According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. Taints my faith in them somewhat. Have you had a change of circumstances? according to figures published on its website, are accusing Monzo of freezing or closing their accounts. OP will have done something or some flag for it. It's probably easier for Monzo to simply reject the refund. Bet 10* & Get 30* in Free Bets. Yes, true, but the rest of my post still applies. So what do I do? 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. been abusive to anyone at Monzo or a member of our community. Statements He. Form: 2- BF. Has your situation changed recently? 09446231). 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? Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. CONFUSING! '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. There are two ways you can buy with Flex. They were quick to respond, but not with very helpful advice. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. This only happens very rarely, and most customers will never even know its happening. This document will be password protected, and well send you the password to open it in a text message. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. We know this can be very frustrating, and were not being deliberately difficult. Min odds/bet and payment method exclusions apply. That 400 was everything I had to last 'til after Christmas.. Last run: 364 days. 18+ only. 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 . So in my mind, Im a Premium customer and I get paid interest on my balance. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. The stories on it may alarm some of. Existing customers can get help via the app. How is this fair? if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). OP will have done something or some flag for it. Why have I received an email about a refund from my closed account? We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. New Customers only. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. 6 yo Gelding. Harford says that he struggled to get information from Monzo after his account was frozen. How do I get it back? 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. 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. 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. Privacy Policy. Need it sooner? They havent just randomly decided to close his account. "But for others, it's been detrimental to their daily lives.. 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. 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 . (This is known as tipping off.). 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. Bet 10* & Get 30* in Free Bets. 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. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. 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. I would have thought having it set like this would open the system to abuse somehow. But we can broadly explain when we might do it: We spot unusual activity. Other than a monthly wage coming in theres been no other incoming transactions since November too. 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. Monzo Bank Limited is a company registered in England and Wales (No. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 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). Its likely that your old Monzo account has a positive balance. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. 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. Finding out your bank has blocked or closed your account can be stressful and frustrating. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. 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. No change of circumstances and still live in the UK. Our Financial Services Register number is 730427. Junho 11, 2022; police story: season 2 . Min odds/bet and payment method exclusions apply. 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. 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. So of course Im going to keep the money in a pot until its due back. 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. Otherwise criminals would quickly figure out how to get around them! Monzo have flagged his account for something. This process is the same as any other High St banks. 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.. 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? If that was the case they would not have two months they would be cut off immediately. 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 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. 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). New comments cannot be posted and votes cannot be cast. 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. The call just cuts off after 10 minutes! If youve been waiting more than 14 days, please check that the merchant definitely sent the money. However, its not all rave reviews. 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. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. 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. 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. I then got an email from them saying it was going to take two to four weeks. 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 is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. Danielle Richardson. Getting your car rental or hotel deposit refund. monzo closed account refund. 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. Im only able to do this because refunds from a flex purchase dont repay the balance. Financial crime is a serious problem across society. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. 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. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. 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. If you used your account for anything cryptocurrency related, that might be why. 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. Why wouldnt I? 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. Monzo legally cannot tell you why. We identify a risky customer. And like all banks, we have to act in certain ways, to protect ourselves and our customers. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. Your first step should be to contact the merchant and see if it has bounced back. What can I actually do. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. In the end, it took over four weeks for Harford to receive his money back. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. We'll add 8% interest, applied from the date we originally received the money. HELP! Monzo closed my account but I have a loan with them. 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. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. 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. It might be a mistake on Monzos part, youd like to think theres human intervention here. There are some common signs that someones using an account for criminal activity. 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 do not, your paycheck may go to the bank, but you will not be able to access the funds. so what other reasons could it be? If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. It was here that Harford found the advice he needed to get his money back. 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. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. OR: . However today i received a message saying the account would be closed in 2 months. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Or will the end up in my main account or something else? The first bet must be placed within 7 days of registration and at odds of 1.8 or more. I am a victim of fraud here, I cannot even afford to take this to court. If you've been waiting more than 14 days, please check that the merchant definitely sent the 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. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. Having a wage deposited into it and its all been fine. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Update on this earlier post. 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. Im afraid this customer forum isnt the place to discuss closed accounts. 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. Existing customers can get help via the app. Its unlikely to happen to 99.9% of customers. I thought I was the only one, he explains. Sent messages to them but they seem pretty slow at the moment. Cookie Notice Do drop Monzo an email to confirm what will happen, though. It happened just over a week ago when she was shopping. 09446231). Place your first bet, if it loses we will refund your first bet stake as a free bet. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. After being criticised by. Mr Fisher was angry that. 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. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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? Theres a lot of anger towards the otherwise quite popular service. W: 12st 0lb. Have you stopped being a resident in the UK? Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Before this time frame, it received fewer than 30 complaints in a six-month period. Our Financial Services Register number is 730427. Managers have more impact on our mental health than doctors and therapists! 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. Form & Verdict. Monzo, the banking start-up loved by millennials, has over three million users. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Why have I received an email about a refund from my closed account? 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. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. 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. 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. Denied for all further applications. 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. During those weeks I kept contacting Monzo and going, What's going on? Refunds take up to 14 days from when the merchant processes it. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. 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. What happens to that refund? Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. Ive posted about this previously. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. 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. 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 . You might not understand why its happened, and feel powerless to change things. 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. Free Bets are paid as Bet Credits. 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 ! If fraud is involved, regular rules around account closures do not apply. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. In line with our terms and conditions, we can close an account by giving two months notice. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. This needs to be sorted out now. denver museum of nature and science prehistoric journey. For over a month, I had no funds. 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. 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. 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 29 percent of these complaints were resolved in the consumers favour. Heres some more information about why this sometimes happens. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story.