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Which youve already replied to? He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. That 400 was everything I had to last 'til after Christmas.. 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. Min odds/bet and payment method exclusions apply. Our Financial Services Register number is 730427. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. However, when he got to a cashpoint in north London, his Monzo card was declined. [Blog link was removed]. 21/09/18 - 5 accounts now closed. It was here that Harford found the advice he needed to get his money back. Unfortunately were all customers here so wont be able to help; but if its not an immediate closure its likely that you just no longer fit the customer profile theyre looking for for one reason or another. It might take a while, but you should get your money back in the end. But we can broadly explain when we might do it: We spot unusual activity. Why wouldnt I? Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. 09446231). VICE viewed the . According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. Nobody here is going to know, because if its happened to them, they wont know either. 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. 09446231). I've had an inconvenience, which is frustrating," says Harford. So in my mind, Im a Premium customer and I get paid interest on my balance. Thats to do with fraud and AML law - if they are giving him two months its not that. 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. 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. 09446231). So what do I do? Monzo legally cannot tell you why. 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. How do I get it back? OP will have had his account flagged for something. I thought I was the only one, he explains. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. 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. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. So we might block the account on our side to investigate, and close it depending on what we find. 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. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Thats not an acceptable risk for us. Surely they need to have some sort of valid reason though right? CONFUSING! 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. It might be a mistake on Monzos part, youd like to think theres human intervention here. 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 Plus/Premium 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. very strange situation here. 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 Reddit and its partners use cookies and similar technologies to provide you with a better experience. How is this fair? I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Sometimes freezing, blocking or closing accounts is part of that. Harford says that he struggled to get information from Monzo after his account was frozen. Min odds/bet and payment method exclusions apply. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. This only happens very rarely, and most customers will never even know its happening. 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. 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 that was the case they would not have two months they would be cut off immediately. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. Financial crime is a serious problem across society. There are two ways you can buy with Flex. Nothing dodgy has happened in my life at all - and certainly not in the last few months - so it doesnt make any sense to me. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. 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. Theres more here about two ways to pay. What can I actually do. Have you had a change of circumstances? 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 ). However, its not all rave reviews. "But for others, it's been detrimental to their daily lives.. Privacy Policy. 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. How do I get my money back? Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. Monzo, the banking start-up loved by millennials, has over three million users. 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. Of course they do. 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.. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. Were a regulated bank. 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". Yeah i did think that. He. 6 yo Gelding. After being criticised by. Update on this earlier post. 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. Existing customers can get help via the app. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. Denied for all further applications. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. 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. 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. No change of circumstances and still live in the UK. If were able to confirm its definitely you, well unblock your account. The account would be frozen until the concern was resolved. Our Financial Services Register number is 730427. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. Monzo Bank Limited is a company registered in England and Wales (No. You might not understand why its happened, and feel powerless to change things. 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 stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. Heres some more information about why this sometimes happens. denver museum of nature and science prehistoric journey. Theres a lot of anger towards the otherwise quite popular service. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. 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. Meu negcio no Whatsapp Business! 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. Only like you said, if it was fraud related. Some users are accusing Monzo of. 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. Managers have more impact on our mental health than doctors and therapists! 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). 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. 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. Im afraid this customer forum isnt the place to discuss closed accounts. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. There are some common signs that someones using an account for criminal activity. It happened just over a week ago when she was shopping. 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. 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. Its just the way the law works. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. 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. 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? Ive posted about this previously. However, it's not all rave reviews. 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). During those weeks I kept contacting Monzo and going, What's going on? 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. HELP! Getting your car rental or hotel deposit refund. Only 29 percent of these complaints were resolved in the consumers favour. 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. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Sent messages to them but they seem pretty slow at the moment. OP will have done something or some flag for it. I contacted Monzo, and they told me they had nothing at this time. 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. "I thought I was the only one," he explains. Monzo have flagged his account for something. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Having a wage deposited into it and its all been fine. Closing accounts can help fight financial crime Financial crime is a serious problem across society. W: 12st 0lb. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. gold coast shark attack video; giant schnauzer service dog for sale But the biggest issue i have is they said 2 months. Bet 10* & Get 30* in Free Bets. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Mr Fisher was angry that. Refunds take up to 14 days from when the merchant processes it. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Your first step should be to contact the merchant and see if it has bounced back. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Quick question. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Im only able to do this because refunds from a flex purchase dont repay the balance. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. I genuinely thought it was just an issue with their system, Harford tells me over the phone. Our Financial Services Register number is 730427. Monzo can not (by law) tell the customer this is why their account has been suspended. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. 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. Taints my faith in them somewhat. New comments cannot be posted and votes cannot be cast. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. We can close your account by giving you at least two months notice. 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. 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. Refunds take up to 14 days from when the merchant processes it. (Monzo Closed Account Without Explanation). Finding out your bank has blocked or closed your account can be stressful and frustrating. I am being treated as a fraudster without any due process. I am a victim of fraud here, I cannot even afford to take this to court. I was wondering how this will work with the Flex experience - will that purchase be paid off? 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. 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. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 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. Existing customers can get help via the app. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. 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. 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. 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. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. They havent just randomly decided to close his account. Get help'. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Or will the end up in my main account or something else? 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. Have you stopped being a resident in the UK? I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. 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. Free Bets are paid as Bet Credits. The stories on it may alarm some of. Form: 2- BF. Its unlikely to happen to 99.9% of customers. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. monzo closed account refundplains, plateaus, and mountains worksheets. Place your first bet, if it loses we will refund your first bet stake as a free bet.