To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Update on this earlier post. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Monzo Bank Limited is a company registered in England and Wales (No. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. If youve been told by the retailer that theyve sent you a refund, its always worth checking the instalment plan to see if some of the balance has been paid-off, and whether a smaller amount has come back to your current account at the same time. 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. It happened just over a week ago when she was shopping. We'll add 8% interest, applied from the date we originally received the money. Its likely that your old Monzo account has a positive balance. I've had an inconvenience, which is frustrating," says Harford. Min odds/bet and payment method exclusions apply. This needs to be sorted out now. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: Monzo Bank Limited is a company registered in England and Wales (No. We know this can be very frustrating, and were not being deliberately difficult. They were quick to respond, but not with very helpful advice. 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. Taints my faith in them somewhat. 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. Get in touch with proof from the merchant confirming that they plan to refund your deposit. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). So we might block the account on our side to investigate, and close it depending on what we find. If were able to confirm its definitely you, well unblock your account. Some users are accusing Monzo of. We can close your account by giving you at least two months notice. For over a month, I had no funds. Has your situation changed recently? Closing accounts can help fight financial crime Financial crime is a serious problem across society. So of course Im going to keep the money in a pot until its due back. Sometimes freezing, blocking or closing accounts is part of that. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. 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 . In the summer of 2019 a Facebook group, " Monzo stole our money ", was quietly set up by Ian Fisher after his account was unexpectedly closed by the digital bank. If the account activity does seem suspicious, we have to report it to the National Crime Agency, and wait for their response before closing the account. 09446231). The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . The first bet must be placed within 7 days of registration and at odds of 1.8 or more. The call just cuts off after 10 minutes! In line with our terms and conditions, we can close an account by giving two months notice. 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. 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. In the end, it took over four weeks for Harford to receive his money back. Managers have more impact on our mental health than doctors and therapists! Privacy Policy. Heres some more information about why this sometimes happens. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Other than a monthly wage coming in theres been no other incoming transactions since November too. 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. What happens to that refund? Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Place your first bet, if it loses we will refund your first bet stake as a free bet. 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. Why wouldnt I? I genuinely thought it was just an issue with their system, Harford tells me over the phone. New Customers only. Refunds take up to 14 days from when the merchant processes it. HELP! 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. Thats to do with fraud and AML law - if they are giving him two months its not that. 09446231). It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Im afraid this customer forum isnt the place to discuss closed accounts. The account would be frozen until the concern was resolved. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. I was wondering how this will work with the Flex experience - will that purchase be paid off? Were a regulated bank. 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. 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). Cookie Notice This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. 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. However today i received a message saying the account would be closed in 2 months. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 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. 09446231). Harford says that he struggled to get information from Monzo after his account was frozen. They're saying they can only refund to the original card Any idea what I'm supposed to do here? No change of circumstances and still live in the UK. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. There are some common signs that someones using an account for criminal activity. 6 yo Gelding. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Of course they do. Nobody here is going to know, because if its happened to them, they wont know either. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. Do drop Monzo an email to confirm what will happen, though. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. 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. New comments cannot be posted and votes cannot be cast. 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. "The prevention of financial crime is an issue that affects the entire. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. He. We dont know what and well probably never know. The police tell us to. Monzo have flagged his account for something. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. It might be a mistake on Monzos part, youd like to think theres human intervention here. What reasons would they have though?? How do I get my money back? Monzo, the banking start-up loved by millennials, has over three million users. Bet 10* & Get 30* in Free Bets. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Mr Fisher was angry that. 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 ). 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. 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. They havent just randomly decided to close his account. 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. 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. 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? 18+ only. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. 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. Have you stopped being a resident in the UK? 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. 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. 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. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. But the biggest issue i have is they said 2 months. I dont understand your point? Our Financial Services Register number is 730427. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. This process is the same as any other High St banks. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. [Blog link was removed]. 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. Surely they need to have some sort of valid reason though right? Free Bets are paid as Bet Credits. 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. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. VICE viewed the . Theres more here about two ways to pay. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Reddit and its partners use cookies and similar technologies to provide you with a better experience. There are two ways you can buy with Flex. 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). denver museum of nature and science prehistoric journey. Theres a lot of anger towards the otherwise quite popular service. We identify a risky customer. Only like you said, if it was fraud related. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. so what other reasons could it be? Form & Verdict. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. Bet 10* & Get 30* in Free Bets. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Monzo closed my account but I have a loan with them. Monzo legally cannot tell you why. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. 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? 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? Yeah i did think that. 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. However, its not all rave reviews. 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. 21/09/18 - 5 accounts now closed. I contacted Monzo, and they told me they had nothing at this time. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. Meu negcio no Whatsapp Business! Min odds/bet and payment method exclusions apply. For more information, please see our In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . I am being treated as a fraudster without any due process. '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. 09446231). 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. 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. Otherwise criminals would quickly figure out how to get around them! Which youve already replied to? Ive had an account with monzo since 2018 and used it regularly for years. I then got an email from them saying it was going to take two to four weeks. 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 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. 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". Existing customers can get help via the app. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. 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 wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. If that was the case they would not have two months they would be cut off immediately. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. W: 12st 0lb. But if theyve checked it and given 2 months notice, thats the end of it. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Corporate_Drone31 2 yr. ago. 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. 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. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days.
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