Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford 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. Has your situation changed recently? Nothing dodgy has happened in my life at all - and certainly not in the last few months - so it doesnt make any sense to me. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. What to Do If Monzo Freezes or Closes Your Account - Vice You can find more information in the terms and conditions. What can I actually do. 21/09/18 - 5 accounts now closed. (This is known as tipping off.). There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Form & Verdict. 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 thought I was the only one," he explains. Free Bets are paid as Bet Credits. Its just the way the law works. Our Financial Services Register number is 730427. For more information, please see our Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. There are two ways you can buy with Flex. 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? For over a month, I had no funds. 09446231). Im afraid youll just have to take your money and pick another bank. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. Taints my faith in them somewhat. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. 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). Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". 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. 09446231). Or will the end up in my main account or something else? What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn I thought I was the only one, he explains. 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. Monzo Bank Limited is a company registered in England and Wales (No. Existing customers can get help via the app. 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.. 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? 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. Monzo Plus/Premium We identify a risky customer. Min odds/bet and payment method exclusions apply. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. 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. Meu negcio no Whatsapp Business! Monzo Help - How do refunds work in Flex 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. 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. They're saying they can only refund to the original card Any idea what I'm supposed to do here? It was around December last year when Rhys Harford, 25, first noticed a problem. This only happens very rarely, and most customers will never even know its happening. 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". houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. Existing customers can get help via the app. 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. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. Min odds/bet and payment method exclusions apply. But if theyve checked it and given 2 months notice, thats the end of it. Corporate_Drone31 2 yr. ago. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. Privacy Policy. Monzo have flagged his account for something. In the end, it took over four weeks for Harford to receive his money back. 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. Monzo closes premium packaged account to new customers monzo closed account refund Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. We don't know what and we'll probably never know. 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. However, its not all rave reviews. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. monzo closed account refund. 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. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. 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.. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. Other than a monthly wage coming in theres been no other incoming transactions since November too. Yeah i did think that. Monzo closed my account but I have a loan with them. Existing customers can get help via the app. We can close your account by giving you at least two months notice. The stories on it may alarm some of. 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. 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. Cookie Notice monzo closed account refund - mail.dynamictyping.dev So of course Im going to keep the money in a pot until its due back. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. 09446231). If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. 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. Having a wage deposited into it and its all been fine. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. 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 ). 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. Refunds for purchases made with Flex? - Help - Monzo Community Finding out your bank has blocked or closed your account can be stressful and frustrating. OR: . After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. Natalie Joyce no LinkedIn: Mental Health at Work: Managers and Money Sent messages to them but they seem pretty slow at the moment. been abusive to anyone at Monzo or a member of our community. John Bigg ''Oxo'' Handicap Chase - GG.co.uk Do other banks pull stuff like this? 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 . From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. How can I get money back from refunds paid to a closed credit card? and our It impacts our economy and can affect people in devastating, life-changing ways. CONFUSING! We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. 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. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. 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). We'll add 8% interest, applied from the date we originally received the money. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. Im only able to do this because refunds from a flex purchase dont repay the balance. 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. 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. 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. community bible study complaints; marriage witness requirements; But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. He. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. New comments cannot be posted and votes cannot be cast. It made me feel upset and angry because that's the only money I had for my daughter, she says. 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. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Refunds take up to 14 days from when the merchant processes it. Irish Stallion Farms EBF Auction (Pro/Am) INH Flat Race (IRE Incentive It might take a while, but you should get your money back in the end. Getting your car rental or hotel deposit refund. Only 29 percent of these complaints were resolved in the consumers favour. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Managers have more impact on our mental health than doctors and therapists! 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. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. 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). Account closed but I need a refund from an airline : r/monzo - reddit 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. You might not understand why its happened, and feel powerless to change things. Monzo giving two months' notice of account closures It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Were a regulated bank. Danielle Richardson. Monzo have flagged his account for something. '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. 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. 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. If that was the case they would not have two months they would be cut off immediately. Nobody here is going to know, because if its happened to them, they wont know either. OP will have had his account flagged for something. Monzo, the banking start-up loved by millennials, has over three million users. OP will have done something or some flag for it. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Thats not an acceptable risk for us. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Dedication & Commitment Maiden Plate(For all Maidens) - GG.co.uk Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. "But for others, it's been detrimental to their daily lives.. 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. Why we sometimes freeze, block or close Monzo accounts 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. But the biggest issue i have is they said 2 months. New Customers only. This document will be password protected, and well send you the password to open it in a text message. 09446231). 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. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Have you had a change of circumstances? 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. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. I've had an inconvenience, which is frustrating," says Harford. 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. 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. 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. [Blog link was removed]. 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. Why have I received an email about a refund from my closed account? - Monzo The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. It's all the same: I'm sorry for the inconvenience, we don't have a time frame, we can't tell you why. I've told them I have a baby. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. 09446231). 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. Which youve already replied to? Our Financial Services Register number is 730427. 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. Surely they need to have some sort of valid reason though right? There are some common signs that someones using an account for criminal activity. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Need it sooner? But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. Ive posted about this previously. Only like you said, if it was fraud related. This needs to be sorted out now. Our Financial Services Register number is 730427. Monzo bank 'freezing accounts for no apparent reason' - the Guardian Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Why have I received an email about a refund from my closed account? Monzo Help - Closing your account However today i received a message saying the account would be closed in 2 months. Heres some more information about why this sometimes happens. We dont know what and well probably never know. Monzo Plus packaged account scrapped after four months: can - Which? if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: Refunds take up to 14 days from when the merchant processes it. Bet 10* & Get 30* in Free Bets. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. New Customers only. Monzo Help - Refund hasn't arrived However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. However, when he got to a cashpoint in north London, his Monzo card was declined. Quick question. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. 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). 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. Financial crime is a serious problem across society. We know this can be very frustrating, and were not being deliberately difficult. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Monzo Bank Limited is a company registered in England and Wales (No. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. I contacted Monzo, and they told me they had nothing at this time. 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 However, it's not all rave reviews. 'Criminals stole my Sim card and emptied my Monzo bank account - Which? "The prevention of financial crime is an issue that affects the entire. Our Financial Services Register number is 730427. So what do I do? Monzo closed my account but I have a loan with them : r/monzo - reddit denver museum of nature and science prehistoric journey. Im afraid this customer forum isnt the place to discuss closed accounts. 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. Payment refund - Help - Monzo Community No change of circumstances and still live in the UK. 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 . 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 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?