monzo closed account refund

[Blog link was removed]. 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? VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. 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. 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. 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. New comments cannot be posted and votes cannot be cast. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. 6 yo Gelding. 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. Thats to do with fraud and AML law - if they are giving him two months its not that. Refunds take up to 14 days from when the merchant processes it. Monzo Bank Limited is a company registered in England and Wales (No. This only happens very rarely, and most customers will never even know its happening. Theres a lot of anger towards the otherwise quite popular service. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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. 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. monzo closed account refund. 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. Sometimes freezing, blocking or closing accounts is part of that. So we might block the account on our side to investigate, and close it depending on what we find. 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.. It made me feel upset and angry because that's the only money I had for my daughter, she says. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. It was around December last year when Rhys Harford, 25, first noticed a problem. Its just the way the law works. So what do I do? denver museum of nature and science prehistoric journey. Taints my faith in them somewhat. Danielle Richardson. 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). Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 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. The account would be frozen until the concern was resolved. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Our Financial Services Register number is 730427. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. There are two ways you can buy with Flex. I genuinely thought it was just an issue with their system, Harford tells me over the phone. VICE viewed the . If you do come across one of these stories, its wise to take them with a pinch of salt. 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. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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). 09446231). You might not understand why its happened, and feel powerless to change things. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. Our Financial Services Register number is 730427. Monzo, the banking start-up loved by millennials, has over three million users. Bet 10* & Get 30* in Free Bets. Refunds take up to 14 days from when the merchant processes it. We dont know what and well probably never know. I have been banking with Monzo for a few months now, using it to trade Bitcoins through LocalBitcoins (peer to peer) and pay for various things. "I thought I was the only one," he explains. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Sent messages to them but they seem pretty slow at the moment. For more information, please see our By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. 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. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. However, it's not all rave reviews. Need it sooner? Harford says that he struggled to get information from Monzo after his account was frozen. "The prevention of financial crime is an issue that affects the entire. Ive had an account with monzo since 2018 and used it regularly for years. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. Do drop Monzo an email to confirm what will happen, though. 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. Financial crime is a serious problem across society. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. I dont understand your point? Before this time frame, it received fewer than 30 complaints in a six-month period. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. You can find more information in the terms and conditions. They're saying they can only refund to the original card Any idea what I'm supposed to do here? 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. Monzo can not (by law) tell the customer this is why their account has been suspended. Cookie Notice 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. 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. It impacts our economy and can affect people in devastating, life-changing ways. 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. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. 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. Ive posted about this previously. 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. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. How is this fair? 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 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. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. The police tell us to. It was here that Harford found the advice he needed to get his money back. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Monzo Bank Limited is a company registered in England and Wales (No. 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. 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. 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. I then got an email from them saying it was going to take two to four weeks. Im afraid this customer forum isnt the place to discuss closed accounts. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Existing customers can get help via the app. Min odds/bet and payment method exclusions apply. What can I actually do. Managers have more impact on our mental health than doctors and therapists! Mr Fisher was angry that. 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. So of course Im going to keep the money in a pot until its due back. No change of circumstances and still live in the UK. How do I get my money back? However, when he got to a cashpoint in north London, his Monzo card was declined. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Otherwise criminals would quickly figure out how to get around them! 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: monzo closed account refundplains, plateaus, and mountains worksheets. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. 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. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. 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. Do other banks pull stuff like this? Update on this earlier post. 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). 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. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. 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 ). So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. If were able to confirm its definitely you, well unblock your account. Corporate_Drone31 2 yr. ago. 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? 09446231). This needs to be sorted out now. If that was the case they would not have two months they would be cut off immediately. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. 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. This process is the same as any other High St banks. 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). Its unlikely to happen to 99.9% of customers. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. 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. 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. 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. After being criticised by. (This is known as tipping off.). 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. 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. Only 29 percent of these complaints were resolved in the consumers favour. Getting your car rental or hotel deposit refund. 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. Our Financial Services Register number is 730427. Monzo legally cannot tell you why. Place your first bet, if it loses we will refund your first bet stake as a free bet. Monzo have flagged his account for something. 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. They havent just randomly decided to close his account. Nobody here is going to know, because if its happened to them, they wont know either. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. If fraud is involved, regular rules around account closures do not apply. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. 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. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Have you stopped being a resident in the UK? been abusive to anyone at Monzo or a member of our community. 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. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. Refunds take up to 14 days from when the merchant processes it. 21/09/18 - 5 accounts now closed. 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. Why have I received an email about a refund from my closed account? It's probably easier for Monzo to simply reject the refund. so what other reasons could it be? 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. Were a regulated bank. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. This document will be password protected, and well send you the password to open it in a text message. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn If youve been waiting more than 14 days, please check that the merchant definitely sent the 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. He. 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. Closing accounts can help fight financial crime Financial crime is a serious problem across society. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. It impacts our economy and can affect people in devastating, life-changing ways. Free Bets are paid as Bet Credits. Heres some more information about why this sometimes happens. For over a month, I had no funds. In line with our terms and conditions, we can close an account by giving two months notice. That 400 was everything I had to last 'til after Christmas..

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