He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. Sent messages to them but they seem pretty slow at the moment. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 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. It was here that Harford found the advice he needed to get his money back. I thought I was the only one, he explains. Monzo closed my account but I have a loan with them. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. 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. Danielle Richardson. Statements We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. 09446231). Ive had an account with monzo since 2018 and used it regularly for years. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Were a regulated bank. 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. 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. Min odds/bet and payment method exclusions apply. Theres more here about two ways to pay. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. denver museum of nature and science prehistoric journey. Monzo have flagged his account for something. Existing customers can get help via the app. Its unlikely to happen to 99.9% of customers. However, when he got to a cashpoint in north London, his Monzo card was declined. Form & Verdict. Denied for all further applications. 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. Mr Fisher was angry that. This process is the same as any other High St banks. 09446231). 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. Finding out your bank has blocked or closed your account can be stressful and frustrating. Monzo Bank Limited is a company registered in England and Wales (No. "The prevention of financial crime is an issue that affects the entire. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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? Bet 10* & Get 30* in Free Bets. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. That 400 was everything I had to last 'til after Christmas.. Free Bets are paid as Bet Credits. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. Financial crime is a serious problem across society. We can close your account by giving you at least two months notice. Cookie Notice 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). I genuinely thought it was just an issue with their system, Harford tells me over the phone. It might be a mistake on Monzos part, youd like to think theres human intervention here. Get help'. Do drop Monzo an email to confirm what will happen, though. This document will be password protected, and well send you the password to open it in a text message. 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. Have you stopped being a resident in the UK? Our Financial Services Register number is 730427. So what do I do? And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. 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. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. We know this can be very frustrating, and were not being deliberately difficult. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. 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. 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? Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. 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. And like all banks, we have to act in certain ways, to protect ourselves and our customers. 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 ). A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. 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. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. 18+ only. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. 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). 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. How do I get my money back? Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. Some users are accusing Monzo of. Thats to do with fraud and AML law - if they are giving him two months its not that. The police tell us to. Sometimes freezing, blocking or closing accounts is part of that. 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? Our Financial Services Register number is 730427. 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 someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). 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. It impacts our economy and can affect people in devastating, life-changing ways. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. We identify a risky customer. Refunds take up to 14 days from when the merchant processes it. so what other reasons could it be? Otherwise criminals would quickly figure out how to get around them! There are some common signs that someones using an account for criminal activity. 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. 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. Bet 10* & Get 30* in Free Bets. There are two ways you can buy with Flex. Monzo Bank Limited is a company registered in England and Wales (No. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. '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. "I thought I was the only one," he explains. Min odds/bet and payment method exclusions apply. New Customers only. 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). You can find more information in the terms and conditions. Im afraid this customer forum isnt the place to discuss closed accounts. OP will have done something or some flag for it. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. 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 . 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. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Free Bets are paid as Bet Credits. Of course they do. It might take a while, but you should get your money back in the end. Have you had a change of circumstances? This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. 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. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. 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. Monzo legally cannot tell you why. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn 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". Privacy Policy. 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. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. Monzo have flagged his account for something. Monzo Bank Limited is a company registered in England and Wales (No. If you do come across one of these stories, its wise to take them with a pinch of salt. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. 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). Our Financial Services Register number is 730427. During those weeks I kept contacting Monzo and going, What's going on? monzo closed account refund. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. 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. Our Financial Services Register number is 730427. New comments cannot be posted and votes cannot be cast. Before this time frame, it received fewer than 30 complaints in a six-month period. 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. He. If were able to confirm its definitely you, well unblock your account. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. 6 yo Gelding. 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 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 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. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. 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 . 09446231). In the end, it took over four weeks for Harford to receive his money back. 21/09/18 - 5 accounts now closed. So we might block the account on our side to investigate, and close it depending on what we find. 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. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. 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. 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. However, its not all rave reviews. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. (This is known as tipping off.). Its just the way the law works. 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. Why have I received an email about a refund from my closed account? Having a wage deposited into it and its all been fine. It's probably easier for Monzo to simply reject the refund. Place your first bet, if it loses we will refund your first bet stake as a free bet. Get in touch with proof from the merchant confirming that they plan to refund your deposit. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. 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. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. Existing customers can get help via the app. I've had an inconvenience, which is frustrating," says Harford. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. 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. But we can broadly explain when we might do it: We spot unusual activity. However, it's not all rave reviews. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Heres some more information about why this sometimes happens. Refunds take up to 14 days from when the merchant processes it. 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. 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. Monzo Plus/Premium Last run: 364 days. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Theres a lot of anger towards the otherwise quite popular service. Why have I received an email about a refund from my closed account? According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. It impacts our economy and can affect people in devastating, life-changing ways. 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. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . 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. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. If youve received an email letting you know that youve received a refund and asking you to login to the app, please download the Monzo app and follow the instructions. 09446231). 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 a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. Which youve already replied to? I then got an email from them saying it was going to take two to four weeks. Only like you said, if it was fraud related. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. Only 29 percent of these complaints were resolved in the consumers favour. 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. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. 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. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. community bible study complaints; marriage witness requirements; Has your situation changed recently? Monzo can not (by law) tell the customer this is why their account has been suspended. 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. OP will have done something or some flag for it. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. 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. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. They're saying they can only refund to the original card Any idea what I'm supposed to do here? 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. Harford says that he struggled to get information from Monzo after his account was frozen. 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. 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. The account would be frozen until the concern was resolved. 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'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 What happens to that refund? 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. We'll add 8% interest, applied from the date we originally received the money. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. I would have thought having it set like this would open the system to abuse somehow. So of course Im going to keep the money in a pot until its due back. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . CONFUSING! Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Why wouldnt I? 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. This needs to be sorted out now. I contacted Monzo, and they told me they had nothing at this time. No change of circumstances and still live in the UK. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. Junho 11, 2022; police story: season 2 . 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. W: 12st 0lb. What reasons would they have though?? If that was the case they would not have two months they would be cut off immediately. 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). 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.