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. Its just the way the law works. Have you had a change of circumstances? Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Has your situation changed recently? 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? After being criticised by. 09446231). The first bet must be placed within 7 days of registration and at odds of 1.8 or more. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. 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). To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Heres some more information about why this sometimes happens. so what other reasons could it be? 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 Min odds/bet and payment method exclusions apply. Existing customers can get help via the app. Have you stopped being a resident in the UK? I was wondering how this will work with the Flex experience - will that purchase be paid off? 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. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. I contacted Monzo, and they told me they had nothing at this time. 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. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. You can find more information in the terms and conditions. If were able to confirm its definitely you, well unblock your account. Doesnt seem like a bad outcome, but seems odd - I would have thought having it set like this would open the system to abuse somehow. What happens to that refund? Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. OR: . Monzo Bank Limited is a company registered in England and Wales (No. They havent just randomly decided to close his account. Last run: 364 days. '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. 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. 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. We dont know what and well probably never know. Monzo Bank Limited is a company registered in England and Wales (No. Refunds take up to 14 days from when the merchant processes it. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. Were a regulated bank. Free Bets are paid as Bet Credits. "But for others, it's been detrimental to their daily lives.. 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. I genuinely thought it was just an issue with their system, Harford tells me over the phone. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. 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. Monzo can not (by law) tell the customer this is why their account has been suspended. During those weeks I kept contacting Monzo and going, What's going on? gold coast shark attack video; giant schnauzer service dog for sale 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. Other than a monthly wage coming in theres been no other incoming transactions since November too. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Ive had an account with monzo since 2018 and used it regularly for years. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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. 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? Sometimes freezing, blocking or closing accounts is part of that. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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. Its likely that your old Monzo account has a positive balance. 09446231). It was here that Harford found the advice he needed to get his money back. If fraud is involved, regular rules around account closures do not apply. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Before this time frame, it received fewer than 30 complaints in a six-month period. Junho 11, 2022; police story: season 2 . Existing customers can get help via the app. 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. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. However, it's not all rave reviews. That 400 was everything I had to last 'til after Christmas.. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. The call just cuts off after 10 minutes! What can I actually do. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Our Financial Services Register number is 730427. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. OP will have had his account flagged for something. Theres more here about two ways to pay. Our Financial Services Register number is 730427. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. It might take a while, but you should get your money back in the end. 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. 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 . Its unlikely to happen to 99.9% of customers. [Blog link was removed]. 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. 09446231). 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. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. There are two ways you can buy with Flex. They're saying they can only refund to the original card Any idea what I'm supposed to do here? No change of circumstances and still live in the UK. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Only 29 percent of these complaints were resolved in the consumers favour. 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. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo 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. Our Financial Services Register number is 730427. VICE viewed the . So what do I do? Im only able to do this because refunds from a flex purchase dont repay the balance. Monzo, the banking start-up loved by millennials, has over three million users. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. 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 Bank Limited is a company registered in England and Wales (No. Bet 10* & Get 30* in Free Bets. Managers have more impact on our mental health than doctors and therapists! Why wouldnt I? 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 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. OP will have done something or some flag for it. If it's rejected the merchant should inform you and then likely ask for new details. 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 our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. W: 12st 0lb. 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. Ive posted about this previously. "The prevention of financial crime is an issue that affects the entire. So of course Im going to keep the money in a pot until its due back. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. However, when he got to a cashpoint in north London, his Monzo card was declined. Our Financial Services Register number is 730427. 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). What reasons would they have though?? 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. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. HELP! 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. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. I would have thought having it set like this would open the system to abuse somehow. 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. 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. 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). 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. 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. Get in touch with proof from the merchant confirming that they plan to refund your deposit. ! 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. 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. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Theres a lot of anger towards the otherwise quite popular service. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. 6 yo Gelding. and our You might not understand why its happened, and feel powerless to change things. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. 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. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Free Bets are paid as Bet Credits. 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). 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. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. 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. But the biggest issue i have is they said 2 months. Yeah i did think that. There are some common signs that someones using an account for criminal activity. (Monzo Closed Account Without Explanation). I thought I was the only one, he explains. This process is the same as any other High St banks. Min odds/bet and payment method exclusions apply. Mr Fisher was angry that. Your first step should be to contact the merchant and see if it has bounced back. 21/09/18 - 5 accounts now closed. Sent messages to them but they seem pretty slow at the moment. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. It impacts our economy and can affect people in devastating, life-changing ways. 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). monzo closed account refund. 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. Were sorry to see you go. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. 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. However, its not all rave reviews. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. How do I get my money back? Yes, true, but the rest of my post still applies. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Reddit and its partners use cookies and similar technologies to provide you with a better experience. We'll add 8% interest, applied from the date we originally received the money. 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. Monzo legally cannot tell you why. 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).

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