Existing customers can get help via the app. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. So what do I do? 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. 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. Some users are accusing Monzo of. New Customers only. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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 . That 400 was everything I had to last 'til after Christmas.. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. Update on this earlier post. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . 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. Junho 11, 2022; police story: season 2 . Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. 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. You might not understand why its happened, and feel powerless to change things. "But for others, it's been detrimental to their daily lives.. Getting your car rental or hotel deposit refund. Monzo Plus/Premium Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. 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. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. Only like you said, if it was fraud related. Why have I received an email about a refund from my closed account? 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. 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 max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. After being criticised by. 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. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. 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. Weve taken the unfortunate decision to close yours with immediate effect., The email also said that Hopkins funds will be returned to the source., According to Monzos Terms and Conditions, the company reserves the right to close an account at any time, particularly if it believes fraudulent actions are taking place. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. This process is the same as any other High St banks. He. 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. 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. You can find more information in the terms and conditions. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: Form: 2- BF. I was wondering how this will work with the Flex experience - will that purchase be paid off? 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. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. "The prevention of financial crime is an issue that affects the entire. There are two ways you can buy with Flex. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Your first step should be to contact the merchant and see if it has bounced back. Refunds take up to 14 days from when the merchant processes it. 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. Monzo Bank Limited is a company registered in England and Wales (No. Ive had an account with monzo since 2018 and used it regularly for years. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. Quick question. Having a wage deposited into it and its all been fine. It happened just over a week ago when she was shopping. Thats to do with fraud and AML law - if they are giving him two months its not that. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. It might be a mistake on Monzos part, youd like to think theres human intervention here. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. 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. Have you stopped being a resident in the UK? On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Why wouldnt I? We can close your account by giving you at least two months notice. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Monzo legally cannot tell you why. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. During those weeks I kept contacting Monzo and going, What's going on? Which youve already replied to? OP will have done something or some flag for it. So we might block the account on our side to investigate, and close it depending on what we find. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. Sent messages to them but they seem pretty slow at the moment. The account would be frozen until the concern was resolved. HELP! 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 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. 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). monzo closed account refund. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. Denied for all further applications. Its likely that your old Monzo account has a positive balance. Monzo closed my account but I have a loan with them. Place your first bet, if it loses we will refund your first bet stake as a free bet. Our Financial Services Register number is 730427. 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.. The call just cuts off after 10 minutes! 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". The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . So of course Im going to keep the money in a pot until its due back. Only 29 percent of these complaints were resolved in the consumers favour. 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 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 I dont understand your point? 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Of course they do. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. monzo closed account refundplains, plateaus, and mountains worksheets. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. New Customers only. How do I get my money back? I've had an inconvenience, which is frustrating," says Harford. What can I actually do. It impacts our economy and can affect people in devastating, life-changing ways. Danielle Richardson. 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. So in my mind, Im a Premium customer and I get paid interest on my balance. What reasons would they have though?? 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. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. However, its not all rave reviews. However today i received a message saying the account would be closed in 2 months. It was around December last year when Rhys Harford, 25, first noticed a problem. 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. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. But we can broadly explain when we might do it: We spot unusual activity. 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. We know this can be very frustrating, and were not being deliberately difficult. Form & Verdict. OP will have done something or some flag for it. Harford says that he struggled to get information from Monzo after his account was frozen. 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. For more information, please see our Privacy Policy. 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. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. 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. Need it sooner? If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. Yes, true, but the rest of my post still applies. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Monzo, the banking start-up loved by millennials, has over three million users. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. How do I get it back? Nobody here is going to know, because if its happened to them, they wont know either. 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 were able to confirm its definitely you, well unblock your account. Monzo have flagged his account for something. 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 ). 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. They're saying they can only refund to the original card Any idea what I'm supposed to do here? We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. 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. Finding out your bank has blocked or closed your account can be stressful and frustrating. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. How is this fair? I am a victim of fraud here, I cannot even afford to take this to court. The stories on it may alarm some of. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. We dont know what and well probably never know. 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. Ive posted about this previously. 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. What happens to that refund? They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. denver museum of nature and science prehistoric journey. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. so what other reasons could it be? 09446231). Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. very strange situation here. OP will have had his account flagged for something. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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.. 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. This needs to be sorted out now. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. 09446231). 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. 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. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. [Blog link was removed]. 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. Im only able to do this because refunds from a flex purchase dont repay the balance. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! CONFUSING! 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? Managers have more impact on our mental health than doctors and therapists! There are some common signs that someones using an account for criminal activity. Existing customers can get help via the app. In the end, it took over four weeks for Harford to receive his 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). Monzo Bank Limited is a company registered in England and Wales (No. Taints my faith in them somewhat. 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 Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. It made me feel upset and angry because that's the only money I had for my daughter, she says. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Min odds/bet and payment method exclusions apply. We'll add 8% interest, applied from the date we originally received the money. '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. They havent just randomly decided to close his 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. 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. If you used your account for anything cryptocurrency related, that might be why. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. Corporate_Drone31 2 yr. ago. I then got an email from them saying it was going to take two to four weeks. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. 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. It impacts our economy and can affect people in devastating, life-changing ways. 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. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. If you do come across one of these stories, its wise to take them with a pinch of salt. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 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. Bet 10* & Get 30* in Free Bets. Im afraid this customer forum isnt the place to discuss closed accounts. 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. However, when he got to a cashpoint in north London, his Monzo card was declined. 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.

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