchant confirms that they've sent the refund and your refund still hasn't arrived after 14 days, please get in touch with: We won't be able to help unless you have these and 14 days have passed . We can close your account by giving you at least two months notice. There's more here about two ways to pay So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. Information about our Personal Current Account Services, Bring your account balance to 0 (this includes withdrawing the balance of your Pots), Tap on your profile icon (if you cant see that, swipe down on your card). Our Financial Services Register number is 730427. 09446231). 09446231). Getting your car rental or hotel deposit refund. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. However, when he got to a cashpoint in north London, his Monzo card was declined. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. If you do come across one of these stories, its wise to take them with a pinch of salt. If the account activity does seem suspicious, we have to report it to the National Crime Agency, and wait for their response before closing the account. I cancelled a amazon flex order and money was refunded instantly to my account and the flex plan closed automatically with "paid off " status , and the 1st payment I made was transferred back to my current account automatically , Good to know, thank you (hadnt spotted your post as I just looked at thread titles and not used to this system ). New Customers only. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. Corporate_Drone31 2 yr. ago. How do I get my money back? If i was committing fraud (which im not and never have) and they did this theyre essentially saying go ahead, you got 2 months longer to keep committing fraud, and well shut you down then wouldnt make any sense even when you think about it. been abusive to anyone at Monzo or a member of our community. We identify a risky customer. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. Im afraid this customer forum isnt the place to discuss closed accounts. If the account is closed it'll probably return to the sending bank If you have evidence of the account being closed provide it to the entity refunding you, they may require this evidence to have it paid anywhere else for AML reasons harryalex99(Harry Alexzander) 21 January 2021 17:19 #3 Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. denver museum of nature and science prehistoric journey. And like all banks, we have to act in certain ways, to protect ourselves and our customers. In the Watchdog investigation, the bank said: Without context, which we are prohibited from sharing by law, it is incorrect to reach a conclusion about why accounts have been frozen or closed., It also told the Guardian: "Blocking accounts is a legal requirement, and as a regulated bank we have a duty to detect and prevent financial crime.. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Monzo Bank Limited is a company registered in England and Wales (No. and our If the account is closed itll probably return to the sending bank, If you have evidence of the account being closed provide it to the entity refunding you, they may require this evidence to have it paid anywhere else for AML reasons. Get help'. monzo closed account refund. It's likely that your old Monzo account has a positive balance Please log in and verify your identity by recording a short video and taking a photo of one of your ID documents However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. My Monzo account was blocked for no reason given, I gave alternative details fro my funds to be transferred but ~I received a refund into the Monzo account a month or two later. Do drop Monzo an email to confirm what will happen, though. So what do I do? But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Your first step should be to contact the merchant and see if it has bounced back. monzo closed account refundplains, plateaus, and mountains worksheets. During those weeks I kept contacting Monzo and going, What's going on? So of course Im going to keep the money in a pot until its due back. Monzo legally cannot tell you why. Danielle Richardson. This Christmas Ive used the Flex system to get a small cash advance by splitting a payment over 12 payments with Curve Credit and then again with Monzo Flex. "The prevention of financial crime is an issue that affects the entire. Monzo closed my account but I have a loan with them. Other than a monthly wage coming in theres been no other incoming transactions since November too. Which youve already replied to? I can imagine TS Anil or Anne doing the draw themselves at the Monday morning staff stand-up, Powered by Discourse, best viewed with JavaScript enabled, Monzo giving two months notice of account closures, Just received a mail that Monzo are closing my account, Devastated About Account Closure after 2 years. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. No change of circumstances and still live in the UK. Monzo Plus/Premium About a day or two later, I got a message from Monzo saying I had to source alternative banking. Harford's Monzo account had been closed. Statements Existing customers can get help via the app. What happens to that refund? I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 730427. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed.
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