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. If were able to confirm its definitely you, well unblock your account. 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 So of course Im going to keep the money in a pot until its due back. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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 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. But we can broadly explain when we might do it: We spot unusual activity. Have you had a change of circumstances? This only happens very rarely, and most customers will never even know its happening. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. Finding out your bank has blocked or closed your account can be stressful and frustrating. I would have thought having it set like this would open the system to abuse somehow. Some users are accusing Monzo of. If you do come across one of these stories, its wise to take them with a pinch of salt. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. Im only able to do this because refunds from a flex purchase dont repay the balance. I then got an email from them saying it was going to take two to four weeks. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. 09446231). Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. Its unlikely to happen to 99.9% of customers. 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. 09446231). Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. monzo closed account refund. 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 . I've had an inconvenience, which is frustrating," says Harford. 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. 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.. For over a month, I had no funds. 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. We don't know what and we'll probably never know. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. 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. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Sent messages to them but they seem pretty slow at the moment. Having a wage deposited into it and its all been fine. 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. (Monzo Closed Account Without Explanation). Need it sooner? Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Ive had an account with monzo since 2018 and used it regularly for years. This process is the same as any other High St banks. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . They're saying they can only refund to the original card Any idea what I'm supposed to do here? Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. He. Thats not an acceptable risk for us. 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. 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). Monzo have flagged his account for something. 09446231). 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. They were quick to respond, but not with very helpful advice. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. 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. Only 29 percent of these complaints were resolved in the consumers favour. Sometimes blocking or closing accounts is one of the ways we do this. Yeah i did think that. 09446231). Monzo closed my account but I have a loan with them. 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 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. Other than a monthly wage coming in theres been no other incoming transactions since November too. 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. That 400 was everything I had to last 'til after Christmas.. 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. 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. 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. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . monzo closed account refundplains, plateaus, and mountains worksheets. If you used your account for anything cryptocurrency related, that might be why. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. 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. Which youve already replied to? Form: 2- BF. Free Bets are paid as Bet Credits. 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. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. Quick question. 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. Corporate_Drone31 2 yr. ago. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. 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. This needs to be sorted out now. Our Financial Services Register number is 730427. So what do I do? Surely they need to have some sort of valid reason though right? Existing customers can get help via the app. 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. 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. Bet 10* & Get 30* in Free Bets. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Monzo have flagged his account for something. For more information, please see our Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. 09446231). Our Financial Services Register number is 730427. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. We know this can be very frustrating, and were not being deliberately difficult. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. 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 ). Monzo Bank Limited is a company registered in England and Wales (No. 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 . Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. There are two ways you can buy with Flex. 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. Theres more here about two ways to pay. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Statements There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Meu negcio no Whatsapp Business! Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Before this time frame, it received fewer than 30 complaints in a six-month period. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. It might take a while, but you should get your money back in the end. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. 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. 18+ only. It might be a mistake on Monzos part, youd like to think theres human intervention here. so what other reasons could it be? I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. 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. 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. 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. 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 . Monzo, the banking start-up loved by millennials, has over three million users. 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. Min odds/bet and payment method exclusions apply. It impacts our economy and can affect people in devastating, life-changing ways. 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. 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. I dont understand your point? Why wouldnt I? I thought I was the only one, he explains. If that was the case they would not have two months they would be cut off immediately. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. New Customers only. Do other banks pull stuff like this? 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 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. How do I get my money back? It was around December last year when Rhys Harford, 25, first noticed a problem. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. 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. OP will have done something or some flag for it. 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. 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 Bank Limited is a company registered in England and Wales (No. 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. and our Get in touch with proof from the merchant confirming that they plan to refund your deposit. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. 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). However, when he got to a cashpoint in north London, his Monzo card was declined. 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. So in my mind, Im a Premium customer and I get paid interest on my balance. Of course they do. 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. After being criticised by. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. gold coast shark attack video; giant schnauzer service dog for sale If a fraud closure is immediate then it's clearly something less serious but also something Monzo don't want to be a part of. 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. New Customers only. What can I actually do. Yes, true, but the rest of my post still applies. 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. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. 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.