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. 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. There are two ways you can buy with Flex. monzo closed account refundplains, plateaus, and mountains worksheets. 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 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. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Why have I received an email about a refund from my closed account? Sometimes freezing, blocking or closing accounts is part of that. 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. We know this can be very frustrating, and were not being deliberately difficult. Getting your car rental or hotel deposit refund. 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. Monzo Bank Limited is a company registered in England and Wales (No. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 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. Danielle Richardson. Our Financial Services Register number is 730427. Or will the end up in my main account or something else? "I thought I was the only one," he explains. 09446231). Ive had an account with monzo since 2018 and used it regularly for years. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. 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's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. How is this fair? By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Monzo Bank Limited is a company registered in England and Wales (No. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. I've had an inconvenience, which is frustrating," says Harford. 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. 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. Harford says that he struggled to get information from Monzo after his account was frozen. VICE viewed the . They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn In line with our terms and conditions, we can close an account by giving two months notice. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. The stories on it may alarm some of. 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). Get help'. 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. OP will have done something or some flag for it. community bible study complaints; marriage witness requirements; We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. 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 identify a risky customer. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. It might take a while, but you should get your money back in the end. Before this time frame, it received fewer than 30 complaints in a six-month period. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Last run: 364 days. Its just the way the law works. 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. W: 12st 0lb. 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. After being criticised by. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. Hoping it was just a technical error, he tried to transfer the funds to a different bank account, but found that he was unable to. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. Refunds take up to 14 days from when the merchant processes it. They were quick to respond, but not with very helpful advice. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. 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 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. 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. However, its not all rave reviews. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Im afraid this customer forum isnt the place to discuss closed accounts. Existing customers can get help via the app. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. So what do I do? Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. 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. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. 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. 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. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. 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. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. We don't know what and we'll 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. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. 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. Its unlikely to happen to 99.9% of customers. I was wondering how this will work with the Flex experience - will that purchase be paid off? Min odds/bet and payment method exclusions apply. They're saying they can only refund to the original card Any idea what I'm supposed to do here? I am a victim of fraud here, I cannot even afford to take this to court. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. 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. I would have thought having it set like this would open the system to abuse somehow. Has your situation changed recently? I thought I was the only one, he explains. It made me feel upset and angry because that's the only money I had for my daughter, she says. OP will have done something or some flag for it. We can close your account by giving you at least two months notice. New comments cannot be posted and votes cannot be cast. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. gold coast shark attack video; giant schnauzer service dog for sale Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. This process is the same as any other High St banks. Refunds take up to 14 days from when the merchant processes it. That 400 was everything I had to last 'til after Christmas.. very strange situation here. 09446231). Form & Verdict. 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. How do I get my money back? However today i received a message saying the account would be closed in 2 months. 21/09/18 - 5 accounts now closed. But the biggest issue i have is they said 2 months. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. It might be a mistake on Monzos part, youd like to think theres human intervention here. been abusive to anyone at Monzo or a member of our community. 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. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. 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 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. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. During those weeks I kept contacting Monzo and going, What's going on? This document will be password protected, and well send you the password to open it in a text message. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. I dont understand your point? We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. This needs to be sorted out now. Closing accounts can help fight financial crime Financial crime is a serious problem across society. It was here that Harford found the advice he needed to get his money back. Theres a lot of anger towards the otherwise quite popular service. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Yes, true, but the rest of my post still applies. You might not understand why its happened, and feel powerless to change things. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. I then got an email from them saying it was going to take two to four weeks. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. Your first step should be to contact the merchant and see if it has bounced 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. 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 . HELP! No change of circumstances and still live in the UK. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. OP will have had his account flagged for something. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. Of course they do. Yeah i did think that. Bet 10* & Get 30* in Free Bets. 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. Statements If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. 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). For more information, please see our Free Bets are paid as Bet Credits. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. Monzo closed my account but I have a loan with them. 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). We'll add 8% interest, applied from the date we originally received the money. Monzo legally cannot tell you why. He. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. monzo closed account refund. 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. Existing customers can get help via the app. For over a month, I had no funds. 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). OR: . Sent messages to them but they seem pretty slow at the moment. so what other reasons could it be? 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). As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. You can find more information in the terms and conditions. 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. Form: 2- BF. 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. Monzo can not (by law) tell the customer this is why their account has been suspended. 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. 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. 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. Sometimes blocking or closing accounts is one of the ways we do this. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Meu negcio no Whatsapp Business! Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. Some users are accusing Monzo of. If it's rejected the merchant should inform you and then likely ask for new details. 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? Monzo have flagged his account for something. 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. But if theyve checked it and given 2 months notice, thats the end of it. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. I am being treated as a fraudster without any due process. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. CONFUSING! Privacy Policy. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. Managers have more impact on our mental health than doctors and therapists! 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. 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. Place your first bet, if it loses we will refund your first bet stake as a free bet. What happens to that refund? Free Bets are paid as Bet Credits. '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. What can I actually do. Nobody here is going to know, because if its happened to them, they wont know either. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. 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. 09446231). Quick question. 18+ only. New Customers only. Only 29 percent of these complaints were resolved in the consumers favour. Thats to do with fraud and AML law - if they are giving him two months its not that. 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. 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 also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Mr Fisher was angry that. 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. 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. Our Financial Services Register number is 730427. 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. Refunds take up to 14 days from when the merchant processes it. Finding out your bank has blocked or closed your account can be stressful and frustrating. 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. Existing customers can get help via the app. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. Our Financial Services Register number is 730427. So we might block the account on our side to investigate, and close it depending on what we find. Monzo, the banking start-up loved by millennials, has over three million users. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. It's probably easier for Monzo to simply reject the refund. They havent just randomly decided to close his account. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. The account would be frozen until the concern was resolved. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. 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. 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. Why wouldnt I? 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. 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. 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. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. 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. Im only able to do this because refunds from a flex purchase dont repay the balance. 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.. It impacts our economy and can affect people in devastating, life-changing ways. Monzo Bank Limited is a company registered in England and Wales (No. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. 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 ).
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