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". They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn For over a month, I had no funds. We dont know what and well probably never know. 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. Closing accounts can help fight financial crime Financial crime is a serious problem across society. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. 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. 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. New comments cannot be posted and votes cannot be cast. Statements 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. They're saying they can only refund to the original card Any idea what I'm supposed to do here? It happened just over a week ago when she was shopping. Our Financial Services Register number is 730427. I was wondering how this will work with the Flex experience - will that purchase be paid off? I can't get in touch with Monzo since I my account was deleted and I can't login anymore. 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 . Monzo Bank Limited is a company registered in England and Wales (No. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. CONFUSING! Its just the way the law works. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. 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? Other than a monthly wage coming in theres been no other incoming transactions since November too. Your first step should be to contact the merchant and see if it has bounced back. "I thought I was the only one," he explains. Min odds/bet and payment method exclusions apply. 09446231). 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. Have you had a change of circumstances? Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. 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). Free Bets are paid as Bet Credits. Mr Fisher was angry that. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. Form: 2- BF. monzo closed account refund. Get in touch with proof from the merchant confirming that they plan to refund your deposit. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. Why wouldnt I? 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. 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. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . 18+ only. 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. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. We know this can be very frustrating, and were not being deliberately difficult. Getting your car rental or hotel deposit refund. HELP! After being criticised by. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: 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. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". New Customers only. 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 . Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It made me feel upset and angry because that's the only money I had for my daughter, she says. So in my mind, Im a Premium customer and I get paid interest on my balance. 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. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. 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). Existing customers can get help via the app. 09446231). But we can broadly explain when we might do it: We spot unusual activity. 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. No change of circumstances and still live in the UK. Heres some more information about why this sometimes happens. But the biggest issue i have is they said 2 months. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. During those weeks I kept contacting Monzo and going, What's going on? That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. 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. Harford says that he struggled to get information from Monzo after his account was frozen. I would have thought having it set like this would open the system to abuse somehow. Over the weekend that 55 cash advance became a 139 cash advance as the merchant has now refunded the duplicate transaction, but the 55 Flex balance hasn't automatically settled and Monzo's 88 chargeback refund is still in my account too. I am being treated as a fraudster without any due process. 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. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. W: 12st 0lb. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. How is this fair? If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. Danielle Richardson. What can I actually do. It was around December last year when Rhys Harford, 25, first noticed a problem. They havent just randomly decided to close his account. Im afraid youll just have to take your money and pick another bank. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. Monzo Bank Limited is a company registered in England and Wales (No. 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. OP will have done something or some flag for it. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. Some users are accusing Monzo of. Wide margin winner of his sole point-to-point for Cormac Farrell in November was overturned at long odds-on in this event last year, albeit finishing a clear second to the now very useful 138-rated hurdler Three Card Brag; 20-1 shot for the Cheltenham Bumper . If it's rejected the merchant should inform you and then likely ask for new details. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Our Financial Services Register number is 730427. Im only able to do this because refunds from a flex purchase dont repay the balance. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. [Blog link was removed]. Or will the end up in my main account or something else? 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. Has your situation changed recently? How do I get my money back? Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. 21/09/18 - 5 accounts now closed. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Monzo have flagged his account for something. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. 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). 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? In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Bet 10* & Get 30* in Free Bets. Free Bets are paid as Bet Credits. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Im afraid this customer forum isnt the place to discuss closed accounts. There are some common signs that someones using an account for criminal activity. 09446231). Do drop Monzo an email to confirm what will happen, though. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. 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. This needs to be sorted out now. 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. A spokesperson for the Financial Ombudsman Service told VICE: If youre unhappy with your provider [bank], get in touch with the Financial Ombudsman Service and well see if we can help.. It might be a mistake on Monzos part, youd like to think theres human intervention here. If that was the case they would not have two months they would be cut off immediately. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. I genuinely thought it was just an issue with their system, Harford tells me over the phone. 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. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. Refunds take up to 14 days from when the merchant processes it. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. "The prevention of financial crime is an issue that affects the entire. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Monzo Plus/Premium However, when he got to a cashpoint in north London, his Monzo card was declined. But if theyve checked it and given 2 months notice, thats the end of it. Financial crime is a serious problem across society. It impacts our economy and can affect people in devastating, life-changing ways. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. Surely they need to have some sort of valid reason though right? Thats not an acceptable risk for us. and our 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. Quick question. We can close your account by giving you at least two months notice. I contacted Monzo, and they told me they had nothing at this time. Get help'. ! 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'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? What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. Our Financial Services Register number is 730427. 6 yo Gelding. So we might block the account on our side to investigate, and close it depending on what we find. Otherwise criminals would quickly figure out how to get around them! Update on this earlier post. The police tell us to. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Theres a lot of anger towards the otherwise quite popular service. Taints my faith in them somewhat. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. 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. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. I then got an email from them saying it was going to take two to four weeks. 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. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. 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. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. Of course they do. Bet 10* & Get 30* in Free Bets. 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 you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. The call just cuts off after 10 minutes! very strange situation here. community bible study complaints; marriage witness requirements; "But for others, it's been detrimental to their daily lives.. However, its not all rave reviews. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. 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 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 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. Our Financial Services Register number is 730427. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. 09446231). If were able to confirm its definitely you, well unblock your account. 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. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Cookie Notice It impacts our economy and can affect people in devastating, life-changing ways. 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. 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. Yes, true, but the rest of my post still applies. The account would be frozen until the concern was resolved. Why have I received an email about a refund from my closed account? Refunds take up to 14 days from when the merchant processes it. Only like you said, if it was fraud related. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). 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. I am a victim of fraud here, I cannot even afford to take this to court. 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. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Sometimes blocking or closing accounts is one of the ways we do this. Its unlikely to happen to 99.9% of customers. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. However, it's not all rave reviews. 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. There are two ways you can buy with Flex. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. 09446231). Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. been abusive to anyone at Monzo or a member of our community. Refunds take up to 14 days from when the merchant processes it. VICE viewed the . The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. It's probably easier for Monzo to simply reject the refund. Sent messages to them but they seem pretty slow at the moment. In the end, it took over four weeks for Harford to receive his money back. So what do I do? 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 ). 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. Meu negcio no Whatsapp Business! 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. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Need it sooner? 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. How do I get it back? Min odds/bet and payment method exclusions apply. If fraud is involved, regular rules around account closures do not apply. If you used your account for anything cryptocurrency related, that might be why. 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. 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. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Thats to do with fraud and AML law - if they are giving him two months its not that. Privacy Policy. What reasons would they have though?? Our Financial Services Register number is 730427. 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. 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. Have you stopped being a resident in the UK? Having a wage deposited into it and its all been fine. The stories on it may alarm some of. 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. monzo closed account refundplains, plateaus, and mountains worksheets. 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. Recently the "Specialist" support team contacted me saying I have been found to have commited fraud through LocalBitcoins and other cryptocurrency platforms (which is completely untrue seeing as I have stolen no one's money and I only use LBC). If you do come across one of these stories, its wise to take them with a pinch of salt. 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. Only 29 percent of these complaints were resolved in the consumers favour. (This is known as tipping off.). Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. 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. Its likely that your old Monzo account has a positive balance. This only happens very rarely, and most customers will never even know its happening. 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. Monzo legally cannot tell you why. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. 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. Managers have more impact on our mental health than doctors and therapists! The first bet must be placed within 7 days of registration and at odds of 1.8 or more. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story.

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