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. Statements '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. Our Financial Services Register number is 730427. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. We identify a risky customer. I then got an email from them saying it was going to take two to four weeks. 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.. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. VICE viewed the . 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 fraud is involved, regular rules around account closures do not apply. But we can broadly explain when we might do it: We spot unusual activity. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. This document will be password protected, and well send you the password to open it in a text message. Corporate_Drone31 2 yr. ago. Privacy Policy. Only like you said, if it was fraud related. So we might block the account on our side to investigate, and close it depending on what we find. 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 have robust processes and controls in place to flag any unusual activity in Monzo accounts.. Free Bets are paid as Bet Credits. 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. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". "But for others, it's been detrimental to their daily lives.. 09446231). But if theyve checked it and given 2 months notice, thats the end of it. 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. 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. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. Monzo Bank Limited is a company registered in England and Wales (No. [Blog link was removed]. 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. For over a month, I had no funds. 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. 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. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Bet 10* & Get 30* in Free Bets. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. 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. However, when he got to a cashpoint in north London, his Monzo card was declined. Our Financial Services Register number is 730427. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Do other banks pull stuff like this? 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. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. I contacted Monzo, and they told me they had nothing at this time. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Has your situation changed recently? 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. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. 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. Get in touch with proof from the merchant confirming that they plan to refund your deposit. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . Junho 11, 2022; police story: season 2 . 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. There are some common signs that someones using an account for criminal activity. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. He. Have you had a change of circumstances? Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 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. Im afraid youll just have to take your money and pick another bank. 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. 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. community bible study complaints; marriage witness requirements; I dont understand your point? It made me feel upset and angry because that's the only money I had for my daughter, she says. During those weeks I kept contacting Monzo and going, What's going on? 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. Managers have more impact on our mental health than doctors and therapists! If were able to confirm its definitely you, well unblock your account. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. Why wouldnt I? Thats not an acceptable risk for us. Its unlikely to happen to 99.9% of customers. Place your first bet, if it loses we will refund your first bet stake as a free bet. Theres more here about two ways to pay. What happens to that refund? Monzo Bank Limited is a company registered in England and Wales (No. 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. 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. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. You can find more information in the terms and conditions. Existing customers can get help via the app. Denied for all further applications. monzo closed account refund. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. 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. In the end, it took over four weeks for Harford to receive his money back. How is this fair? 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. Monzo have flagged his account for something. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. Bet 10* & Get 30* in Free Bets. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. Reddit and its partners use cookies and similar technologies to provide you with a better experience. This only happens very rarely, and most customers will never even know its happening. Why have I received an email about a refund from my closed account? Mr Fisher was angry that. I am a victim of fraud here, I cannot even afford to take this to court. What reasons would they have though?? Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. I genuinely thought it was just an issue with their system, Harford tells me over the phone. 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. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. monzo closed account refundplains, plateaus, and mountains worksheets. 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. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. 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? 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. If that was the case they would not have two months they would be cut off immediately. 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 Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. 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). However, its not all rave reviews. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Its just the way the law works. 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. Monzo Bank Limited is a company registered in England and Wales (No. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. 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. Were a regulated bank. Free Bets are paid as Bet Credits. So of course Im going to keep the money in a pot until its due back. Monzo can not (by law) tell the customer this is why their account has been suspended. We can close your account by giving you at least two months notice. 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). HELP! 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. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. 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. Which youve already replied to? I thought I was the only one, he explains. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn It happened just over a week ago when she was shopping. Monzo closed my account but I have a loan with them. Danielle Richardson. How do I get my money back? 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. After being criticised by. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. OR: . denver museum of nature and science prehistoric journey. 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. Theres a lot of anger towards the otherwise quite popular service. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Our Financial Services Register number is 730427. 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. But the biggest issue i have is they said 2 months. Refunds take up to 14 days from when the merchant processes it. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Taints my faith in them somewhat. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. so what other reasons could it be? Other than a monthly wage coming in theres been no other incoming transactions since November too. 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. 09446231). Yes, true, but the rest of my post still applies. Monzo have flagged his account for something. 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. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. OP will have done something or some flag for it. 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. Heres some more information about why this sometimes happens. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. 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 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. 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. 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. And like all banks, we have to act in certain ways, to protect ourselves and our customers. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. It's probably easier for Monzo to simply reject the refund. 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. For more information, please see our 21/09/18 - 5 accounts now closed. Harford says that he struggled to get information from Monzo after his account was frozen. 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. 09446231). So in my mind, Im a Premium customer and I get paid interest on my balance. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. 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 ). "The prevention of financial crime is an issue that affects the entire. 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 would have thought having it set like this would open the system to abuse somehow. We dont know what and well probably never know. 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. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. 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. CONFUSING! There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 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. Having a wage deposited into it and its all been fine. Your first step should be to contact the merchant and see if it has bounced back. However, it's not all rave reviews. However today i received a message saying the account would be closed in 2 months. OP will have done something or some flag for it. 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. 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. 09446231). Ive had an account with monzo since 2018 and used it regularly for years. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. That 400 was everything I had to last 'til after Christmas.. They havent just randomly decided to close his 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. Surely they need to have some sort of valid reason though right? If you do not, your paycheck may go to the bank, but you will not be able to access the funds. 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. 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? Nobody here is going to know, because if its happened to them, they wont know either. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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. No change of circumstances and still live in the UK. 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. 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). OP will have had his account flagged for something. Its likely that your old Monzo account has a positive balance. 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. 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. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Refunds take up to 14 days from when the merchant processes it. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. Ive posted about this previously. 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? Financial crime is a serious problem across society. Getting your car rental or hotel deposit refund. Min odds/bet and payment method exclusions apply. Sometimes blocking or closing accounts is one of the ways we do this. Cookie Notice Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Of course they do. 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 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. Last run: 364 days. 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 Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. Were sorry to see you go. ! Have you stopped being a resident in the UK? The police tell us to. Before this time frame, it received fewer than 30 complaints in a six-month period. "I thought I was the only one," he explains. Quick question. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. It impacts our economy and can affect people in devastating, life-changing ways. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. 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. Min odds/bet and payment method exclusions apply. Get help'. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. 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. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Why have I received an email about a refund from my closed account? It was here that Harford found the advice he needed to get his money back. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. It might take a while, but you should get your money back in the end. In line with our terms and conditions, we can close an account by giving two months notice. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. monzo closed account refund. Monzo Bank Limited is a company registered in England and Wales (No. 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. Otherwise criminals would quickly figure out how to get around them! If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning.
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