For legal reasons they won't be able to discuss it with you whilst the case is ongoing. "I thought I was the only one," he explains. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Refunds take up to 14 days from when the merchant processes it. How is this fair? Im only able to do this because refunds from a flex purchase dont repay the balance. We don't know what and we'll probably never know. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Closing accounts can help fight financial crime Financial crime is a serious problem across society. Need it sooner? 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. Of course they do. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. 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 . To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. How do I get my money back? New Customers only. 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). so what other reasons could it be? 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 would have thought having it set like this would open the system to abuse somehow. 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 A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. Has your situation changed recently? Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. Ive had an account with monzo since 2018 and used it regularly for years. 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. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Reddit and its partners use cookies and similar technologies to provide you with a better experience. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. However, it's not all rave reviews. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. Financial crime is a serious problem across society. Monzo can not (by law) tell the customer this is why their account has been suspended. Monzo Plus/Premium monzo closed account refund. 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. Min odds/bet and payment method exclusions apply. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". During those weeks I kept contacting Monzo and going, What's going on? I dont understand your point? 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 then got an email from them saying it was going to take two to four weeks. 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). 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. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. 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 account would be frozen until the concern was resolved. 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. Our Financial Services Register number is 730427. It made me feel upset and angry because that's the only money I had for my daughter, she says. Monzo, the banking start-up loved by millennials, has over three million users. 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. This document will be password protected, and well send you the password to open it in a text message. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. 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. Having a wage deposited into it and its all been fine. 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. Get help'. 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 . This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Taints my faith in them somewhat. Monzo legally cannot tell you why. Mr Fisher was angry that. 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 Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. OP will have had his account flagged for something. The stories on it may alarm some of. Have you stopped being a resident in the UK? 6 yo Gelding. 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". Denied for all further applications. 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. He. 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. 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). Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. Cookie Notice Monzo Bank Limited is a company registered in England and Wales (No. Monzo closed my account but I have a loan with them. Existing customers can get help via the app. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. No change of circumstances and still live in the UK. Ive posted about this previously. Update on this earlier post. 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. 09446231). Monzo Bank Limited is a company registered in England and Wales (No. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. OR: . On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. 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.. 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. HELP! 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 . Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We identify a risky customer. 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. 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. The call just cuts off after 10 minutes! Min odds/bet and payment method exclusions apply. Only like you said, if it was fraud related. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. 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. Why have I received an email about a refund from my closed account? Sometimes blocking or closing accounts is one of the ways we do this. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. Meu negcio no Whatsapp Business! 21/09/18 - 5 accounts now closed. OP will have done something or some flag for it. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! You might not understand why its happened, and feel powerless to change things. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. They were quick to respond, but not with very helpful advice. 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. In line with our terms and conditions, we can close an account by giving two months notice. 09446231). The police tell us to. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Some users are accusing Monzo of. Have you had a change of circumstances? CONFUSING! 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. 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. If that was the case they would not have two months they would be cut off immediately. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. It happened just over a week ago when she was shopping. 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. 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. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. New Customers only. 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 am a victim of fraud here, I cannot even afford to take this to court. Theres a lot of anger towards the otherwise quite popular service. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. Yeah i did think 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. Im afraid youll just have to take your money and pick another bank. Its likely that your old Monzo account has a positive 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. Thats not an acceptable risk for us. 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. However today i received a message saying the account would be closed in 2 months. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Were sorry to see you go. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. Last run: 364 days. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. 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.. 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. 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. VICE viewed the . 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. I contacted Monzo, and they told me they had nothing at this time. 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? Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. Im afraid this customer forum isnt the place to discuss closed accounts. Form: 2- BF. Bet 10* & Get 30* in Free Bets. 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. Why have I received an email about a refund from my closed account? It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. 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. Its just the way the law works. Do drop Monzo an email to confirm what will happen, though. How do I get it back? Get in touch with proof from the merchant confirming that they plan to refund your deposit. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Monzo have flagged his account for something. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. very strange situation here. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Danielle Richardson. 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. Nobody here is going to know, because if its happened to them, they wont know either. 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). 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). 18+ only. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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. 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. Our Financial Services Register number is 730427. 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. Monzo Bank Limited is a company registered in England and Wales (No. Which youve already replied to? 09446231). But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. So of course Im going to keep the money in a pot until its due back. 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 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. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. 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. Were a regulated bank. So we might block the account on our side to investigate, and close it depending on what we find. Monzo Bank Limited is a company registered in England and Wales (No. For more information, please see our [Blog link was removed]. They havent just randomly decided to close his account. W: 12st 0lb. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: 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? gold coast shark attack video; giant schnauzer service dog for sale "But for others, it's been detrimental to their daily lives.. 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. 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. It impacts our economy and can affect people in devastating, life-changing ways. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Corporate_Drone31 2 yr. ago. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. '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. This only happens very rarely, and most customers will never even know its happening. It might be a mistake on Monzos part, youd like to think theres human intervention here. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. It impacts our economy and can affect people in devastating, life-changing ways. Junho 11, 2022; police story: season 2 . 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. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. Our Financial Services Register number is 730427. 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. 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. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . This process is the same as any other High St banks. 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. 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. (Monzo Closed Account Without Explanation). 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. There are two ways you can buy with Flex. monzo closed account refund. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. We dont know what and well probably never know. There are some common signs that someones using an account for criminal activity. Heres some more information about why this sometimes happens.