"I thought I was the only one," he explains. What reasons would they have though?? Free Bets are paid as Bet Credits. 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. Existing customers can get help via the app. I am being treated as a fraudster without any due process. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Privacy Policy. So we might block the account on our side to investigate, and close it depending on what we find. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. Refunds take up to 14 days from when the merchant processes it. We identify a risky customer. 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. Or will the end up in my main account or something else? If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. However, its not all rave reviews. I then got an email from them saying it was going to take two to four weeks. They havent just randomly decided to close his account. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Monzo can not (by law) tell the customer this is why their account has been suspended. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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 genuinely thought it was just an issue with their system, Harford tells me over the phone. 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). Junho 11, 2022; police story: season 2 . 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. 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. 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. How is this fair? Our Financial Services Register number is 730427. It was here that Harford found the advice he needed to get his money back. Have you stopped being a resident in the UK? Has your situation changed recently? This needs to be sorted out now. Have you had a change of circumstances? I've had an inconvenience, which is frustrating," says Harford. Update on this earlier post. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. 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. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". 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. OP will have done something or some flag for it. It made me feel upset and angry because that's the only money I had for my daughter, she says. 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". according to figures published on its website, are accusing Monzo of freezing or closing their accounts. 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. Theres a lot of anger towards the otherwise quite popular service. 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. Im afraid this customer forum isnt the place to discuss closed accounts. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Theres more here about two ways to pay. Quick question. After being criticised by. community bible study complaints; marriage witness requirements; So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. 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. Refunds take up to 14 days from when the merchant processes it. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. New Customers only. HELP! Our Financial Services Register number is 730427. Thats not an acceptable risk for us. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. I am a victim of fraud here, I cannot even afford to take this to court. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. 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 . If youve been waiting more than 14 days, please check that the merchant definitely sent the money. You might not understand why its happened, and feel powerless to change things. New Customers only. It might be a mistake on Monzos part, youd like to think theres human intervention here. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. 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 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). The first bet must be placed within 7 days of registration and at odds of 1.8 or more. 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. Only like you said, if it was fraud related. 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 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. Information about our Personal Current Account Services, Please log in and verify your identity by recording a short video and taking a photo of one of your ID documents, Once weve verified you, youll be able to give us the details of another UK account for us to forward the money to. Closing accounts can help fight financial crime Financial crime is a serious problem across society. Surely they need to have some sort of valid reason though right? Corporate_Drone31 2 yr. ago. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. He. 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. How do I get my money back? Mr Fisher was angry that. The stories on it may alarm some of. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. You can use your virtual card, or you can pay with your Monzo debit card and then move the transaction to Flex up to two weeks after you made the payment. Monzo Bank Limited is a company registered in England and Wales (No. 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. Sometimes freezing, blocking or closing accounts is part of that. 18+ only. Some users are accusing Monzo of. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. 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. They're saying they can only refund to the original card Any idea what I'm supposed to do here? I was wondering how this will work with the Flex experience - will that purchase be paid off? Bet 10* & Get 30* in Free Bets. But the biggest issue i have is they said 2 months. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. 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. 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 ). 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. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn I dont understand your point? We know this can be very frustrating, and were not being deliberately difficult. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. W: 12st 0lb. Need it sooner? If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. 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. 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. 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. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). 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. Form: 2- BF. Monzo legally cannot tell you why. denver museum of nature and science prehistoric journey. 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? 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. 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. Yes, true, but the rest of my post still applies. "But for others, it's been detrimental to their daily lives.. We dont know what and well probably never know. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. Ive had an account with monzo since 2018 and used it regularly for years. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. 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 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. Existing customers can get help via the app. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. I would have thought having it set like this would open the system to abuse somehow. 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. Otherwise criminals would quickly figure out how to get around them! 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. 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. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. Having a wage deposited into it and its all been fine. Min odds/bet and payment method exclusions apply. monzo closed account refund. Harford says that he struggled to get information from Monzo after his account was frozen. 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. I have been banking with Monzo for a few months now, using it to trade Bitcoins through LocalBitcoins (peer to peer) and pay for various things. 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.. Cookie Notice They were quick to respond, but not with very helpful advice. 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. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Form & Verdict. Do other banks pull stuff like this? However, it's not all rave reviews. 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. Its unlikely to happen to 99.9% of customers. Monzo, the banking start-up loved by millennials, has over three million users. CONFUSING! 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. Why have I received an email about a refund from my closed account? very strange situation here. The account would be frozen until the concern was resolved. Existing customers can get help via the app. Only 29 percent of these complaints were resolved in the consumers favour. 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. 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. 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. Min odds/bet and payment method exclusions apply. Our Financial Services Register number is 730427. 09446231). Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. 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. 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 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 prevention of financial crime is an issue that affects the entire. Ive posted about this previously. Before this time frame, it received fewer than 30 complaints in a six-month period. But if theyve checked it and given 2 months notice, thats the end of it. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. So in my mind, Im a Premium customer and I get paid interest on my balance. 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. If fraud is involved, regular rules around account closures do not apply. Im afraid youll just have to take your money and pick another bank. For over a month, I had no funds. Its just the way the law works. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. In the end, it took over four weeks for Harford to receive his money back. So what do I do?