Harford says that he struggled to get information from Monzo after his account was frozen. Managers have more impact on our mental health than doctors and therapists! 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. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Denied for all further applications. Thats to do with fraud and AML law - if they are giving him two months its not that. We may close your account or stop you using your card and app immediately if we believe youve: put us in a position where we might break the law, broken the law or attempted to break the law. 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 run: 364 days. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. Monzo Plus/Premium W: 12st 0lb. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. Refunds take up to 14 days from when the merchant processes 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. 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. 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. Closing accounts can help fight financial crime Financial crime is a serious problem across society. I thought I was the only one, he explains. Were a regulated bank. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . 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. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. I was wondering how this will work with the Flex experience - will that purchase be paid off? 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. Which youve already replied to? Statements Min odds/bet and payment method exclusions apply. community bible study complaints; marriage witness requirements; 21/09/18 - 5 accounts now closed. 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. Its likely that your old Monzo account has a positive balance. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. However, its not all rave reviews. Only like you said, if it was fraud related. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. monzo closed account refundplains, plateaus, and mountains worksheets. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. monzo closed account refund. Monzo Bank Limited is a company registered in England and Wales (No. been abusive to anyone at Monzo or a member of our community. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. Quick question. If fraud is involved, regular rules around account closures do not apply. CONFUSING! monzo closed account refund. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. 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 In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Junho 11, 2022; police story: season 2 . 6 yo Gelding. 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. After being criticised by. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. If were able to confirm its definitely you, well unblock your account. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. 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). 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. 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. Our Financial Services Register number is 730427. 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. 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 Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. Monzo have flagged his account for something. 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. 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. 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. Why wouldnt I? After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. Getting your car rental or hotel deposit refund. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. 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. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Your first step should be to contact the merchant and see if it has bounced back. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Refunds take up to 14 days from when the merchant processes it. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. I would have thought having it set like this would open the system to abuse somehow. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. 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. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. OP will have done something or some flag for it. For over a month, I had no funds. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. 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. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. Monzo Bank Limited is a company registered in England and Wales (No. It might be a mistake on Monzos part, youd like to think theres human intervention here. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. However today i received a message saying the account would be closed in 2 months. 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. But we can broadly explain when we might do it: We spot unusual activity. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. Yes, true, but the rest of my post still applies. 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 . OP will have done something or some flag for it. HELP! Nobody here is going to know, because if its happened to them, they wont know either. 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. Monzo closed my account but I have a loan with them. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. 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. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. You might not understand why its happened, and feel powerless to change things. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! We don't know what and we'll probably never know. 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. So we might block the account on our side to investigate, and close it depending on what we find. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. 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). 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. 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? In line with our terms and conditions, we can close an account by giving two months notice. We know this can be very frustrating, and were not being deliberately difficult. 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. How is this fair? Existing customers can get help via the app. 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. 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. Mr Fisher was angry that. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. 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. 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. 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. During those weeks I kept contacting Monzo and going, What's going on? There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. But the biggest issue i have is they said 2 months. If it's rejected the merchant should inform you and then likely ask for new details. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. However, when he got to a cashpoint in north London, his Monzo card was declined. Theres more here about two ways to pay. He. If you used your account for anything cryptocurrency related, that might be why. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Thats not an acceptable risk for us. 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. Financial crime is a serious problem across society. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. 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.