Privacy Policy. Managers have more impact on our mental health than doctors and therapists! If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. monzo closed account refund. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. Thats to do with fraud and AML law - if they are giving him two months its not that. Theres more here about two ways to pay. 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. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. OR: . They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Corporate_Drone31 2 yr. ago. I am being treated as a fraudster without any due process. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. "The prevention of financial crime is an issue that affects the entire. 09446231). 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). 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). [Blog link was removed]. 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 someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). Do other banks pull stuff like this? Refunds take up to 14 days from when the merchant processes it. OP will have done something or some flag for it. It was around December last year when Rhys Harford, 25, first noticed a problem. 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. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. I thought I was the only one, he explains. So in my mind, Im a Premium customer and I get paid interest on my balance. Update on this earlier post. Refunds take up to 14 days from when the merchant processes it. Before this time frame, it received fewer than 30 complaints in a six-month period. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. Bet 10* & Get 30* in Free Bets. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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 closed account refund. 09446231). Getting your car rental or hotel deposit refund. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. Yeah i did think that. But the biggest issue i have is they said 2 months. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. 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. New Customers only. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. 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. Our Financial Services Register number is 730427. We know this can be very frustrating, and were not being deliberately difficult. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. HELP! Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Nobody here is going to know, because if its happened to them, they wont know either. 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 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. This only happens very rarely, and most customers will never even know its happening. Other than a monthly wage coming in theres been no other incoming transactions since November too. 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. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial crime is a serious problem across society. 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. However, when he got to a cashpoint in north London, his Monzo card was declined. How do I get it back? But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. been abusive to anyone at Monzo or a member of our community. 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? 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. 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 21/09/18 - 5 accounts now closed. 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". 09446231). I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. The account would be frozen until the concern was resolved. 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 ). Why wouldnt I? It's probably easier for Monzo to simply reject the refund. Get help'. 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). Min odds/bet and payment method exclusions apply. Refunds take up to 14 days from when the merchant processes it. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. Which youve already replied to? Its likely that your old Monzo account has a positive balance. Some users are accusing Monzo of. How do I get my money back? 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). This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. 09446231). Min odds/bet and payment method exclusions apply. So we might block the account on our side to investigate, and close it depending on what we find. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. 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. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. Monzo legally cannot tell you why. Of course they do. Heres some more information about why this sometimes happens. 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. It might be a mistake on Monzos part, youd like to think theres human intervention here. The stories on it may alarm some of. Why have I received an email about a refund from my closed account? We don't know what and we'll probably never know. 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. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. I've had an inconvenience, which is frustrating," says Harford. 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. Only 29 percent of these complaints were resolved in the consumers favour. Monzo have flagged his account for something. Bet 10* & Get 30* in Free Bets. Finding out your bank has blocked or closed your account can be stressful and frustrating. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. 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.. 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. 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. Free Bets are paid as Bet Credits. ! 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. What can I actually do. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. and our Form & Verdict. Last run: 364 days. 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. 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. Its unlikely to happen to 99.9% of customers. Our Financial Services Register number is 730427. Monzo, the banking start-up loved by millennials, has over three million users. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Monzo Bank Limited is a company registered in England and Wales (No. What reasons would they have though?? Statements So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. 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. Thats not an acceptable risk for us. I dont understand your point? This document will be password protected, and well send you the password to open it in a text message. If that was the case they would not have two months they would be cut off immediately. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. 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). 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. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. 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. '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. 6 yo Gelding. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. 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. Your first step should be to contact the merchant and see if it has bounced back. 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. Im afraid this customer forum isnt the place to discuss closed accounts. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Existing customers can get help via the app. denver museum of nature and science prehistoric journey. No change of circumstances and still live in the UK. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. 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 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. 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. Free Bets are paid as Bet Credits. 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. You can find more information in the terms and conditions. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Existing customers can get help via the app. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. He lost 4,000, saved for his son's enrolment at university in September, after being called by a fraudster from a number that matched Monzo's, flagging suspicious activity on his account. Yes, true, but the rest of my post still applies. 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. This process is the same as any other High St banks. 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 . However, it's not all rave reviews. 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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