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. 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. Min odds/bet and payment method exclusions apply. I contacted Monzo, and they told me they had nothing at this time. It made me feel upset and angry because that's the only money I had for my daughter, she says. How do I get it back? I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. Refunds take up to 14 days from when the merchant processes it. 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. After being criticised by. However, its not all rave reviews. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. Otherwise criminals would quickly figure out how to get around them! Were a regulated bank. 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. However, when he got to a cashpoint in north London, his Monzo card was declined. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. HELP! Thats to do with fraud and AML law - if they are giving him two months its not that. 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. Im afraid this customer forum isnt the place to discuss closed accounts. 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. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". But we can broadly explain when we might do it: We spot unusual activity. 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. Free Bets are paid as Bet Credits. Refunds take up to 14 days from when the merchant processes it. I dont understand your point? 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. 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 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 that was the case they would not have two months they would be cut off immediately. Monzo Bank Limited is a company registered in England and Wales (No. What can I actually do. Meu negcio no Whatsapp Business! 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. Get help'. monzo closed account refund. However, it's not all rave reviews. Form & Verdict. 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 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? It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. Finding out your bank has blocked or closed your account can be stressful and frustrating. Monzo Bank Limited is a company registered in England and Wales (No. It might take a while, but you should get your money back in the end. Its funny you say that because Ive heard back from chat now and the response pretty much amounted to lol, sort it out yourself mate. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. 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). OR: . I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. Min odds/bet and payment method exclusions apply. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. Ive had an account with monzo since 2018 and used it regularly for years. (Monzo Closed Account Without Explanation). "But for others, it's been detrimental to their daily lives.. How is this fair? [Blog link was removed]. Monzo can not (by law) tell the customer this is why their account has been suspended. That 400 was everything I had to last 'til after Christmas.. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. Managers have more impact on our mental health than doctors and therapists! OP will have done something or some flag for it. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: 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. 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. Taints my faith in them somewhat. 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. The call just cuts off after 10 minutes! This process is the same as any other High St banks. Monzo Bank Limited is a company registered in England and Wales (No. However today i received a message saying the account would be closed in 2 months. I am being treated as a fraudster without any due process. 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. I genuinely thought it was just an issue with their system, Harford tells me over the phone. It happened just over a week ago when she was shopping. Has your situation changed recently? Need it sooner? 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. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. 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. 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. It might be a mistake on Monzos part, youd like to think theres human intervention here. I would have thought having it set like this would open the system to abuse somehow. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Existing customers can get help via the app. 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. During those weeks I kept contacting Monzo and going, What's going on? Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. Were sorry to see you go. 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 impacts our economy and can affect people in devastating, life-changing ways. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. They were quick to respond, but not with very helpful advice. 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 around December last year when Rhys Harford, 25, first noticed a problem. So in my mind, Im a Premium customer and I get paid interest on my balance. been abusive to anyone at Monzo or a member of our community. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. "The prevention of financial crime is an issue that affects the entire. For over a month, I had no funds. 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). 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. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 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. 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. No change of circumstances and still live in the UK. What happens to that refund? If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. (This is known as tipping off.). 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. so what other reasons could it be? Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. 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. 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. 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. But if theyve checked it and given 2 months notice, thats the end of it. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Its just the way the law works. There are some common signs that someones using an account for criminal activity. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Other than a monthly wage coming in theres been no other incoming transactions since November too. This only happens very rarely, and most customers will never even know its happening. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Having a wage deposited into it and its all been fine. 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. If were able to confirm its definitely you, well unblock your account. 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. 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. Bet 10* & Get 30* in Free Bets. Existing customers can get help via the app. Heres some more information about why this sometimes happens. Junho 11, 2022; police story: season 2 . It impacts our economy and can affect people in devastating, life-changing ways. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. very strange situation here. 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. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Yes, true, but the rest of my post still applies. 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. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . 09446231). If you do not, your paycheck may go to the bank, but you will not be able to access the funds. 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 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. It was here that Harford found the advice he needed to get his money back. 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. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. We don't know what and we'll probably never know. Monzo legally cannot tell you why. Sometimes freezing, blocking or closing accounts is part of that. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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 . Our Financial Services Register number is 730427. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. If it's rejected the merchant should inform you and then likely ask for new details. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. Denied for all further applications. Have you had a change of circumstances? From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. 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. Theres more here about two ways to pay. 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. We dont know what and well probably never know. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. 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. Im afraid youll just have to take your money and pick another bank. The stories on it may alarm some of. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. So what do I 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 Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Nobody here is going to know, because if its happened to them, they wont know either. Our Financial Services Register number is 730427. But the biggest issue i have is they said 2 months. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Do drop Monzo an email to confirm what will happen, though. Do other banks pull stuff like this? Privacy Policy. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. 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. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. 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 . Mr Fisher was angry that. Monzo have flagged his account for something. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Monzo Bank Limited is a company registered in England and Wales (No. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Before this time frame, it received fewer than 30 complaints in a six-month period. 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. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. 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. 09446231). monzo closed account refund. Quick question. 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). Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. 09446231). 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.. Getting your car rental or hotel deposit refund. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. 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. 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 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? I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. Our Financial Services Register number is 730427. There are two ways you can buy with Flex. OP will have done something or some flag for it. CONFUSING! In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . New Customers only. Why have I received an email about a refund from my closed account? It's probably easier for Monzo to simply reject the refund. Have you stopped being a resident in the UK? If you do come across one of these stories, its wise to take them with a pinch of salt. 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. If fraud is involved, regular rules around account closures do not apply. 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. Last run: 364 days. Our Financial Services Register number is 730427. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. For more information, please see our Refunds take up to 14 days from when the merchant processes it. Only like you said, if it was fraud related. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Update on this earlier post. 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).