During those weeks I kept contacting Monzo and going, What's going on? Were sorry to see you go. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. 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. Im not in a sticky situation either way, but just keen to know how this side of it works before I use it again - Ive checked Help section and googled this, but come up with nothing so far. 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. Its just the way the law works. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. New comments cannot be posted and votes cannot be cast. The police tell us to. 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. Otherwise criminals would quickly figure out how to get around them! Managers have more impact on our mental health than doctors and therapists! From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. Monzo Bank Limited is a company registered in England and Wales (No. OP will have done something or some flag for it. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. 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. Update on this earlier post. 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. 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. 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. Our Financial Services Register number is 730427. 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. The account would be frozen until the concern was resolved. 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. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. What can I actually do. 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? They were quick to respond, but not with very helpful advice. Having a wage deposited into it and its all been fine. Which youve already replied to? If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. 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. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. Some users are accusing Monzo of freezing or closing their accounts for no reason, claiming to have had to wait to get their money back or even not receiving it at all. Monzo Bank Limited is a company registered in England and Wales (No. Sent messages to them but they seem pretty slow at the moment. Cookie Notice if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Do other banks pull stuff like this? 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. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. If you decide you want to re-open your account at a later date you will need to wait at least 30 days from the date of closure, you wont be able to use the Current Account Switch Service to change to another bank and there are no guarantees that we'll be able to re-open your account for you. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. Form: 2- BF. 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. Refunds take up to 14 days from when the merchant processes it. Corporate_Drone31 2 yr. ago. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. We can close your account by giving you at least two months notice. They should be able to provide evidence of what card it was refunded to, its probably the one you paid on, but Monzo wont get the money if the account is closed, it will bounce back but this can take quite a bit of time. 6 yo Gelding. The call just cuts off after 10 minutes! They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn What reasons would they have though?? If you've received an email letting you know that you've received a refund and asking you to login to the app, please download the Monzo app and follow the instructions. Were a regulated bank. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. 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. Denied for all further applications. But we can broadly explain when we might do it: We spot unusual activity. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. 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. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. So we might block the account on our side to investigate, and close it depending on what we find. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. So of course Im going to keep the money in a pot until its due back. 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 Digital bank Monzo has closed its fee-charging packaged current account to new customers five months after launching it and is refunding some of those who signed up. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working 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. Monzo Bank Limited is a company registered in England and Wales (No. 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. Financial crime is a serious problem across society. 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. 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). Other than a monthly wage coming in theres been no other incoming transactions since November too. To cut a long story short, I had current account and a joint account from Monzo and then out of the blue they froze and then proceeded to close both of my accounts, which is fine I can go back to my old bank, but I had a loan with monzo and they haven't even mentioned it during any . They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. However, its not all rave reviews. '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. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 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). Existing customers can get help via the app. OP will have done something or some flag for it. Yeah i did think that. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. 09446231). "But for others, it's been detrimental to their daily lives.. If were able to confirm its definitely you, well unblock your account. If you do come across one of these stories, its wise to take them with a pinch of salt. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. very strange situation here. It impacts our economy and can affect people in devastating, life-changing ways. W: 12st 0lb. We don't know what and we'll probably never know. 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. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. Before this time frame, it received fewer than 30 complaints in a six-month period. I thought I was the only one, he explains. It was here that Harford found the advice he needed to get his money back. monzo closed account refundplains, plateaus, and mountains worksheets. 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. Quick question. 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. You can find more information in the terms and conditions. Ive had an account with monzo since 2018 and used it regularly for years. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Do drop Monzo an email to confirm what will happen, though. Ive posted about this previously. 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). Unfortunately were all customers here so wont be able to help; but if its not an immediate closure its likely that you just no longer fit the customer profile theyre looking for for one reason or another. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. 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. 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. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. They havent just randomly decided to close his account. The Monzo stole my money Facebook group contains stories of people who have struggled to pay rent, couldnt access Universal Credit payments, or were stuck abroad without a functioning bank card. Only 29 percent of these complaints were resolved in the consumers favour. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. In response to a 2019 Watchdog investigation into Monzos freezing of peoples accounts, the bank told the BBC: Typically, if we discover that activity is not suspicious, an account that has been frozen is reactivated in ten minutes. Getting your car rental or hotel deposit refund. Existing customers can get help via the app. