We don't know what and we'll probably never know. OP will have had his account flagged for something. Free Bets are paid as Bet Credits. W: 12st 0lb. 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). "But for others, it's been detrimental to their daily lives.. In the end, it took over four weeks for Harford to receive his money back. What happens to that refund? VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. 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. 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). Monzo Bank Limited is a company registered in England and Wales (No. VICE viewed the . But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Thats to do with fraud and AML law - if they are giving him two months its not that. So in my mind, Im a Premium customer and I get paid interest on my balance. 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. 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. There are some common signs that someones using an account for criminal activity. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. Have you had a change of circumstances? For legal reasons they won't be able to discuss it with you whilst the case is ongoing. 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). Monzo Bank Limited is a company registered in England and Wales (No. Why have I received an email about a refund from my closed account? Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Our Financial Services Register number is 730427. It was around December last year when Rhys Harford, 25, first noticed a problem. 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. 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. They havent just randomly decided to close his account. If you paid with the virtual card, the refund might come into your current account, but more often it will directly go towards paying off the Flex instalment plan its connected to. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. Refunds take up to 14 days from when the merchant processes it. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. I am being treated as a fraudster without any due process. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. 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 you used your account for anything cryptocurrency related, that might be why. 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 is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. 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. Finding out your bank has blocked or closed your account can be stressful and frustrating. 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. so what other reasons could it be? 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. That 400 was everything I had to last 'til after Christmas.. monzo closed account refund. Monzo Premium is for customers aged between 18 and 69 years old and comes at a monthly cost of 15 for a minimum subscription of 6 months. Reddit and its partners use cookies and similar technologies to provide you with a better experience. I thought I was the only one, he explains. No change of circumstances and still live in the UK. community bible study complaints; marriage witness requirements; There are two ways you can buy with Flex. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current 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). 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. Privacy Policy. Monzo have flagged his account for something. Some users are accusing Monzo of. Your first step should be to contact the merchant and see if it has bounced 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. So what do I do? 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 Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. 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. 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? 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. What can I actually do. 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? 18+ only. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. Refunds take up to 14 days from when the merchant processes it. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. 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. Theres a lot of anger towards the otherwise quite popular service. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. However, its not all rave reviews. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Meu negcio no Whatsapp Business! (Monzo Closed Account Without Explanation). The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. Ive posted about this previously. 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. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. Taints my faith in them somewhat. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. 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. To cut a long story short, I had current account and a joint account from Monzo and then out of the blue they froze and then proceeded to close both of my accounts, which is fine I can go back to my old bank, but I had a loan with monzo and they haven't even mentioned it during any . In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. How is this fair? Yes, true, but the rest of my post still applies. 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. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. Monzo have flagged his account for something. Thats not an acceptable risk for us. Min odds/bet and payment method exclusions apply. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. It's probably easier for Monzo to simply reject the refund. 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. 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. 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. 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. Mr Fisher was angry that. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. 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. Do other banks pull stuff like this? Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Refunds take up to 14 days from when the merchant processes it. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. 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). 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. I contacted Monzo, and they told me they had nothing at this time. 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 impacts our economy and can affect people in devastating, life-changing ways. This only happens very rarely, and most customers will never even know its happening. been abusive to anyone at Monzo or a member of our community. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. Closing accounts can help fight financial crime Financial crime is a serious problem across society. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. 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 take a while, but you should get your money back in the end. Our Financial Services Register number is 730427. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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 am a victim of fraud here, I cannot even afford to take this to court. Its unlikely to happen to 99.9% of customers. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 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. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. We can close your account by giving you at least two months notice. 09446231). Cookie Notice Our Financial Services Register number is 730427. Has your situation changed recently? Financial crime is a serious problem across society. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . 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. 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 . 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. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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 do come across one of these stories, its wise to take them with a pinch of salt. Form: 2- BF. HELP! Sometimes blocking or closing accounts is one of the ways we do this. The police tell us to. Its just the way the law works. Ive had an account with monzo since 2018 and used it regularly for years. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. 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. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. 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? 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.. monzo closed account refundplains, plateaus, and mountains worksheets. Last run: 364 days. 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. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Danielle Richardson. 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. 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. 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. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Surely they need to have some sort of valid reason though right? Denied for all further applications. very strange situation here. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . 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). If fraud is involved, regular rules around account closures do not apply. denver museum of nature and science prehistoric journey. Form & Verdict. 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. OR: . Which youve already replied to? I can't get in touch with Monzo since I my account was deleted and I can't login anymore. I then got an email from them saying it was going to take two to four weeks. Statements Theres more here about two ways to pay. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. How do I get it back? 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. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. Corporate_Drone31 2 yr. ago. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. You might not understand why its happened, and feel powerless to change things. Before this time frame, it received fewer than 30 complaints in a six-month period. I would have thought having it set like this would open the system to abuse somehow. OP will have done something or some flag for it. The call just cuts off after 10 minutes! 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. We know this can be very frustrating, and were not being deliberately difficult. 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 Bank Limited is a company registered in England and Wales (No. If that was the case they would not have two months they would be cut off immediately. New Customers only. In line with our terms and conditions, we can close an account by giving two months notice. 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: 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. Bet 10* & Get 30* in Free Bets. It made me feel upset and angry because that's the only money I had for my daughter, she says. 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. 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. Im afraid this customer forum isnt the place to discuss closed accounts. 09446231). Min odds/bet and payment method exclusions apply. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. We dont know what and well probably never know. If it's rejected the merchant should inform you and then likely ask for new details. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc.
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