We'll add 8% interest, applied from the date we originally received the money. 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. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Has your situation changed recently? 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. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. I contacted Monzo, and they told me they had nothing at this time. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. It's probably easier for Monzo to simply reject the refund. 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. I thought I was the only one, he explains. OP will have had his account flagged for something. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn 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. 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. Nobody here is going to know, because if its happened to them, they wont know either. 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. But we can broadly explain when we might do it: We spot unusual activity. Refunds take up to 14 days from when the merchant processes it. 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. Closing accounts can help fight financial crime Financial crime is a serious problem across society. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. Form: 2- BF. Ive posted about this previously. New comments cannot be posted and votes cannot be cast. 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. denver museum of nature and science prehistoric journey. Privacy Policy. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . I dont understand your point? Why wouldnt I? According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. I genuinely thought it was just an issue with their system, Harford tells me over the phone. 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 [email protected] with the following information: Please also send a selfie holding your ID, so we can verify your identity. We don't know what and we'll probably never know. 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. 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? Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. Monzo have flagged his account for something. 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. 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. It impacts our economy and can affect people in devastating, life-changing ways. 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. Our Financial Services Register number is 730427. (This is known as tipping off.). If were able to confirm its definitely you, well unblock your account. Existing customers can get help via the app. But the biggest issue i have is they said 2 months. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. We dont know what and well probably never know. 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. 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. Min odds/bet and payment method exclusions apply. It made me feel upset and angry because that's the only money I had for my daughter, she says. This needs to be sorted out now. 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. However, when he got to a cashpoint in north London, his Monzo card was declined. Free Bets are paid as Bet Credits. 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. "I thought I was the only one," he explains. 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. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. HELP! Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. 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. Last run: 364 days. 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). Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. This only happens very rarely, and most customers will never even know its happening. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. 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.. Heres some more information about why this sometimes happens. Were a regulated bank. Monzo Bank Limited is a company registered in England and Wales (No. VICE viewed the . Only 29 percent of these complaints were resolved in the consumers favour. The call just cuts off after 10 minutes! The account would be frozen until the concern was resolved. Our Financial Services Register number is 730427. so what other reasons could it be? If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. Bet 10* & Get 30* in Free Bets. Cookie Notice He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. You might not understand why its happened, and feel powerless to change things. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Monzo can not (by law) tell the customer this is why their account has been suspended. Monzo Plus/Premium Getting your car rental or hotel deposit refund. Danielle Richardson. 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). We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. It was around December last year when Rhys Harford, 25, first noticed a problem. Managers have more impact on our mental health than doctors and therapists! But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. New Customers only. very strange situation here. 09446231). They're saying they can only refund to the original card Any idea what I'm supposed to do here? What can I actually do. 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 you used your account for anything cryptocurrency related, that might be why. The police tell us to. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. 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. 18+ only. Existing customers can get help via the app. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. 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. Have you had a change of circumstances? What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. OP will have done something or some flag for it. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. gold coast shark attack video; giant schnauzer service dog for sale 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. Thats to do with fraud and AML law - if they are giving him two months its not that. Having a wage deposited into it and its all been fine. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. Refunds take up to 14 days from when the merchant processes it. He. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. Harford says that he struggled to get information from Monzo after his account was frozen. Need it sooner? 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. 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? 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. Its likely that your old Monzo account has a positive balance. Do other banks pull stuff like this? Reddit and its partners use cookies and similar technologies to provide you with a better experience. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Im afraid this customer forum isnt the place to discuss closed accounts. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. Sometimes freezing, blocking or closing accounts is part of that. It might take a while, but you should get your money back in the end. 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. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. monzo closed account refund. How do I get it back? Of course they do. 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 . 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. 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. So we might block the account on our side to investigate, and close it depending on what we find. Meu negcio no Whatsapp Business! 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 for others, it's been detrimental to their daily lives.. For more information, please see our 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. 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. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. This process is the same as any other High St banks. 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. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. We identify a risky customer. Yes, true, but the rest of my post still applies. Junho 11, 2022; police story: season 2 . 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. Corporate_Drone31 2 yr. ago. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Do drop Monzo an email to confirm what will happen, though. 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. We can close your account by giving you at least two months notice. 09446231). 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. It impacts our economy and can affect people in devastating, life-changing ways. 09446231). No change of circumstances and still live in the UK. 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. What reasons would they have though?? It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. ! If a fraud closure is immediate then it's clearly something less serious but also something Monzo don't want to be a part of. 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? Were sorry to see you go. Our Financial Services Register number is 730427. 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 Your first step should be to contact the merchant and see if it has bounced back. How do I get my money back? Existing customers can get help via the app. Ive had an account with monzo since 2018 and used it regularly for years. There are some common signs that someones using an account for criminal activity. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. monzo closed account refundplains, plateaus, and mountains worksheets. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. Or will the end up in my main account or something else? On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Its unlikely to happen to 99.9% of customers. 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. Thats not an acceptable risk for us. 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. 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 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. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. 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. 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. Its just the way the law works. Refunds take up to 14 days from when the merchant processes it. 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 . Before this time frame, it received fewer than 30 complaints in a six-month period. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Other than a monthly wage coming in theres been no other incoming transactions since November too. Quick question. 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. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. Theres a lot of anger towards the otherwise quite popular service. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. 21/09/18 - 5 accounts now closed. 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). 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. 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. Free Bets are paid as Bet Credits. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. I then got an email from them saying it was going to take two to four weeks. 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. How is this fair? (Monzo Closed Account Without Explanation). This document will be password protected, and well send you the password to open it in a text message. 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. 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. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. I would have thought having it set like this would open the system to abuse somehow. If you do come across one of these stories, its wise to take them with a pinch of salt. 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 that was the case they would not have two months they would be cut off immediately. 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. 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. During those weeks I kept contacting Monzo and going, What's going on? In line with our terms and conditions, we can close an account by giving two months notice. They havent just randomly decided to close his account. Yeah i did think that. Otherwise criminals would quickly figure out how to get around them! been abusive to anyone at Monzo or a member of our community. 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. There are two ways you can buy with Flex. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. Im only able to do this because refunds from a flex purchase dont repay the balance. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. What happens to that refund? Why have I received an email about a refund from my closed account? if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). Some users are accusing Monzo of. Sometimes blocking or closing accounts is one of the ways we do this. We know this can be very frustrating, and were not being deliberately difficult. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. [Blog link was removed]. 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? Why have I received an email about a refund from my closed account? community bible study complaints; marriage witness requirements; It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Financial crime is a serious problem across society. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. However, it's not all rave reviews. 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. Monzo legally cannot tell you why. Monzo Bank Limited is a company registered in England and Wales (No. 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. Taints my faith in them somewhat. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. and our W: 12st 0lb. That 400 was everything I had to last 'til after Christmas.. 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. 09446231). 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.
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