We don't know what and we'll probably never know. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Refunds take up to 14 days from when the merchant processes it. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. 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. Refunds take up to 14 days from when the merchant processes it. Junho 11, 2022; police story: season 2 . If you do come across one of these stories, its wise to take them with a pinch of salt. 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 Other than a monthly wage coming in theres been no other incoming transactions since November too. I contacted Monzo, and they told me they had nothing at this time. 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. Last run: 364 days. Your first step should be to contact the merchant and see if it has bounced back. Monzo have flagged his account for something. What reasons would they have though?? On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. I was wondering how this will work with the Flex experience - will that purchase be paid off? 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. 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. There are some common signs that someones using an account for criminal activity. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Monzo Bank Limited is a company registered in England and Wales (No. 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 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. (This is known as tipping off.). I would have thought having it set like this would open the system to abuse somehow. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Some users are accusing Monzo of. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Statements Monzo Bank Limited is a company registered in England and Wales (No. Which youve already replied to? But we can broadly explain when we might do it: We spot unusual activity. 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. 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. Were a regulated bank. 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. Bet 10* & Get 30* in Free Bets. 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. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. 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. However, it's not all rave reviews. However, its not all rave reviews. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. 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. 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 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. During those weeks I kept contacting Monzo and going, What's going on? But the biggest issue i have is they said 2 months. In line with our terms and conditions, we can close an account by giving two months notice. Its likely that your old Monzo account has a positive balance. 09446231). 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? Taints my faith in them somewhat. Monzo Bank Limited is a company registered in England and Wales (No. 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. 09446231). 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 continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. monzo closed account refund. It was here that Harford found the advice he needed to get his money back. New Customers only. "But for others, it's been detrimental to their daily lives.. 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. monzo closed account refund. The account would be frozen until the concern was resolved. 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.. Why have I received an email about a refund from my closed account? 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? HELP! This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. CONFUSING! If fraud is involved, regular rules around account closures do not apply. It might be a mistake on Monzos part, youd like to think theres human intervention here. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. Having a wage deposited into it and its all been fine. They havent just randomly decided to close his account. Update on this earlier post. Have you stopped being a resident in the UK? Or will the end up in my main account or something else? 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. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". 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 can not (by law) tell the customer this is why their account has been suspended. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Quick question. Free Bets are paid as Bet Credits. Ive had an account with monzo since 2018 and used it regularly for years. W: 12st 0lb. Only like you said, if it was fraud related. Yeah i did think that. Why have I received an email about a refund from my closed account? Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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). Of course they do. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Harford says that he struggled to get information from Monzo after his account was frozen. Meu negcio no Whatsapp Business! Monzo Bank Limited is a company registered in England and Wales (No. No change of circumstances and still live in the UK. The call just cuts off after 10 minutes! Our Financial Services Register number is 730427. Monzo legally cannot tell you why. He. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. Were sorry to see you go. There are two ways you can buy with Flex. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We know this can be very frustrating, and were not being deliberately difficult. If the refund is for the full value of the purchase, there will often be some left over which well put back into your current 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? Theres a lot of anger towards the otherwise quite popular service. We can close your account by giving you at least two months notice. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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? Do other banks pull stuff like this? The police tell us to. monzo closed account refundplains, plateaus, and mountains worksheets. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. Privacy Policy. 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. Get in touch with proof from the merchant confirming that they plan to refund your deposit. This needs to be sorted out now. 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. 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 . Sent messages to them but they seem pretty slow at the moment. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Existing customers can get help via the app. 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. 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 understanding was that UK banks have to give you a grace period to move your money to another bank of at least 30 days. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. 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. If that was the case they would not have two months they would be cut off immediately. 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. 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. New comments cannot be posted and votes cannot be cast. Denied for all further applications. How is this fair? 09446231). But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. The stories on it may alarm some of. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Heres some more information about why this sometimes happens. Monzo Bank Limited is a company registered in England and Wales (No. Danielle Richardson. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. 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. Yes, true, but the rest of my post still applies. I've had an inconvenience, which is frustrating," says Harford. 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. Existing customers can get help via the app. Our Financial Services Register number is 730427. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. 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. Monzo Plus/Premium There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Existing customers can get help via the app. 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. 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. Nobody here is going to know, because if its happened to them, they wont know either. 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. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. OR: . Corporate_Drone31 2 yr. ago. 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). 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.. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. denver museum of nature and science prehistoric journey. About a day or two later, I got a message from Monzo saying I had to source alternative banking. Harford's Monzo account had been closed. I 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. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. Why wouldnt I? (Monzo Closed Account Without Explanation). Form & Verdict. very strange situation here. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Bet 10* & Get 30* in Free Bets. OP will have done something or some flag for it. 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. Getting your car rental or hotel deposit refund. 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.
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