But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. Monzo legally cannot tell you why. OP will have done something or some flag for it. Min odds/bet and payment method exclusions apply. W: 12st 0lb. This process is the same as any other High St banks. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. Its just the way the law works. Were a regulated bank. 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. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Sometimes freezing, blocking or closing accounts is part of that. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. However, it's not all rave reviews. (This is known as tipping off.). Thats to do with fraud and AML law - if they are giving him two months its not that. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. If that was the case they would not have two months they would be cut off immediately. 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.. 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 do not, your paycheck may go to the bank, but you will not be able to access the funds. So we might block the account on our side to investigate, and close it depending on what we find. That 400 was everything I had to last 'til after Christmas.. I was wondering how this will work with the Flex experience - will that purchase be paid off? Have you stopped being a resident in the UK? 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. There are two ways you can buy with Flex. 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 is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Existing customers can get help via the app. Our Financial Services Register number is 730427. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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. Or will the end up in my main account or something else? Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 730427. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. Im afraid this customer forum isnt the place to discuss closed accounts. Before this time frame, it received fewer than 30 complaints in a six-month period. Why have I received an email about a refund from my closed account? I am a victim of fraud here, I cannot even afford to take this to court. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. 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. 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 ). Our Financial Services Register number is 730427. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. 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 09446231). I genuinely thought it was just an issue with their system, Harford tells me over the phone. Privacy Policy. Danielle Richardson. Do drop Monzo an email to confirm what will happen, though. Do other banks pull stuff like this? 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". 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. 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. 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 made me feel upset and angry because that's the only money I had for my daughter, she says. 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. OR: . I am being treated as a fraudster without any due process. Form: 2- BF. Min odds/bet and payment method exclusions apply. Refunds take up to 14 days from when the merchant processes it. OP will have done something or some flag for it. Mr Fisher was angry that. Im afraid youll just have to take your money and pick another bank. 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 . Some users are accusing Monzo of. 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? Statements If youve been waiting more than 14 days, please check that the merchant definitely sent the money. There are some common signs that someones using an account for criminal activity. We'll add 8% interest, applied from the date we originally received the money. But the biggest issue i have is they said 2 months. Quick question. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. 6 yo Gelding. 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. 09446231). 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. After being criticised by. This only happens very rarely, and most customers will never even know its happening. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. 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. Why have I received an email about a refund from my closed account? denver museum of nature and science prehistoric journey. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Cookie Notice Taints my faith in them somewhat. Sent messages to them but they seem pretty slow at the moment. I contacted Monzo, and they told me they had nothing at this time. 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. Surely they need to have some sort of valid reason though right? 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! It's probably easier for Monzo to simply reject the refund. 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. 21/09/18 - 5 accounts now closed. I would have thought having it set like this would open the system to abuse somehow. It happened just over a week ago when she was shopping. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. 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. So what do I do? It was here that Harford found the advice he needed to get his money back. 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. 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. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . very strange situation here. 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. It might take a while, but you should get your money back in the end. 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. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. HELP! Refunds take up to 14 days from when the merchant processes it. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Get help'. Nobody here is going to know, because if its happened to them, they wont know either. Monzo closed my account but I have a loan with them. 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. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. Monzo Bank Limited is a company registered in England and Wales (No. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. But we can broadly explain when we might do it: We spot unusual activity. No change of circumstances and still live in the UK. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. 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 . According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. 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. 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. Theres more here about two ways to pay. 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). 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. 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. 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. What happens to that refund? 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. 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. If were able to confirm its definitely you, well unblock your account. 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? In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. CONFUSING! From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. 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). Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. 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). If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. 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. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. 09446231). Why wouldnt I? New comments cannot be posted and votes cannot be cast. 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. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Its unlikely to happen to 99.9% of customers. 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. Existing customers can get help via the app. It impacts our economy and can affect people in devastating, life-changing ways. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. 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. Free Bets are paid as Bet Credits. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. 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. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. 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. 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 . I've had an inconvenience, which is frustrating," says Harford. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. 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. This needs to be sorted out now. Harford says that he struggled to get information from Monzo after his account was frozen. I dont understand your point? Monzo have flagged his account for something. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. Yeah i did think that. Monzo Plus/Premium The police tell us to. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. monzo closed account refundplains, plateaus, and mountains worksheets. [Blog link was removed]. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. In line with our terms and conditions, we can close an account by giving two months notice. 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. 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. Have you had a change of circumstances? They havent just randomly decided to close his account. 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. The call just cuts off after 10 minutes! How is this fair? 09446231). During those weeks I kept contacting Monzo and going, What's going on? 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. Our Financial Services Register number is 730427. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. We don't know what and we'll probably never know. In the end, it took over four weeks for Harford to receive his money back. 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. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. been abusive to anyone at Monzo or a member of our community. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. 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. 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). if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). Corporate_Drone31 2 yr. ago. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: 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. 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. community bible study complaints; marriage witness requirements; Ive had an account with monzo since 2018 and used it regularly for years. and our 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 Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. It was around December last year when Rhys Harford, 25, first noticed a problem. 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. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. Managers have more impact on our mental health than doctors and therapists! Monzo Bank Limited is a company registered in England and Wales (No. Financial crime is a serious problem across society. The stories on it may alarm some of. We dont know what and well probably never know. It impacts our economy and can affect people in devastating, life-changing ways. Junho 11, 2022; police story: season 2 . 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 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. Closing accounts can help fight financial crime Financial crime is a serious problem across society. 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. Update on this earlier post. so what other reasons could it be? 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. 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.

James A Watson Jr Net Worth, How Old Is Ruth From A Life Less Scripted, Cma Empty Return Location, Articles M