Ive posted about this previously. OP will have done something or some flag for it. They were quick to respond, but not with very helpful advice. I was wondering how this will work with the Flex experience - will that purchase be paid off? 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. Having a wage deposited into it and its all been fine. There are two ways you can buy with Flex. Refunds take up to 14 days from when the merchant processes it. gold coast shark attack video; giant schnauzer service dog for sale Financial crime is a serious problem across society. I would have thought having it set like this would open the system to abuse somehow. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford 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. If that was the case they would not have two months they would be cut off immediately. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. Closing accounts can help fight financial crime Financial crime is a serious problem across society. 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. been abusive to anyone at Monzo or a member of our community. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. Update on this earlier post. '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. Monzo Bank Limited is a company registered in England and Wales (No. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Refunds take up to 14 days from when the merchant processes it. Do other banks pull stuff like this? Junho 11, 2022; police story: season 2 . Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. 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. Before this time frame, it received fewer than 30 complaints in a six-month period. ! Managers have more impact on our mental health than doctors and therapists! Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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). 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. We dont know what and well probably never know. 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. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. 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. Our Financial Services Register number is 730427. 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 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. 18+ only. CONFUSING! Have you stopped being a resident in the UK? I thought I was the only one, he explains. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. Denied for all further applications. Only 29 percent of these complaints were resolved in the consumers favour. They're saying they can only refund to the original card Any idea what I'm supposed to do here? It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. "The prevention of financial crime is an issue that affects the entire. How do I get it back? The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . Reddit and its partners use cookies and similar technologies to provide you with a better experience. VICE viewed the . We know this can be very frustrating, and were not being deliberately difficult. What can I actually do. (Monzo Closed Account Without Explanation). If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. No change of circumstances and still live in the UK. If you do come across one of these stories, its wise to take them with a pinch of salt. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Or will the end up in my main account or something else? 09446231). Finding out your bank has blocked or closed your account can be stressful and frustrating. so what other reasons could it be? Form: 2- BF. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. The call just cuts off after 10 minutes! I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Heres some more information about why this sometimes happens. 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. 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. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. Which youve already replied to? He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. 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. 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. During those weeks I kept contacting Monzo and going, What's going on? Monzo have flagged his account for something. 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. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. Bet 10* & Get 30* in Free Bets. I contacted Monzo, and they told me they had nothing at this time. monzo closed account refundplains, plateaus, and mountains worksheets. 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.. It's probably easier for Monzo to simply reject the refund. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. 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. New Customers only. HELP! monzo closed account refund. Privacy Policy. Im afraid this customer forum isnt the place to discuss closed accounts. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Monzo Bank Limited is a company registered in England and Wales (No. Its likely that your old Monzo account has a positive balance. Free Bets are paid as Bet Credits. 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. He. 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 . Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. If the account is closed it'll probably return to the sending bank If you have evidence of the account being closed provide it to the entity refunding you, they may require this evidence to have it paid anywhere else for AML reasons harryalex99(Harry Alexzander) 21 January 2021 17:19 #3 according to figures published on its website, are accusing Monzo of freezing or closing their accounts. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. However, its not all rave reviews. 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. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. 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. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Were a regulated bank. However today i received a message saying the account would be closed in 2 months. 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. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. We identify a risky customer. "But for others, it's been detrimental to their daily lives.. 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. We'll add 8% interest, applied from the date we originally received the money. 6 yo Gelding. For more information, please see our Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Existing customers can get help via the app. So in my mind, Im a Premium customer and I get paid interest on my balance. Monzo Bank Limited is a company registered in England and Wales (No. We don't know what and we'll probably never know. "I thought I was the only one," he explains. 09446231). Our Financial Services Register number is 730427. 21/09/18 - 5 accounts now closed. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. Monzo Plus/Premium 09446231). Monzo Bank Limited is a company registered in England and Wales (No. Our Financial Services Register number is 730427. How is this fair? 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. 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). 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 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. Mr Fisher was angry that. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. Danielle Richardson. 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. 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). Yes, true, but the rest of my post still applies. 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". if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). 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. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. 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. It impacts our economy and can affect people in devastating, life-changing ways. It happened just over a week ago when she was shopping. Free Bets are paid as Bet Credits. 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. 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. Existing customers can get help via the app. 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. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. If it's rejected the merchant should inform you and then likely ask for new details. 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). Criminals successfully stole 1.2bn from people in the UK in 2019 alone. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. Why wouldnt I? [Blog link was removed]. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. 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. However, when he got to a cashpoint in north London, his Monzo card was declined. Why have I received an email about a refund from my closed account? Monzo can not (by law) tell the customer this is why their account has been suspended. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. Theres more here about two ways to pay. 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. Taints my faith in them somewhat. Sent messages to them but they seem pretty slow at the moment. You can find more information in the terms and conditions. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. 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). 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? Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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). It might be a mistake on Monzos part, youd like to think theres human intervention here. You might not understand why its happened, and feel powerless to change things. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. I've had an inconvenience, which is frustrating," says Harford. and our W: 12st 0lb. If fraud is involved, regular rules around account closures do not apply. I am a victim of fraud here, I cannot even afford to take this to court. Information about our Personal Current Account Services, Please log in and verify your identity by recording a short video and taking a photo of one of your ID documents, Once weve verified you, youll be able to give us the details of another UK account for us to forward the money to. Monzo legally cannot tell you why. However, it's not all rave reviews. 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. 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. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Some users are accusing Monzo of. 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. Place your first bet, if it loses we will refund your first bet stake as a free bet. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Our Financial Services Register number is 730427. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. This document will be password protected, and well send you the password to open it in a text message. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 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. So what do I do? Almost 3,500 people have joined a private Facebook group titled "Monzo stole our 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 ). They havent just randomly decided to close his account. 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 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? 09446231). Getting your car rental or hotel deposit refund. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. In the end, it took over four weeks for Harford to receive his money back. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Min odds/bet and payment method exclusions apply. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. I then got an email from them saying it was going to take two to four weeks. 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? 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. If a fraud closure is immediate then it's clearly something less serious but also something Monzo don't want to be a part of. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. And like all banks, we have to act in certain ways, to protect ourselves and our customers. For over a month, I had no funds. 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. 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. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. 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. 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. Existing customers can get help via the app. 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. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Only like you said, if it was fraud related. 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. I can imagine TS Anil or Anne doing the draw themselves at the Monday morning staff stand-up, Powered by Discourse, best viewed with JavaScript enabled, Monzo giving two months notice of account closures, Just received a mail that Monzo are closing my account, Devastated About Account Closure after 2 years.