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. Monzo, the banking start-up loved by millennials, has over three million users. Existing customers can get help via the app. Min odds/bet and payment method exclusions apply. 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. Denied for all further applications. 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 might be a mistake on Monzos part, youd like to think theres human intervention here. Place your first bet, if it loses we will refund your first bet stake as a free bet. Update on this earlier post. 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. 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. Existing customers can get help via the app. 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. 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 was wondering how this will work with the Flex experience - will that purchase be paid off? However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. HELP! ! Yes, true, but the rest of my post still applies. Some users are accusing Monzo of. 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. 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. Our Financial Services Register number is 730427. Corporate_Drone31 2 yr. ago. 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. 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. Thats not an acceptable risk for us. Why have I received an email about a refund from my closed account? But we can broadly explain when we might do it: We spot unusual activity. Why have I received an email about a refund from my closed account? Last run: 364 days. Monzo can not (by law) tell the customer this is why their account has been suspended. It was around December last year when Rhys Harford, 25, first noticed a problem. New Customers only. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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 . 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. 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. Have you stopped being a resident in the UK? Ive posted about this previously. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Quick question. 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. Free Bets are paid as Bet Credits. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Statements Having a wage deposited into it and its all been fine. 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. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. 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.. Harford says that he struggled to get information from Monzo after his account was frozen. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Of course they do. 09446231). 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). Monzo have flagged his account for something. 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. Need it sooner? 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. Theres more here about two ways to pay. 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? Existing customers can get help via the app. (This is known as tipping off.). "But for others, it's been detrimental to their daily lives.. 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). Min odds/bet and payment method exclusions apply. It might take a while, but you should get your money back in the end. Its likely that your old Monzo account has a positive balance. 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. 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. Do other banks pull stuff like this? 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. It made me feel upset and angry because that's the only money I had for my daughter, she says. This document will be password protected, and well send you the password to open it in a text message. We don't know what and we'll probably never know. 6 yo Gelding. Managers have more impact on our mental health than doctors and therapists! 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. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. 21/09/18 - 5 accounts now closed. Monzo Bank Limited is a company registered in England and Wales (No. 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. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. 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. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. Get help'. "The prevention of financial crime is an issue that affects the entire. 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 Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. It's probably easier for Monzo to simply reject the refund. 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. Has your situation changed recently? Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. "I thought I was the only one," he explains. I then got an email from them saying it was going to take two to four weeks. So of course Im going to keep the money in a pot until its due back. Closing accounts can help fight financial crime Financial crime is a serious problem across society. 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. Other than a monthly wage coming in theres been no other incoming transactions since November too. 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 have opened up a new account on the highstreet today, surely that indicates I am under no investigations. The stories on it may alarm some of. What can I actually do. It happened just over a week ago when she was shopping. They're saying they can only refund to the original card Any idea what I'm supposed to do here? You might not understand why its happened, and feel powerless to change things. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. Monzo Bank Limited is a company registered in England and Wales (No. Surely they need to have some sort of valid reason though right? W: 12st 0lb. 09446231). 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. 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. 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). Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Were a regulated bank. Im afraid youll just have to take your money and pick another bank. OR: . 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 wouldnt I? 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. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. They were quick to respond, but not with very helpful advice. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. Thats to do with fraud and AML law - if they are giving him two months its not that. During those weeks I kept contacting Monzo and going, What's going on? been abusive to anyone at Monzo or a member of our community. Refunds take up to 14 days from when the merchant processes it. In the end, it took over four weeks for Harford to receive his money back. The call just cuts off after 10 minutes! 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 someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). I genuinely thought it was just an issue with their system, Harford tells me over the phone. 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. Monzo Plus/Premium 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. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn 09446231). I would have thought having it set like this would open the system to abuse somehow. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. Have you had a change of circumstances? 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. monzo closed account refund. 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. Monzo Bank Limited is a company registered in England and Wales (No. 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.. Heres some more information about why this sometimes happens. Refunds take up to 14 days from when the merchant processes it. If that was the case they would not have two months they would be cut off immediately. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Mr Fisher was angry that. 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? so what other reasons could it be? I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. Im only able to do this because refunds from a flex purchase dont repay the balance. 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. However, it's not all rave reviews. Its just the way the law works. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. 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. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: 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. If fraud is involved, regular rules around account closures do not apply. 18+ only. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Nobody here is going to know, because if its happened to them, they wont know either. 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. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. CONFUSING! Theres a lot of anger towards the otherwise quite popular service. Form: 2- BF. Financial crime is a serious problem across society. I thought I was the only one, he explains. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. We dont know what and well probably never know. I am a victim of fraud here, I cannot even afford to take this to court. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. In line with our terms and conditions, we can close an account by giving two months notice. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Sometimes freezing, blocking or closing accounts is part of that. The police tell us to. 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. '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. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. 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. Do drop Monzo an email to confirm what will happen, though. 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. It was here that Harford found the advice he needed to get his money back. Our Financial Services Register number is 730427. 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. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. monzo closed account refundplains, plateaus, and mountains worksheets. Meu negcio no Whatsapp Business! Getting your car rental or hotel deposit refund. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We'll add 8% interest, applied from the date we originally received the money. 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. However, its not all rave reviews. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Our Financial Services Register number is 730427. VICE viewed the . It impacts our economy and can affect people in devastating, life-changing ways. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. 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 identify a risky customer. This needs to be sorted out now. Monzo Bank Limited is a company registered in England and Wales (No. 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. However today i received a message saying the account would be closed in 2 months. 09446231). Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. Your first step should be to contact the merchant and see if it has bounced back. 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. 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. Sometimes blocking or closing accounts is one of the ways we do this. There are some common signs that someones using an account for criminal activity. They havent just randomly decided to close his account. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. Taints my faith in them somewhat. 09446231). Reddit and its partners use cookies and similar technologies to provide you with a better experience. Refunds take up to 14 days from when the merchant processes it. 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. 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. I am being treated as a fraudster without any due process. 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. Sent messages to them but they seem pretty slow at the moment. I've had an inconvenience, which is frustrating," says Harford. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. 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.