We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. Min odds/bet and payment method exclusions apply. I was wondering how this will work with the Flex experience - will that purchase be paid off? 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. Im only able to do this because refunds from a flex purchase dont repay the balance. 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. New Customers only. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: so what other reasons could it be? If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. Existing customers can get help via the app. 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? Ive had an account with monzo since 2018 and used it regularly for years. (Monzo Closed Account Without Explanation). Why have I received an email about a refund from my closed account? 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. Or will the end up in my main account or something else? They havent just randomly decided to close his account. Your first step should be to contact the merchant and see if it has bounced back. The account would be frozen until the concern was resolved. A spokesperson for the Financial Ombudsman Service told VICE: If youre unhappy with your provider [bank], get in touch with the Financial Ombudsman Service and well see if we can help.. This process is the same as any other High St banks. 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? He. Monzo have flagged his account for something. Refunds take up to 14 days from when the merchant processes it. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. That 400 was everything I had to last 'til after Christmas.. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. What happens to that refund? It was here that Harford found the advice he needed to get his money back. They're saying they can only refund to the original card Any idea what I'm supposed to do here? 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. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . 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. 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. 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. Meu negcio no Whatsapp Business! 09446231). Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. Were a regulated bank. If fraud is involved, regular rules around account closures do not apply. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Ive posted about this previously. 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. Have you stopped being a resident in the UK? 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. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. So of course Im going to keep the money in a pot until its due back. OP will have had his account flagged for something. Need it sooner? 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. What can I actually 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. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". I then got an email from them saying it was going to take two to four weeks. "The prevention of financial crime is an issue that affects the entire. monzo closed account refund. 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. Bet 10* & Get 30* in Free Bets. 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. But the biggest issue i have is they said 2 months. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. 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. I thought I was the only one, he explains. 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. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. Sometimes blocking or closing accounts is one of the ways we do this. 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". 6 yo Gelding. Existing customers can get help via the app. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. 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. 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). Privacy Policy. 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. 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 . 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. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. 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. HELP! 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. It might take a while, but you should get your money back in the end. Surely they need to have some sort of valid reason though right? Harford says that he struggled to get information from Monzo after his account was frozen. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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 a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. 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.. Existing customers can get help via the app. 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. Danielle Richardson. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. Yeah i did think that. 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. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. For over a month, I had no funds. They were quick to respond, but not with very helpful advice. 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. Closing accounts can help fight financial crime Financial crime is a serious problem across society. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. 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. 18+ only. There are two ways you can buy with Flex. 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. However today i received a message saying the account would be closed in 2 months. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. denver museum of nature and science prehistoric journey. ! W: 12st 0lb. Only like you said, if it was fraud related. 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. 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 That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. 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. Monzo Bank Limited is a company registered in England and Wales (No. Theres a lot of anger towards the otherwise quite popular service. 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 contacted Monzo, and they told me they had nothing at this time. [Blog link was removed]. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Junho 11, 2022; police story: season 2 . Mr Fisher was angry that. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. 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. Denied for all further applications. 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. There are some common signs that someones using an account for criminal activity. Monzo closed my account but I have a loan with them. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Bet 10* & Get 30* in Free Bets. Refunds take up to 14 days from when the merchant processes it. Im afraid this customer forum isnt the place to discuss closed accounts. Sometimes freezing, blocking or closing accounts is part of that. Cookie Notice Finding out your bank has blocked or closed your account can be stressful and frustrating. It's probably easier for Monzo to simply reject the refund. 09446231). If that was the case they would not have two months they would be cut off immediately. Only 29 percent of these complaints were resolved in the consumers favour. I am a victim of fraud here, I cannot even afford to take this to court. 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? I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. OR: . This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. OP will have done something or some flag for it. 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. 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. The stories on it may alarm some of. 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. The police tell us to. Sent messages to them but they seem pretty slow at the moment. 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. Monzo Plus/Premium If it's rejected the merchant should inform you and then likely ask for new details. 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. 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). However, its not all rave reviews. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. 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. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. 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. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Our Financial Services Register number is 730427. Monzo Bank Limited is a company registered in England and Wales (No. 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. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. 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 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). Free Bets are paid as Bet Credits. monzo closed account refundplains, plateaus, and mountains worksheets. 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 . Nobody here is going to know, because if its happened to them, they wont know either. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. OP will have done something or some flag for it. 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. Monzo can not (by law) tell the customer this is why their account has been suspended. Existing customers can get help via the app. 21/09/18 - 5 accounts now closed. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. I would have thought having it set like this would open the system to abuse somehow. Getting your car rental or hotel deposit refund. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. Our Financial Services Register number is 730427. Quick question. Get help'. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. In line with our terms and conditions, we can close an account by giving two months notice. Refunds take up to 14 days from when the merchant processes 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. Other than a monthly wage coming in theres been no other incoming transactions since November too. So what do I do? How do I get it back? During those weeks I kept contacting Monzo and going, What's going on? You might not understand why its happened, and feel powerless to change things. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new 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). 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. Form: 2- BF. Monzo Bank Limited is a company registered in England and Wales (No. Were sorry to see you go. In the end, it took over four weeks for Harford to receive his money back. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. Update on this earlier post. Yes, true, but the rest of my post still applies. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. We don't know what and we'll probably never know. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. Its just the way the law works. Monzo Bank Limited is a company registered in England and Wales (No. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. If were able to confirm its definitely you, well unblock your account. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. 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). According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank.