Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. During those weeks I kept contacting Monzo and going, What's going on? 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. Which youve already replied to? "But for others, it's been detrimental to their daily lives.. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Financial crime is a serious problem across society. The call just cuts off after 10 minutes! Existing customers can get help via the app. 09446231). Getting your car rental or hotel deposit refund. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. But if theyve checked it and given 2 months notice, thats the end of it. 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. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn 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. 09446231). 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. 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. Meu negcio no Whatsapp Business! Some users are accusing Monzo of. Its likely that your old Monzo account has a positive balance. 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. 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. There are two ways you can buy with Flex. You can use your virtual card, or you can pay with your Monzo debit card and then move the transaction to Flex up to two weeks after you made the payment. 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). Get in touch with proof from the merchant confirming that they plan to refund your deposit. 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? Bet 10* & Get 30* in Free Bets. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. If it's rejected the merchant should inform you and then likely ask for new details. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Im only able to do this because refunds from a flex purchase dont repay the balance. This needs to be sorted out now. We identify a risky customer. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. It's probably easier for Monzo to simply reject the refund. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. 21/09/18 - 5 accounts now closed. 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. It happened just over a week ago when she was shopping. 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. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. "I thought I was the only one," he explains. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. 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. Managers have more impact on our mental health than doctors and therapists! After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. 09446231). 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 After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. 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. No change of circumstances and still live in the UK. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. What reasons would they have though?? 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. Our Financial Services Register number is 730427. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. 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. If fraud is involved, regular rules around account closures do not apply. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. (This is known as tipping off.). Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Last run: 364 days. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. It made me feel upset and angry because that's the only money I had for my daughter, she says. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . But we can broadly explain when we might do it: We spot unusual activity. So we might block the account on our side to investigate, and close it depending on what we find. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. 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). 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. Monzo Bank Limited is a company registered in England and Wales (No. Of course they do. Junho 11, 2022; police story: season 2 . Do other banks pull stuff like this? This is a first Ive heard it happen to a personal current account, and I dont like it one bit. 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). Sent messages to them but they seem pretty slow at the moment. However, its not all rave reviews. How do I get it back? houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. It impacts our economy and can affect people in devastating, life-changing ways. 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. Get help'. Sometimes freezing, blocking or closing accounts is part of that. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Monzo can not (by law) tell the customer this is why their account has been suspended. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. Our Financial Services Register number is 730427. 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. Privacy Policy. 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. Over the weekend that 55 cash advance became a 139 cash advance as the merchant has now refunded the duplicate transaction, but the 55 Flex balance hasn't automatically settled and Monzo's 88 chargeback refund is still in my account too. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. We'll add 8% interest, applied from the date we originally received the money. However, it's not all rave reviews. 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? Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. So what do I do? He. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. In line with our terms and conditions, we can close an account by giving two months notice. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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. Why wouldnt I? 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. W: 12st 0lb. 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. So if you bought something for 30, flexed it over 3 instalments; and then sent it back for a full refund, youd see 20 of the refund paid-off the instalment plan, and your first instalment of 10 refunded to your current account. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. I genuinely thought it was just an issue with their system, Harford tells me over the phone. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. OP will have done something or some flag for it. Quick question. 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. Bet 10* & Get 30* in Free Bets. 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. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. 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. 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? 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. CONFUSING! 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 used your account for anything cryptocurrency related, that might be why. Monzo Bank Limited is a company registered in England and Wales (No. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. If you do come across one of these stories, its wise to take them with a pinch of salt. 18+ only. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. Ive posted about this previously. Only 29 percent of these complaints were resolved in the consumers favour. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. 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. Have you had a change of circumstances? Why have I received an email about a refund from my closed account? OP will have done something or some flag for it. 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 need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. (Monzo Closed Account Without Explanation). Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Nobody here is going to know, because if its happened to them, they wont know either. Refunds take up to 14 days from when the merchant processes it. Surely they need to have some sort of valid reason though right? If youve been waiting more than 14 days, please check that the merchant definitely sent the money. 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. 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. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. They havent just randomly decided to close his account. Existing customers can get help via the app. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. 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. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". 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. denver museum of nature and science prehistoric journey. There are some common signs that someones using an account for criminal activity. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Yes, true, but the rest of my post still applies. 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. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. OP will have had his account flagged for something. 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. 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? ! 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. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. 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. Cookie Notice If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. And like all banks, we have to act in certain ways, to protect ourselves and our customers. So in my mind, Im a Premium customer and I get paid interest on my balance. 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 ). How do I get my money back? In the end, it took over four weeks for Harford to receive his money back. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. 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. I am being treated as a fraudster without any due process. That 400 was everything I had to last 'til after Christmas.. 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. It might take a while, but you should get your money back in the end. Its just the way the law works. However, when he got to a cashpoint in north London, his Monzo card was declined. 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. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. 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. 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. 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. The police tell us to. I was wondering how this will work with the Flex experience - will that purchase be paid off? You might not understand why its happened, and feel powerless to change things. Im afraid youll just have to take your money and pick another bank. 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. 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. Sometimes blocking or closing accounts is one of the ways we do this. OR: . What happens to that refund? Before this time frame, it received fewer than 30 complaints in a six-month period. 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.