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. I was wondering how this will work with the Flex experience - will that purchase be paid off? Reddit and its partners use cookies and similar technologies to provide you with a better experience. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. How do I get my money back? I thought I was the only one, he explains. I dont understand your point? This needs to be sorted out now. If fraud is involved, regular rules around account closures do not apply. 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. But the biggest issue i have is they said 2 months. I am being treated as a fraudster without any due process. 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? Our Financial Services Register number is 730427. 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. Which youve already replied to? So what do I do? However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. 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. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! 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. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Its unlikely to happen to 99.9% of customers. 09446231). 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. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. so what other reasons could it be? They were quick to respond, but not with very helpful advice. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. 09446231). Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. 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. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). 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? 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 It impacts our economy and can affect people in devastating, life-changing ways. 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. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. 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. New Customers only. 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, the banking start-up loved by millennials, has over three million users. 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). I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. 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. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. 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. I then got an email from them saying it was going to take two to four weeks. Monzo have flagged his account for something. Update on this earlier post. It impacts our economy and can affect people in devastating, life-changing ways. 21/09/18 - 5 accounts now closed. Refunds take up to 14 days from when the merchant processes it. It might be a mistake on Monzos part, youd like to think theres human intervention here. New comments cannot be posted and votes cannot be cast. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Min odds/bet and payment method exclusions apply. 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. Privacy Policy. 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. 18+ only. The account would be frozen until the concern was resolved. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. 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). I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. 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. Junho 11, 2022; police story: season 2 . If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. 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? Its just the way the law works. Monzo Bank Limited is a company registered in England and Wales (No. 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. What can I actually do. Nobody here is going to know, because if its happened to them, they wont know either. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Quick question. 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.. Why have I received an email about a refund from my closed account? houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. 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 . What reasons would they have though?? Before this time frame, it received fewer than 30 complaints in a six-month period. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. Existing customers can get help via the app. Thats not an acceptable risk for us. Were sorry to see you go. Form & Verdict. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. 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. Were a regulated bank. Why have I received an email about a refund from my closed account? However, it's not all rave reviews. If you do come across one of these stories, its wise to take them with a pinch of salt. Getting your car rental or hotel deposit refund. 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. Sometimes blocking or closing accounts is one of the ways we do this. After being criticised by. 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. Closing accounts can help fight financial crime Financial crime is a serious problem across society. In line with our terms and conditions, we can close an account by giving two months notice. Yes, true, but the rest of my post still applies. Monzo Bank Limited is a company registered in England and Wales (No. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. 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. I am a victim of fraud here, I cannot even afford to take this to court. 6 yo Gelding. I contacted Monzo, and they told me they had nothing at this time. 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. 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. Danielle Richardson. "But for others, it's been detrimental to their daily lives.. 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. 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. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. 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. Corporate_Drone31 2 yr. ago. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. It happened just over a week ago when she was shopping. Theres more here about two ways to pay. If you used your account for anything cryptocurrency related, that might be why. If that was the case they would not have two months they would be cut off immediately. Only 29 percent of these complaints were resolved in the consumers favour. Monzo Plus/Premium [Blog link was removed]. 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. If it's rejected the merchant should inform you and then likely ask for new details. 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. 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. 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. (This is known as tipping off.). CONFUSING! It made me feel upset and angry because that's the only money I had for my daughter, she says. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Get help'. 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. Place your first bet, if it loses we will refund your first bet stake as a free bet. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. We dont know what and well probably never know. 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. 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. 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 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. monzo closed account refund. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. Monzo can not (by law) tell the customer this is why their account has been suspended. 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). Our Financial Services Register number is 730427. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn If were able to confirm its definitely you, well unblock your account. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. Other than a monthly wage coming in theres been no other incoming transactions since November too. Refunds take up to 14 days from when the merchant processes it. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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 . 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. 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. 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. 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. Its likely that your old Monzo account has a positive balance. 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). Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. But we can broadly explain when we might do it: We spot unusual activity. Free Bets are paid as Bet Credits. For over a month, I had no funds. We can close your account by giving you at least two months notice. So of course Im going to keep the money in a pot until its due back. Have you had a change of circumstances? This is a first Ive heard it happen to a personal current account, and I dont like it one bit. OP will have had his account flagged for something. 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). That 400 was everything I had to last 'til after Christmas.. During those weeks I kept contacting Monzo and going, What's going on? "I thought I was the only one," he explains. 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. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. Thats to do with fraud and AML law - if they are giving him two months its not that. Heres some more information about why this sometimes happens. However, when he got to a cashpoint in north London, his Monzo card was declined. Do drop Monzo an email to confirm what will happen, though. 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. It's probably easier for Monzo to simply reject the refund. Cookie Notice Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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. "The prevention of financial crime is an issue that affects the entire. 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. Monzo legally cannot tell you why. But if theyve checked it and given 2 months notice, thats the end of it. Managers have more impact on our mental health than doctors and therapists! 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. I genuinely thought it was just an issue with their system, Harford tells me over the phone. 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.. 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. You can find more information in the terms and conditions. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Has your situation changed recently? But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. We don't know what and we'll probably never know. Existing customers can get help via the app. 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 you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. community bible study complaints; marriage witness requirements; I would have thought having it set like this would open the system to abuse somehow. Sometimes freezing, blocking or closing accounts is part of that. VICE viewed the . 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 usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. 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. 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. However today i received a message saying the account would be closed in 2 months. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. HELP! Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Monzo Bank Limited is a company registered in England and Wales (No. There are some common signs that someones using an account for criminal activity. 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. W: 12st 0lb. The stories on it may alarm some of. Im afraid youll just have to take your money and pick another bank. 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. We'll add 8% interest, applied from the date we originally received the money. 09446231). 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. Form: 2- BF. Surely they need to have some sort of valid reason though right? Only like you said, if it was fraud related. Ive had an account with monzo since 2018 and used it regularly for years.
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