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Yeah i did think that. Existing customers can get help via the app. Statements Monzo have flagged his account for something. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Do other banks pull stuff like this? 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). If it's rejected the merchant should inform you and then likely ask for new details. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. Junho 11, 2022; police story: season 2 . But the biggest issue i have is they said 2 months. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). 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. community bible study complaints; marriage witness requirements; Its just the way the law works. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. 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. It made me feel upset and angry because that's the only money I had for my daughter, she says. 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. 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. 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. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. The account would be frozen until the concern was resolved. 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.. and our 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. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. 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. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. 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. 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. 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.. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. Min odds/bet and payment method exclusions apply. Why have I received an email about a refund from my closed account? I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. 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. Some users are accusing Monzo of. Denied for all further applications. monzo closed account refund. 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. 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 . 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. 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). I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. 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. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. 09446231). VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. Monzo closed my account but I have a loan with them. However, it's not all rave reviews. VICE viewed the . 09446231). We'll add 8% interest, applied from the date we originally received the money. Refunds take up to 14 days from when the merchant processes it. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. So in my mind, Im a Premium customer and I get paid interest on my balance. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. This document will be password protected, and well send you the password to open it in a text message. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. So what do I do? Only 29 percent of these complaints were resolved in the consumers favour. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Sent messages to them but they seem pretty slow at the moment. Finding out your bank has blocked or closed your account can be stressful and frustrating. very strange situation here. OR: . 09446231). Criminals successfully stole 1.2bn from people in the UK in 2019 alone. How do I get it back? 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. Refunds take up to 14 days from when the merchant processes it. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. No change of circumstances and still live in the UK. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. And like all banks, we have to act in certain ways, to protect ourselves and our customers. 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. However, its not all rave reviews. Were a regulated bank. Update on this earlier post. 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). This is a first Ive heard it happen to a personal current account, and I dont like it one bit. Monzo Bank Limited is a company registered in England and Wales (No. 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. 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. It was around December last year when Rhys Harford, 25, first noticed a problem. Monzo Bank Limited is a company registered in England and Wales (No. 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? 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 would have thought having it set like this would open the system to abuse somehow. There are two ways you can buy with Flex. OP will have had his account flagged for something. New Customers only. Monzo can not (by law) tell the customer this is why their account has been suspended. 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. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. 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. You can find more information in the terms and conditions. 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. Having a wage deposited into it and its all been fine. 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. 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. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. Getting your car rental or hotel deposit refund. 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? Last run: 364 days. '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. 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. Why wouldnt I? Why have I received an email about a refund from my closed account? For over a month, I had no funds. Corporate_Drone31 2 yr. ago. Free Bets are paid as Bet Credits. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Sometimes blocking or closing accounts is one of the ways we do this. New Customers only. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Existing customers can get help via the app. 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. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. They were quick to respond, but not with very helpful advice. It impacts our economy and can affect people in devastating, life-changing ways. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. I thought I was the only one, he explains. They havent just randomly decided to close his account. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. Monzo legally cannot tell you why. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. Managers have more impact on our mental health than doctors and therapists! Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 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. 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. 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. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. 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 isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. However today i received a message saying the account would be closed in 2 months. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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. Form: 2- BF. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. Our Financial Services Register number is 730427. 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. 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. Other than a monthly wage coming in theres been no other incoming transactions since November too. 09446231). If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. Before this time frame, it received fewer than 30 complaints in a six-month period. Existing customers can get help via the app. 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. Heres some more information about why this sometimes happens. 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. 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. Need it sooner? Surely they need to have some sort of valid reason though right? Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. 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? What happens to that refund? 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. Only like you said, if it was fraud related. We dont know what and well probably never know. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. Im afraid this customer forum isnt the place to discuss closed accounts. However, when he got to a cashpoint in north London, his Monzo card was declined. 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. 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. He. 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. We identify a risky customer. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. Danielle Richardson. 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. 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 ). Which youve already replied to? denver museum of nature and science prehistoric journey. Wide margin winner of his sole point-to-point for Cormac Farrell in November was overturned at long odds-on in this event last year, albeit finishing a clear second to the now very useful 138-rated hurdler Three Card Brag; 20-1 shot for the Cheltenham Bumper . 09446231). 18+ only. 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. Otherwise criminals would quickly figure out how to get around them! Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. 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. Monzo Bank Limited is a company registered in England and Wales (No. Sometimes freezing, blocking or closing accounts is part of that. CONFUSING! Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. 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. Monzo, the banking start-up loved by millennials, has over three million users. 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. 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. It might take a while, but you should get your money back in the end. 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. In line with our terms and conditions, we can close an account by giving two months notice. Bet 10* & Get 30* in Free Bets. 6 yo Gelding. I am a victim of fraud here, I cannot even afford to take this to court. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Theres more here about two ways to pay. 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. Closing accounts can help fight financial crime Financial crime is a serious problem across society. Refunds take up to 14 days from when the merchant processes it. So of course Im going to keep the money in a pot until its due back. Cookie Notice Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. 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.