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Closing accounts can help fight financial crime Financial crime is a serious problem across society. 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. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. This process is the same as any other High St banks. Some users are accusing Monzo of. I would have thought having it set like this would open the system to abuse somehow. The stories on it may alarm some of. Nobody here is going to know, because if its happened to them, they wont know either. Why wouldnt I? A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. Theres more here about two ways to pay. Theres a lot of anger towards the otherwise quite popular service. Form & Verdict. I contacted Monzo, and they told me they had nothing at this time. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Monzo, the banking start-up loved by millennials, has over three million users. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. No change of circumstances and still live in the UK. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. If it's rejected the merchant should inform you and then likely ask for new details. (Monzo Closed Account Without Explanation). If youve been waiting more than 14 days, please check that the merchant definitely sent the money. and our Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Junho 11, 2022; police story: season 2 . It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Have you had a change of circumstances? VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. It impacts our economy and can affect people in devastating, life-changing ways. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Mr Fisher was angry that. Im afraid youll just have to take your money and pick another bank. You can use that refund to pay-off the Flex instalment plan by tapping pay off extra - or keep it in your current account and just pay off the remaining instalments on your Flex payment date. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. 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. I havent moved country, or moved address, or done any transactions i havent done many times over for months, just your normal wages coming in and amazon type transactions. Statements Monzo Bank Limited is a company registered in England and Wales (No. Surely they need to have some sort of valid reason though right? Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. 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. 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. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. Only like you said, if it was fraud related. 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. Privacy Policy. 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 . Refunds take up to 14 days from when the merchant processes it. 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? 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. So in my mind, Im a Premium customer and I get paid interest on my balance. But if theyve checked it and given 2 months notice, thats the end of it. Harford says that he struggled to get information from Monzo after his account was frozen. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. "The prevention of financial crime is an issue that affects the entire. 09446231). Existing customers can get help via the app. HELP! 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? Or will the end up in my main account or something else? This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. 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. 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. Have you stopped being a resident in the UK? That 400 was everything I had to last 'til after Christmas.. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. We'll add 8% interest, applied from the date we originally received the money. Its likely that your old Monzo account has a positive balance. It might be a mistake on Monzos part, youd like to think theres human intervention here. 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. [Blog link was removed]. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. 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. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . For more information, please see our Need it sooner? This document will be password protected, and well send you the password to open it in a text message. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. gold coast shark attack video; giant schnauzer service dog for sale This increase in dissatisfied Monzo customers may just be proportional to the growth of the bank (it had 2 million users in June 2019; in September 2019 it reported to have hit 3 million), or it may indicate issues linked with such rapid expansion. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. 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. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. ! community bible study complaints; marriage witness requirements; It was around December last year when Rhys Harford, 25, first noticed a problem. Thats to do with fraud and AML law - if they are giving him two months its not that. 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. OP will have had his account flagged for something. Taints my faith in them somewhat. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. Its funny you say that because Ive heard back from chat now and the response pretty much amounted to lol, sort it out yourself mate. Our Financial Services Register number is 730427. Finding out your bank has blocked or closed your account can be stressful and frustrating. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. 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). In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Monzo Plus/Premium Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. However today i received a message saying the account would be closed in 2 months. 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. 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 ). Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. New Customers only. In line with our terms and conditions, we can close an account by giving two months notice. If that was the case they would not have two months they would be cut off immediately. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Your first step should be to contact the merchant and see if it has bounced back. This only happens very rarely, and most customers will never even know its happening. It's probably easier for Monzo to simply reject the refund. Sometimes freezing, blocking or closing accounts is part of that. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. VICE viewed the . If you used your account for anything cryptocurrency related, that might be why. 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. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. 09446231). Our Financial Services Register number is 730427. What happens to that refund? Monzo have flagged his account for something. It made me feel upset and angry because that's the only money I had for my daughter, she says. How is this fair? So if you bought something for 30, flexed it over 3 instalments; and then sent it back for a full refund, youd see 20 of the refund paid-off the instalment plan, and your first instalment of 10 refunded to your current account. 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 It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. Last run: 364 days. 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. I dont understand your point? I have opened up a new account on the highstreet today, surely that indicates I am under no investigations.