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. Has your situation changed recently? It was here that Harford found the advice he needed to get his money back. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). I can't get in touch with Monzo since I my account was deleted and I can't login anymore. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. Why have I received an email about a refund from my closed account? Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 21/09/18 - 5 accounts now closed. It impacts our economy and can affect people in devastating, life-changing ways. 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. 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). So in my mind, Im a Premium customer and I get paid interest on my balance. I am a victim of fraud here, I cannot even afford to take this to court. 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 . Monzo Bank Limited is a company registered in England and Wales (No. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: Form & Verdict. 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. For over a month, I had no funds. Monzo closed my account but I have a loan with them. 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. Theres a lot of anger towards the otherwise quite popular service. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. 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. 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. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. 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. Ive posted about this previously. It made me feel upset and angry because that's the only money I had for my daughter, she says. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". 09446231). This process is the same as any other High St banks. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. Cookie Notice But if theyve checked it and given 2 months notice, thats the end of it. 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). Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. Update on this earlier post. Refunds take up to 14 days from when the merchant processes it. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. New comments cannot be posted and votes cannot be cast. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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). Bet 10* & Get 30* in Free Bets. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. So we might block the account on our side to investigate, and close it depending on what we find. 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 ). Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. We dont know what and well probably never know. 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? If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. You can find more information in the terms and conditions. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. gold coast shark attack video; giant schnauzer service dog for sale Privacy Policy. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. 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. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. So of course Im going to keep the money in a pot until its due back. If you do come across one of these stories, its wise to take them with a pinch of salt. Refunds take up to 14 days from when the merchant processes it. Sent messages to them but they seem pretty slow at the moment. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. It might be a mistake on Monzos part, youd like to think theres human intervention here. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. It might take a while, but you should get your money back in the end. Financial crime is a serious problem across society. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. denver museum of nature and science prehistoric journey. It was around December last year when Rhys Harford, 25, first noticed a problem. Monzo Plus/Premium If that was the case they would not have two months they would be cut off immediately. However, it's not all rave reviews. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. We identify a risky customer. There are two ways you can buy with Flex. Our Financial Services Register number is 730427. However, when he got to a cashpoint in north London, his Monzo card was declined. Theres more here about two ways to pay. 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. (This is known as tipping off.). VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. He. 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. 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. Existing customers can get help via the app. But we can broadly explain when we might do it: We spot unusual activity. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. This document will be password protected, and well send you the password to open it in a text message. If it's rejected the merchant should inform you and then likely ask for new details. 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, the banking start-up loved by millennials, has over three million users. Surely they need to have some sort of valid reason though right? For more information, please see our Why wouldnt I? Before this time frame, it received fewer than 30 complaints in a six-month period. very strange situation here. Danielle Richardson. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. 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. 09446231). 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? Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. And like all banks, we have to act in certain ways, to protect ourselves and our customers. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Place your first bet, if it loses we will refund your first bet stake as a free bet. Existing customers can get help via the app. 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. 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. Do drop Monzo an email to confirm what will happen, though. Only 29 percent of these complaints were resolved in the consumers favour. Free Bets are paid as Bet Credits. and our They havent just randomly decided to close his account. Managers have more impact on our mental health than doctors and therapists! We can close your account by giving you at least two months notice. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. 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. 09446231). 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 They're saying they can only refund to the original card Any idea what I'm supposed to do here? 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. 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 Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. 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. There are some common signs that someones using an account for criminal activity. 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. I would have thought having it set like this would open the system to abuse somehow. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. They were quick to respond, but not with very helpful advice. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. It happened just over a week ago when she was shopping. 6 yo Gelding. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. Get in touch with proof from the merchant confirming that they plan to refund your deposit. The police tell us to. Ive had an account with monzo since 2018 and used it regularly for years. Taints my faith in them somewhat. 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. 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? Thats not an acceptable risk for us. But the biggest issue i have is they said 2 months. Only like you said, if it was fraud related. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. During those weeks I kept contacting Monzo and going, What's going on? Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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). 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! "I thought I was the only one," he explains. Min odds/bet and payment method exclusions apply. However today i received a message saying the account would be closed in 2 months. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. New Customers only. 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. Our Financial Services Register number is 730427. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. 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". If you used your account for anything cryptocurrency related, that might be why. Yeah i did think that. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. 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. Its likely that your old Monzo account has a positive balance. Im afraid youll just have to take your money and pick another bank. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. How do I get my money back? 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. I thought I was the only one, he explains. 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. 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. 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. Im only able to do this because refunds from a flex purchase dont repay the balance. 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.. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. 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. I then got an email from them saying it was going to take two to four weeks. I genuinely thought it was just an issue with their system, Harford tells me over the phone. I contacted Monzo, and they told me they had nothing at this time. New Customers only. 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. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. 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. If the account activity does seem suspicious, we have to report it to the National Crime Agency, and wait for their response before closing the account. If were able to confirm its definitely you, well unblock your account. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. ! After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. 09446231). I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. 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. Were sorry to see you go. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Nobody here is going to know, because if its happened to them, they wont know either. 09446231). There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Hoping it was just a technical error, he tried to transfer the funds to a different bank account, but found that he was unable to.