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. 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. So what do I do? Denied for all further applications. 09446231). Privacy Policy. Quick question. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. 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. It made me feel upset and angry because that's the only money I had for my daughter, she says. Why have I received an email about a refund from my closed account? Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. 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. 09446231). Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. 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). (This is known as tipping off.). However, it's not all rave reviews. Getting your car rental or hotel deposit refund. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". It might be a mistake on Monzos part, youd like to think theres human intervention here. New Customers only. Theres a lot of anger towards the otherwise quite popular service. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. 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. 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. Im only able to do this because refunds from a flex purchase dont repay the balance. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. Our Financial Services Register number is 730427. 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. Do other banks pull stuff like this? Criminals successfully stole 1.2bn from people in the UK in 2019 alone. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. Were a regulated bank. Junho 11, 2022; police story: season 2 . It was a refund from Ticketmaster in October they also did not contact me to let me know but they are saying that it was refunded and I have to wait 15 days for them to find out where it went. HELP! OP will have had his account flagged for something. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. 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. 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. Yeah i did think that. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. I've had an inconvenience, which is frustrating," says Harford. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Finding out your bank has blocked or closed your account can be stressful and frustrating. You might not understand why its happened, and feel powerless to change things. Min odds/bet and payment method exclusions apply. But if theyve checked it and given 2 months notice, thats the end of it. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. In the end, it took over four weeks for Harford to receive his money back. Form & Verdict. They're saying they can only refund to the original card Any idea what I'm supposed to do here? New comments cannot be posted and votes cannot be cast. Existing customers can get help via the app. Refunds take up to 14 days from when the merchant processes it. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. To create a new dispute request, tap on a transaction in your app, and then scroll to the bottom where you'll see in red text 'Something wrong? I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. Or will the end up in my main account or something else? In line with our terms and conditions, we can close an account by giving two months notice. 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. It was here that Harford found the advice he needed to get his money back. Yes, true, but the rest of my post still applies. "But for others, it's been detrimental to their daily lives.. Its likely that your old Monzo account has a positive balance. Closing accounts can help fight financial crime Financial crime is a serious problem across society. Meu negcio no Whatsapp Business! 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. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. 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? During those weeks I kept contacting Monzo and going, What's going on? and our I am being treated as a fraudster without any due process. gold coast shark attack video; giant schnauzer service dog for sale Some users are accusing Monzo of. And like all banks, we have to act in certain ways, to protect ourselves and our customers. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. Taints my faith in them somewhat. We don't know what and we'll probably never know. 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. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. I was wondering how this will work with the Flex experience - will that purchase be paid off? If you do come across one of these stories, its wise to take them with a pinch of salt. 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.. If you paid with the virtual card, the refund might come into your current account, but more often it will directly go towards paying off the Flex instalment plan its connected to. 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? If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Free Bets are paid as Bet Credits. It's probably easier for Monzo to simply reject the refund. It impacts our economy and can affect people in devastating, life-changing ways. 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. Ive had an account with monzo since 2018 and used it regularly for years. It impacts our economy and can affect people in devastating, life-changing ways. so what other reasons could it be? Sometimes freezing, blocking or closing accounts is part of that. 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. Place your first bet, if it loses we will refund your first bet stake as a free bet. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. 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. This document will be password protected, and well send you the password to open it in a text message. Managers have more impact on our mental health than doctors and therapists! That 400 was everything I had to last 'til after Christmas.. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. We dont know what and well probably never know. 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.. 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. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. Im afraid youll just have to take your money and pick another bank. Financial crime is a serious problem across society. There are some common signs that someones using an account for criminal activity. However, when he got to a cashpoint in north London, his Monzo card was declined. 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. Cookie Notice But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. I thought I was the only one, he explains. Refunds take up to 14 days from when the merchant processes it. The account would be frozen until the concern was resolved. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. 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. Only 29 percent of these complaints were resolved in the consumers favour. They havent just randomly decided to close his account. 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. I am a victim of fraud here, I cannot even afford to take this to court. I then got an email from them saying it was going to take two to four weeks. 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. Bet 10* & Get 30* in Free Bets. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. Surely they need to have some sort of valid reason though right? 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. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Monzo Bank Limited is a company registered in England and Wales (No. Have you stopped being a resident in the UK? 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. 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. If fraud is involved, regular rules around account closures do not apply. Form: 2- BF. (Monzo Closed Account Without Explanation). Reddit and its partners use cookies and similar technologies to provide you with a better experience. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. If you used your account for anything cryptocurrency related, that might be why. 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. 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. 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. 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". 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. OR: . Sent messages to them but they seem pretty slow at the moment. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. 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. Our Financial Services Register number is 730427. My understanding was that UK banks have to give you a grace period to move your money to another bank of at least 30 days. 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). 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 . 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. 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. Ive posted about this previously. 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. Monzo legally cannot tell you why. Before this time frame, it received fewer than 30 complaints in a six-month period. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. 09446231). 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: 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 . "The prevention of financial crime is an issue that affects the entire. 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. We know this can be very frustrating, and were not being deliberately difficult. Only like you said, if it was fraud related. Corporate_Drone31 2 yr. ago. 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. 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 ). In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. He. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. CONFUSING! 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 were able to confirm its definitely you, well unblock your account. Have you had a change of circumstances? But the biggest issue i have is they said 2 months. Monzo, the banking start-up loved by millennials, has over three million users. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. Free Bets are paid as Bet Credits. 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. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. 18+ only. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. 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. Our Financial Services Register number is 730427. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. 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. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. Otherwise criminals would quickly figure out how to get around them! In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. "I thought I was the only one," he explains. Heres some more information about why this sometimes happens. However today i received a message saying the account would be closed in 2 months. W: 12st 0lb. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. 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. New Customers only. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. monzo closed account refundplains, plateaus, and mountains worksheets. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. 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). So we might block the account on our side to investigate, and close it depending on what we find. Other than a monthly wage coming in theres been no other incoming transactions since November too. 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. I genuinely thought it was just an issue with their system, Harford tells me over the phone. community bible study complaints; marriage witness requirements; Monzo Bank Limited is a company registered in England and Wales (No. 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 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. Theres more here about two ways to pay. So of course Im going to keep the money in a pot until its due back. Need it sooner? 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 it's rejected the merchant should inform you and then likely ask for new details. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. If that was the case they would not have two months they would be cut off immediately. VICE viewed the complaints filed by Harford, as well as emails and messages between him and Monzos customer service team and a letter of correspondence from Monzo, which confirmed the 25 compensation for the delay in returning his money. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. This only happens very rarely, and most customers will never even know its happening. 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). After being criticised by. Monzo have flagged his account for something. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. Your first step should be to contact the merchant and see if it has bounced back. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. For legal reasons they won't be able to discuss it with you whilst the case is ongoing.