monzo closed account refund

But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Danielle Richardson. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Monzo can not (by law) tell the customer this is why their account has been suspended. monzo closed account refund. We'll add 8% interest, applied from the date we originally received the money. very strange situation here. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Its just the way the law works. 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. If it's rejected the merchant should inform you and then likely ask for new details. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. Our Financial Services Register number is 730427. 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. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. 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. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. Statements so what other reasons could it be? Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. 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. No change of circumstances and still live in the UK. Junho 11, 2022; police story: season 2 . Getting your car rental or hotel deposit refund. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Sent messages to them but they seem pretty slow at the moment. That 400 was everything I had to last 'til after Christmas.. Min odds/bet and payment method exclusions apply. So what do I do? What happens to that refund? 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. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. The stories on it may alarm some of. Monzo Bank Limited is a company registered in England and Wales (No. 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. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 09446231). How do I get my money back? If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. It was here that Harford found the advice he needed to get his money back. Free Bets are paid as Bet Credits. Monzo have flagged his account for something. Other than a monthly wage coming in theres been no other incoming transactions since November too. 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. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. VICE viewed the . 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. Privacy Policy. Financial crime is a serious problem across society. Corporate_Drone31 2 yr. ago. I am being treated as a fraudster without any due process. 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. 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. 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. 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). It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Which youve already replied to? Monzo Bank Limited is a company registered in England and Wales (No. We can close your account by giving you at least two months notice. However, it's not all rave reviews. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. Managers have more impact on our mental health than doctors and therapists! Get in touch with proof from the merchant confirming that they plan to refund your deposit. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. Refunds take up to 14 days from when the merchant processes it. ! Existing customers can get help via the app. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. The police tell us to. 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. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". 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. Bet 10* & Get 30* in Free Bets. I then got an email from them saying it was going to take two to four weeks. Only 29 percent of these complaints were resolved in the consumers favour. 09446231). Sometimes blocking or closing accounts is one of the ways we do this. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. During those weeks I kept contacting Monzo and going, What's going on? 18+ only. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. But the biggest issue i have is they said 2 months. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. Sometimes freezing, blocking or closing accounts is part of that. 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. Thats to do with fraud and AML law - if they are giving him two months its not that. Were a regulated bank. If you used your account for anything cryptocurrency related, that might be why. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. 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. If fraud is involved, regular rules around account closures do not apply. 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 Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Get help'. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. What can I actually do. The account would be frozen until the concern was resolved. And like all banks, we have to act in certain ways, to protect ourselves and our customers. After being criticised by. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. We dont know what and well probably never know. In line with our terms and conditions, we can close an account by giving two months notice. However, when he got to a cashpoint in north London, his Monzo card was declined. So in my mind, Im a Premium customer and I get paid interest on my balance. monzo closed account refund. Harford says that he struggled to get information from Monzo after his account was frozen. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Why have I received an email about a refund from my closed account? 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. and our New Customers only. If were able to confirm its definitely you, well unblock your account. It might take a while, but you should get your money back in the end. 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. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. Your first step should be to contact the merchant and see if it has bounced back. Otherwise criminals would quickly figure out how to get around them! Only like you said, if it was fraud related. Monzo legally cannot tell you why. 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.. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. 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. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Monzo, the banking start-up loved by millennials, has over three million users. 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. 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. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. Theres a lot of anger towards the otherwise quite popular service. 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. 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. Theres more here about two ways to pay. Finding out your bank has blocked or closed your account can be stressful and frustrating. Monzo closed my account but I have a loan with them. It impacts our economy and can affect people in devastating, life-changing ways. 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. Existing customers can get help via the app. Taints my faith in them somewhat. 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). Update on this earlier post. 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 There are some common signs that someones using an account for criminal activity. For more information, please see our 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". 21/09/18 - 5 accounts now closed. It made me feel upset and angry because that's the only money I had for my daughter, she says. However, its not all rave reviews. But if theyve checked it and given 2 months notice, thats the end of it. Ive asked Monzo to take a look at this via chat, but were at 9 days now and Im still yet to get a response from a specialist. 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. 09446231). 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. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. 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. Existing customers can get help via the app. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. New Customers only. 09446231). I would have thought having it set like this would open the system to abuse somehow. This only happens very rarely, and most customers will never even know its happening. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. 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. 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. If you have any issues with the in-app flow and provide your defund details by email well aim to transfer it within 7 working days for UK accounts (2-3 weeks for international payments). Refunds take up to 14 days from when the merchant processes it. Bet 10* & Get 30* in Free Bets. 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. 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). Why wouldnt I? The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . New comments cannot be posted and votes cannot be cast. OP will have done something or some flag for it. I can imagine TS Anil or Anne doing the draw themselves at the Monday morning staff stand-up, Powered by Discourse, best viewed with JavaScript enabled, Monzo giving two months notice of account closures, Just received a mail that Monzo are closing my account, Devastated About Account Closure after 2 years. 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'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? Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. They havent just randomly decided to close 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. "But for others, it's been detrimental to their daily lives.. 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. 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. Our Financial Services Register number is 730427. 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 .

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