and our They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn 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. 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. 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? That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. 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. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. If were able to confirm its definitely you, well unblock your account. They're saying they can only refund to the original card Any idea what I'm supposed to do here? It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Have you stopped being a resident in the UK? Form & Verdict. Which youve already replied to? houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. 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. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. 6 yo Gelding. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Surely they need to have some sort of valid reason though right? Existing customers can get help via the app. How do I get my money back? Our Financial Services Register number is 730427. 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. 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. And like all banks, we have to act in certain ways, to protect ourselves and our customers. monzo closed account refund. 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. Hoping it was just a technical error, he tried to transfer the funds to a different bank account, but found that he was unable to. Were sorry to see you go. However, it's not all rave reviews. It made me feel upset and angry because that's the only money I had for my daughter, she says. New Customers only. 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. Yes, true, but the rest of my post still applies. If you do come across one of these stories, its wise to take them with a pinch of salt. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. 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 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. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. 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). It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. Monzo have flagged his account for something. Place your first bet, if it loses we will refund your first bet stake as a free bet. We know this can be very frustrating, and were not being deliberately difficult. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. Monzo have flagged his account for something. 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. 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. New comments cannot be posted and votes cannot be cast. OP will have had his account flagged for something. Free Bets are paid as Bet Credits. 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 . 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. Do drop Monzo an email to confirm what will happen, though. Monzo can not (by law) tell the customer this is why their account has been suspended. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. OR: . 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. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". If it's rejected the merchant should inform you and then likely ask for new details. I am a victim of fraud here, I cannot even afford to take this to court. 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. 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). 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. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. So of course Im going to keep the money in a pot until its due back. They were quick to respond, but not with very helpful advice. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. 09446231). Other than a monthly wage coming in theres been no other incoming transactions since November too. 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. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. How do I get it back? very strange situation here. We can close your account by giving you at least two months notice. If that was the case they would not have two months they would be cut off immediately. HELP! 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 closed account refund. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Quick question. 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. 09446231). 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. 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? (Monzo Closed Account Without Explanation). It's probably easier for Monzo to simply reject the refund. What can I actually do. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. Why wouldnt I? Junho 11, 2022; police story: season 2 . Heres some more information about why this sometimes happens. Sometimes freezing, blocking or closing accounts is part of that. Monzo closed my account but I have a loan with them. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. OP will have done something or some flag for it. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. 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. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. 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. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. I am being treated as a fraudster without any due process. Danielle Richardson. 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 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. Monzo, the banking start-up loved by millennials, has over three million users. Sometimes blocking or closing accounts is one of the ways we do this. 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. Our Financial Services Register number is 730427. 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. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! 09446231). VICE viewed the . 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. 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. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. 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. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Our Financial Services Register number is 730427. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. 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. If fraud is involved, regular rules around account closures do not apply. The account would be frozen until the concern was resolved. Refunds take up to 14 days from when the merchant processes it. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. Existing customers can get help via the app. Only like you said, if it was fraud related. 21/09/18 - 5 accounts now closed. 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. Financial crime is a serious problem across society. Our Financial Services Register number is 730427. 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. Thats not an acceptable risk for us. 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 a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. 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. Closing accounts can help fight financial crime Financial crime is a serious problem across society. 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). 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. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. But we can broadly explain when we might do it: We spot unusual activity. However today i received a message saying the account would be closed in 2 months. "The prevention of financial crime is an issue that affects the entire. What happens to that refund? Corporate_Drone31 2 yr. ago. That 400 was everything I had to last 'til after Christmas.. Harford says that he struggled to get information from Monzo after his account was frozen. OP will have done something or some flag for it. 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 have I received an email about a refund from my closed account? 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). VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. 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.. 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 "But for others, it's been detrimental to their daily lives.. Of course they do. So in my mind, Im a Premium customer and I get paid interest on my balance. 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 . Getting your car rental or hotel deposit refund. monzo closed account refundplains, plateaus, and mountains worksheets. been abusive to anyone at Monzo or a member of our community. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. The call just cuts off after 10 minutes! Ive had an account with monzo since 2018 and used it regularly for years. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. 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 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. Have you had a change of circumstances? But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This process is the same as any other High St banks. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. (This is known as tipping off.). It impacts our economy and can affect people in devastating, life-changing ways. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. 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. Get help'. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. Theres more here about two ways to pay. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Were a regulated bank. 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. 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). Theres a lot of anger towards the otherwise quite popular service. Form: 2- BF. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

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