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. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. 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. 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 . 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. Do other banks pull stuff like this? Corporate_Drone31 2 yr. ago. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. HELP! 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 Bank Limited is a company registered in England and Wales (No. 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. 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. 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 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.. Managers have more impact on our mental health than doctors and therapists! The police tell us to. 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. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. After being criticised by. monzo closed account refundplains, plateaus, and mountains worksheets. But if theyve checked it and given 2 months notice, thats the end of it. Form: 2- BF. The call just cuts off after 10 minutes! Monzo legally cannot tell you why. (Monzo Closed Account Without Explanation). Have you had a change of circumstances? Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. I contacted Monzo, and they told me they had nothing at this time. [Blog link was removed]. 09446231). I can't get in touch with Monzo since I my account was deleted and I can't login anymore. 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? Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Monzo Plus/Premium We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. denver museum of nature and science prehistoric journey. If that was the case they would not have two months they would be cut off immediately. 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. 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. Monzo have flagged his account for something. Sent messages to them but they seem pretty slow at the moment. Im afraid this customer forum isnt the place to discuss closed accounts. What happens to that refund? This is a first Ive heard it happen to a personal current account, and I dont like it one bit. 21/09/18 - 5 accounts now closed. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. Otherwise criminals would quickly figure out how to get around them! We identify a risky customer. Bet 10* & Get 30* in Free Bets. 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. Or will the end up in my main account or something else? The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. It was around December last year when Rhys Harford, 25, first noticed a problem. Existing customers can get help via the app. been abusive to anyone at Monzo or a member of our community. 09446231). The stories on it may alarm some of. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. 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. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. 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. Get in touch with proof from the merchant confirming that they plan to refund your deposit. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. But the biggest issue i have is they said 2 months. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Were a regulated bank. Which youve already replied to? They're saying they can only refund to the original card Any idea what I'm supposed to do here? There are two ways you can buy with Flex. 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. Some users are accusing Monzo of. However today i received a message saying the account would be closed in 2 months. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 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. For over a month, I had no funds. Only 29 percent of these complaints were resolved in the consumers favour. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. Monzo, the banking start-up loved by millennials, has over three million users. Quick question. We know this can be very frustrating, and were not being deliberately difficult. He continues: A couple of days passed, and I thought it would take three to five days [to get the 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. If you used your account for anything cryptocurrency related, that might be why. Thats not an acceptable risk for us. However, its not all rave reviews. Our Financial Services Register number is 730427. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. So in my mind, Im a Premium customer and I get paid interest on my balance. Closing accounts can help fight financial crime Financial crime is a serious problem across society. Sometimes blocking or closing accounts is one of the ways we do this. 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.. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. 09446231). Update on this earlier post. Only like you said, if it was fraud related. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. If were able to confirm its definitely you, well unblock your 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 . 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 thought I was the only one, he explains. "The prevention of financial crime is an issue that affects the entire. 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. Theres more here about two ways to pay. 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). "I thought I was the only one," he explains. Theres a lot of anger towards the otherwise quite popular service. 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. 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. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. Existing customers can get help via the app. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. VICE viewed the . The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . I am a victim of fraud here, I cannot even afford to take this to court. Danielle Richardson. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Our Financial Services Register number is 730427. 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. Its likely that your old Monzo account has a positive balance. 09446231). "But for others, it's been detrimental to their daily lives.. 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. Meu negcio no Whatsapp Business! 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 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. 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. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. Need it sooner? In line with our terms and conditions, we can close an account by giving two months notice. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. (This is known as tipping off.). If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. Last run: 364 days. So what do I do? Our Financial Services Register number is 730427. Were sorry to see you go. However, when he got to a cashpoint in north London, his Monzo card was declined. It's probably easier for Monzo to simply reject the refund. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. 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. Financial crime is a serious problem across society. Junho 11, 2022; police story: season 2 . I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. Finding out your bank has blocked or closed your account can be stressful and frustrating. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. and our Yeah i did think that. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. This only happens very rarely, and most customers will never even know its happening. Im only able to do this because refunds from a flex purchase dont repay the balance. 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. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 18+ only. Refunds take up to 14 days from when the merchant processes it. 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. If you do come across one of these stories, its wise to take them with a pinch of salt. I then got an email from them saying it was going to take two to four weeks. Existing customers can get help via the app. Having a wage deposited into it and its all been fine. 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. New Customers only. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. Your first step should be to contact the merchant and see if it has bounced back. 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. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. 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. 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. Our Financial Services Register number is 730427. There are some common signs that someones using an account for criminal activity. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. But we can broadly explain when we might do it: We spot unusual activity. Our Financial Services Register number is 730427. No change of circumstances and still live in the UK. So we might block the account on our side to investigate, and close it depending on what we find. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. 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. 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. 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. 6 yo Gelding. CONFUSING! 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. 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. Sometimes freezing, blocking or closing accounts is part of that. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. It was here that Harford found the advice he needed to get his money back. Place your first bet, if it loses we will refund your first bet stake as a free bet. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Monzo can not (by law) tell the customer this is why their account has been suspended. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. OP will have done something or some flag for it. 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. Min odds/bet and payment method exclusions apply. 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 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). Statements Have you stopped being a resident in the UK? Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. 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. Surely they need to have some sort of valid reason though right? Min odds/bet and payment method exclusions apply. Get help'. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. monzo closed account refund. Ive had an account with monzo since 2018 and used it regularly for years. 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. Refunds take up to 14 days from when the merchant processes it. 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. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. This process is the same as any other High St banks. Reddit and its partners use cookies and similar technologies to provide you with a better experience. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. W: 12st 0lb. 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. OP will have done something or some flag for it. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Im afraid youll just have to take your money and pick another bank. Privacy Policy. 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. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Harford says that he struggled to get information from Monzo after his account was frozen. You might not understand why its happened, and feel powerless to change things. Free Bets are paid as Bet Credits. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Its just the way the law works. It impacts our economy and can affect people in devastating, life-changing ways. 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. 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 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. Mr Fisher was angry that. It might take a while, but you should get your money back in the end. 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. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. 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? Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. I dont understand your point? Getting your car rental or hotel deposit refund. Free Bets are paid as Bet Credits. Denied for all further applications. So of course Im going to keep the money in a pot until its due back. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. monzo closed account refund. Do drop Monzo an email to confirm what will happen, though. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . 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. 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 .

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