Monzo Plus/Premium 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. Has your situation changed recently? Do drop Monzo an email to confirm what will happen, though. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. (This is known as tipping off.). Why have I received an email about a refund from my closed account? - Monzo 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. What to Do If Monzo Freezes or Closes Your Account - Vice On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. How can I get money back from refunds paid to a closed credit card? 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). Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Natalie Joyce no LinkedIn: Mental Health at Work: Managers and Money Other than a monthly wage coming in theres been no other incoming transactions since November too. 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. monzo closed account refund. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. denver museum of nature and science prehistoric journey. Theres more here about two ways to pay. Of course they do. I am a victim of fraud here, I cannot even afford to take this to court. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Update on this earlier post. Form: 2- BF. Nobody here is going to know, because if its happened to them, they wont know either. 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. Free Bets are paid as Bet Credits. For more information, please see our Only 29 percent of these complaints were resolved in the consumers favour. 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. For over a month, I had no funds. Reddit and its partners use cookies and similar technologies to provide you with a better experience. OP will have done something or some flag for it. Im afraid youll just have to take your money and pick another bank. Some users are accusing Monzo of. How is this fair? CONFUSING! Its likely that your old Monzo account has a positive balance. Monzo Bank Limited is a company registered in England and Wales (No. New comments cannot be posted and votes cannot be cast. 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. The police tell us to. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. Corporate_Drone31 2 yr. ago. I am being treated as a fraudster without any due process. Mr Fisher was angry that. It happened just over a week ago when she was shopping. Min odds/bet and payment method exclusions apply. 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. Monzo customers shut out of accounts in lockdown You can find more information in the terms and conditions. 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. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. It might be a mistake on Monzos part, youd like to think theres human intervention here. Monzo have flagged his account for something. Payment refund - Help - Monzo Community OR: . Place your first bet, if it loses we will refund your first bet stake as a free bet. Bet 10* & Get 30* in Free Bets. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. However, when he got to a cashpoint in north London, his Monzo card was declined. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. 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. (Monzo Closed Account Without Explanation). 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. 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. Cookie Notice 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 account refund What happens to that refund? Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. Have you stopped being a resident in the UK? 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 ). 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). and our John Bigg ''Oxo'' Handicap Chase - GG.co.uk The first bet must be placed within 7 days of registration and at odds of 1.8 or more. 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? 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. Our Financial Services Register number is 730427. W: 12st 0lb. Refunds take up to 14 days from when the merchant processes it. But we can broadly explain when we might do it: We spot unusual activity. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. 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. Surely they need to have some sort of valid reason though right? Refunds take up to 14 days from when the merchant processes it. A day later I end up having payments blocked on my account suddenly and then within an hour my account was shutdown without warning or reason, stating that, "The outstanding balance of your account have been returned to their originating source". Existing customers can get help via the app. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. Need it sooner? Monzo says 'no' to refund as thousands are lost to cold-callers This is a first Ive heard it happen to a personal current account, and I dont like it one bit. Bet 10* & Get 30* in Free Bets. Harford says that he struggled to get information from Monzo after his account was frozen. I contacted Monzo, and they told me they had nothing at this time. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Ive posted about this previously. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn 09446231). Im only able to do this because refunds from a flex purchase dont repay the balance. 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. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. I then got an email from them saying it was going to take two to four weeks. Existing customers can get help via the app. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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 . 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). So of course Im going to keep the money in a pot until its due back. Why we sometimes freeze, block or close 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.. 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. This only happens very rarely, and most customers will never even know its happening. 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. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. And like all banks, we have to act in certain ways, to protect ourselves and our customers. 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. Monzo, the banking start-up loved by millennials, has over three million users. 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. Monzo Help - Refund hasn't arrived Having a wage deposited into it and its all been fine. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Were a regulated bank. 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. I've had an inconvenience, which is frustrating," says Harford. It made me feel upset and angry because that's the only money I had for my daughter, she says. 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? If you've been waiting more than 14 days, please check that the merchant definitely sent the money. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. You might not understand why its happened, and feel powerless to change things. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. 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. If were able to confirm its definitely you, well unblock your account. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Dedication & Commitment Maiden Plate(For all Maidens) - GG.co.uk So we might block the account on our side to investigate, and close it depending on what we find. Why have I received an email about a refund from my closed account? It impacts our economy and can affect people in devastating, life-changing ways. OP will have had his account flagged for something. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. 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. Before this time frame, it received fewer than 30 complaints in a six-month period. 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. We don't know what and we'll probably never know. 09446231). Im afraid this customer forum isnt the place to discuss closed accounts. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It's probably easier for Monzo to simply reject the refund. 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. Account closed but I need a refund from an airline : r/monzo - reddit Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. So in my mind, Im a Premium customer and I get paid interest on my balance. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. 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. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. Our Financial Services Register number is 730427. Refunds take up to 14 days from when the merchant processes it. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. Sometimes freezing, blocking or closing accounts is part of that. Do other banks pull stuff like this? This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. We identify a risky customer. 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. [Blog link was removed]. Our Financial Services Register number is 730427. Our Financial Services Register number is 730427. 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. However, its not all rave reviews. No change of circumstances and still live in the UK. Sometimes blocking or closing accounts is one of the ways we do this. 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. 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 . Why wouldnt I? I genuinely thought it was just an issue with their system, Harford tells me over the phone. There are some common signs that someones using an account for criminal activity. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. Statements Otherwise criminals would quickly figure out how to get around them! OP will have done something or some flag for it. 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. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. In line with our terms and conditions, we can close an account by giving two months notice. Getting your car rental or hotel deposit refund. We can close your account by giving you at least two months notice. Monzo Bank Limited is a company registered in England and Wales (No. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. Form & Verdict. 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? However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. There are two ways you can buy with Flex. Thats not an acceptable risk for us. 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. monzo closed account refund Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. 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. Denied for all further applications. 6 yo Gelding. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. Refund into closed Monzo account. (Monzo Closed Account Without We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. 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. Frozen Monzo Account (Refunded Payment) - Help - Monzo Community In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Troubleshooting declined contactless card payment, Card payment declined but you've still been charged, Information about our Personal Current Account Services, Proof of the original receipt (screenshot or photo of paper receipt), Proof you spoke to the merchant (screenshot of the email you sent them), Optional: proof of cancellation (screenshot if you tried to cancel the order). We'll add 8% interest, applied from the date we originally received the money. The account would be frozen until the concern was resolved. 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. 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. Danielle Richardson. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . Monzo closed my account but I have a loan with them : r/monzo - reddit If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: 18+ only. Quick question. Monzo Bank Limited is a company registered in England and Wales (No. Its unlikely to happen to 99.9% of customers. 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. 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.. Managers have more impact on our mental health than doctors and therapists! 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. 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). "But for others, it's been detrimental to their daily lives.. 09446231). It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. Monzo can not (by law) tell the customer this is why their account has been suspended. 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. 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. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. Monzo closes premium packaged account to new customers Almost 3,500 people have joined a private Facebook group titled "Monzo stole our 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. Yes, true, but the rest of my post still applies. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. The call just cuts off after 10 minutes! Closing accounts can help fight financial crime Financial crime is a serious problem across society. 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.