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. If were able to confirm its definitely you, well unblock your account. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. You can find more information in the terms and conditions. Do drop Monzo an email to confirm what will happen, though. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Monzo Bank Limited is a company registered in England and Wales (No. Heres some more information about why this sometimes happens. 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. VICE viewed the . Update on this earlier post. Or will the end up in my main account or something else? If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. 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. 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. Existing customers can get help via the app. Place your first bet, if it loses we will refund your first bet stake as a free bet. Why have I received an email about a refund from my closed account? It impacts our economy and can affect people in devastating, life-changing ways. Which youve already replied to? 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. Free Bets are paid as Bet Credits. Were a regulated bank. Our Financial Services Register number is 730427. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. It happened just over a week ago when she was shopping. 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. New comments cannot be posted and votes cannot be cast. Denied for all further applications. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. Getting your car rental or hotel deposit refund. Monzo Bank Limited is a company registered in England and Wales (No. New Customers only. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. I've had an inconvenience, which is frustrating," says Harford. Monzo Bank Limited is a company registered in England and Wales (No. 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. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. 6 yo Gelding. Monzo can not (by law) tell the customer this is why their account has been suspended. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. 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. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. 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. Ive had an account with monzo since 2018 and used it regularly for years. 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? Need it sooner? OP will have had his account flagged for something. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. 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). It impacts our economy and can affect people in devastating, life-changing ways. (This is known as tipping off.). If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. Im afraid youll just have to take your money and pick another bank. That 400 was everything I had to last 'til after Christmas.. Im afraid this customer forum isnt the place to discuss closed accounts. 09446231). Monzo Bank Limited is a company registered in England and Wales (No. (Monzo Closed Account Without Explanation). I am a victim of fraud here, I cannot even afford to take this to court. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. Harford says that he struggled to get information from Monzo after his account was frozen. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. And like all banks, we have to act in certain ways, to protect ourselves and our customers. 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. denver museum of nature and science prehistoric journey. Theres more here about two ways to pay. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. I am being treated as a fraudster without any due process. 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. Monzo have flagged his account for something. "I thought I was the only one," he explains. If you used your account for anything cryptocurrency related, that might be why. OP will have done something or some flag for it. Nobody here is going to know, because if its happened to them, they wont know either. We can close your account by giving you at least two months notice. monzo closed account refundplains, plateaus, and mountains worksheets. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. '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. Our Financial Services Register number is 730427. Were sorry to see you go. 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. 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 someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. [Blog link was removed]. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. 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. Min odds/bet and payment method exclusions apply. So what do I do? This document will be password protected, and well send you the password to open it in a text message. 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'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. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. 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. Junho 11, 2022; police story: season 2 . However, it's not all rave reviews. Form & Verdict. "But for others, it's been detrimental to their daily lives.. I was wondering how this will work with the Flex experience - will that purchase be paid off? They havent just randomly decided to close his account. Its likely that your old Monzo account has a positive balance. I contacted Monzo, and they told me they had nothing at this time. 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. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. But if theyve checked it and given 2 months notice, thats the end of it. 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 . Some users are accusing Monzo of. So of course Im going to keep the money in a pot until its due back. If fraud is involved, regular rules around account closures do not apply. It might take a while, but you should get your money back in the end. Cookie Notice Before this time frame, it received fewer than 30 complaints in a six-month period. What happens to that refund? 18+ only. 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. 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. HELP! 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. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. Quick question. 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. Our Financial Services Register number is 730427. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. 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). He. 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 then got an email from them saying it was going to take two to four weeks. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. But the biggest issue i have is they said 2 months. 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 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. community bible study complaints; marriage witness requirements; Your first step should be to contact the merchant and see if it has bounced back. I would have thought having it set like this would open the system to abuse somehow. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. Only like you said, if it was fraud related. 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. Do other banks pull stuff like this? 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. This only happens very rarely, and most customers will never even know its happening. 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. 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.. OP will have done something or some flag for it. been abusive to anyone at Monzo or a member of our community. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. 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. 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. Yeah i did think that. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Corporate_Drone31 2 yr. ago. Min odds/bet and payment method exclusions apply. 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. 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 . 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. Form: 2- BF. 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. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. Refunds take up to 14 days from when the merchant processes it. The call just cuts off after 10 minutes! Have you stopped being a resident in the UK? monzo closed account refund. Our Financial Services Register number is 730427. If that was the case they would not have two months they would be cut off immediately. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. 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. 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. 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. We identify a risky customer. Thats to do with fraud and AML law - if they are giving him two months its not that. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. It's probably easier for Monzo to simply reject the refund. If it's rejected the merchant should inform you and then likely ask for new details. Its just the way the law works. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Monzo have flagged his account for something. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Meu negcio no Whatsapp Business! Monzo legally cannot tell you why. In line with our terms and conditions, we can close an account by giving two months notice. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. After being criticised by. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. 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). 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). "The prevention of financial crime is an issue that affects the entire. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. and our 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. They're saying they can only refund to the original card Any idea what I'm supposed to do here? 09446231). So we might block the account on our side to investigate, and close it depending on what we find. 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. 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. 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.. 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? It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Surely they need to have some sort of valid reason though right? I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. 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). 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. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. What can I actually do. 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 . But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. There are two ways you can buy with Flex. We know this can be very frustrating, and were not being deliberately difficult. How do I get it back? Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. 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. 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. The Monzo stole my money Facebook group contains stories of people who have struggled to pay rent, couldnt access Universal Credit payments, or were stuck abroad without a functioning bank card. We don't know what and we'll 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. Of course they do. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. 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.
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