Of course they do. It's probably easier for Monzo to simply reject the refund. Thats to do with fraud and AML law - if they are giving him two months its not that. He. "I thought I was the only one," he explains. (This is known as tipping off.). 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 . 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. It impacts our economy and can affect people in devastating, life-changing ways. 21/09/18 - 5 accounts now closed. But the biggest issue i have is they said 2 months. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. denver museum of nature and science prehistoric journey. Getting your car rental or hotel deposit refund. 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. Monzo Plus/Premium For over a month, I had no funds. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Get in touch with proof from the merchant confirming that they plan to refund your deposit. 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. Yes, true, but the rest of my post still applies. Monzo have flagged his account for something. Do other banks pull stuff like this? I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. If fraud is involved, regular rules around account closures do not apply. Why have I received an email about a refund from my closed account? Quick question. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. 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). I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. 18+ only. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. If you used your account for anything cryptocurrency related, that might be why. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Yeah i did think that. gold coast shark attack video; giant schnauzer service dog for sale 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. Sometimes blocking or closing accounts is one of the ways we do this. Its unlikely to happen to 99.9% of customers. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn What happens to that refund? OR: . Theres a lot of anger towards the otherwise quite popular service. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. 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 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). Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. Denied for all further applications. But we can broadly explain when we might do it: We spot unusual activity. Danielle Richardson. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. Monzo Premium is for customers aged between 18 and 69 years old and comes at a monthly cost of 15 for a minimum subscription of 6 months. 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. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. Sometimes freezing, blocking or closing accounts is part of that. In the end, it took over four weeks for Harford to receive his money back. What can I actually do. This needs to be sorted out now. 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. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . 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. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. Theres more here about two ways to pay. How is this fair? 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. Were a regulated bank. Free Bets are paid as Bet Credits. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Last run: 364 days. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Place your first bet, if it loses we will refund your first bet stake as a free bet. 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. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. monzo closed account refundplains, plateaus, and mountains worksheets. 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. Bet 10* & Get 30* in Free Bets. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. 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. Having a wage deposited into it and its all been fine. In line with our terms and conditions, we can close an account by giving two months notice. How do I get it back? It was here that Harford found the advice he needed to get his money back. Sent messages to them but they seem pretty slow at the moment. 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). 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. Other than a monthly wage coming in theres been no other incoming transactions since November too. 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. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. I dont understand your point? 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). The call just cuts off after 10 minutes! 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. 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. OP will have done something or some flag for it. 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. 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? "But for others, it's been detrimental to their daily lives.. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Monzo Bank Limited is a company registered in England and Wales (No. It made me feel upset and angry because that's the only money I had for my daughter, she says. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. 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 . 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. Ive posted about this previously. 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. The stories on it may alarm some of. 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. During those weeks I kept contacting Monzo and going, What's going on? Reddit and its partners use cookies and similar technologies to provide you with a better experience. Our Financial Services Register number is 730427. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. We can close your account by giving you at least two months notice. This document will be password protected, and well send you the password to open it in a text message. Heres some more information about why this sometimes happens. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. 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. 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. 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. You might not understand why its happened, and feel powerless to change things. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. I would have thought having it set like this would open the system to abuse somehow. The police tell us to. They havent just randomly decided to close his account. Which youve already replied to? ! 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). However today i received a message saying the account would be closed in 2 months. CONFUSING! For legal reasons they won't be able to discuss it with you whilst the case is ongoing. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. 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 . The account would be frozen until the concern was resolved. Some users are accusing Monzo of. 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.. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. '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 it's rejected the merchant should inform you and then likely ask for new details. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. Monzo Bank Limited is a company registered in England and Wales (No. 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 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. Why wouldnt I? In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Privacy Policy. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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 you do not, your paycheck may go to the bank, but you will not be able to access the funds. 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. 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. You can find more information in the terms and conditions. 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 max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. 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). been abusive to anyone at Monzo or a member of our community. 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 ). Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Has your situation changed recently? 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. 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. Closing accounts can help fight financial crime Financial crime is a serious problem across society. Monzo Bank Limited is a company registered in England and Wales (No. 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. 09446231). After being criticised by. so what other reasons could it be? We'll add 8% interest, applied from the date we originally received the money. HELP! Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. 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. Ive had an account with monzo since 2018 and used it regularly for years. Min odds/bet and payment method exclusions apply. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). However, it's not all rave reviews. Finding out your bank has blocked or closed your account can be stressful and frustrating. 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. 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 impacts our economy and can affect people in devastating, life-changing ways. Update on this earlier post. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Refunds take up to 14 days from when the merchant processes it. I am being treated as a fraudster without any due process. If that was the case they would not have two months they would be cut off immediately. 6 yo Gelding. We identify a risky customer. 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. Im afraid youll just have to take your money and pick another bank. Form & Verdict. Bet 10* & Get 30* in Free Bets. 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". Monzo can not (by law) tell the customer this is why their account has been suspended. 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. 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. 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 drop Monzo an email to confirm what will happen, though. So what do I do? (Monzo Closed Account Without Explanation). 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. 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. Cookie Notice 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. 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. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. Existing customers can get help via the app. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. They were quick to respond, but not with very helpful advice. Free Bets are paid as Bet Credits. OP will have had his account flagged for something. If you do come across one of these stories, its wise to take them with a pinch of salt. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. 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. 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. VICE viewed the . W: 12st 0lb. 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. It happened just over a week ago when she was shopping. We dont know what and well probably never know. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Statements However, when he got to a cashpoint in north London, his Monzo card was declined. Surely they need to have some sort of valid reason though right? I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. They're saying they can only refund to the original card Any idea what I'm supposed to do here? 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. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. Harford says that he struggled to get information from Monzo after his account was frozen. 09446231). 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). I thought I was the only one, he explains. 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. Monzo closed my account but I have a loan with them. Your first step should be to contact the merchant and see if it has bounced back. It was around December last year when Rhys Harford, 25, first noticed a problem. Corporate_Drone31 2 yr. ago. 09446231). After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Financial crime is a serious problem across society. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. 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. Monzo have flagged his account for something. Monzo Bank Limited is a company registered in England and Wales (No. 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. very strange situation here. Thats not an acceptable risk for us. I've had an inconvenience, which is frustrating," says Harford. 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. Our Financial Services Register number is 730427. 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. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. 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. So of course Im going to keep the money in a pot until its due back. We know this can be very frustrating, and were not being deliberately difficult. Nobody here is going to know, because if its happened to them, they wont know either. 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. 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.
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