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Yeah i did think that. 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. 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. Financial crime is a serious problem across society. VICE viewed the . Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. OP will have done something or some flag for it. 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.. 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. Why have I received an email about a refund from my closed account? We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. It impacts our economy and can affect people in devastating, life-changing ways. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. Do other banks pull stuff like this? What can I actually do. 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. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. Monzo Plus/Premium The police tell us to. 6 yo Gelding. OP will have done something or some flag for it. 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. 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 used your account for anything cryptocurrency related, that might be why. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Thats not an acceptable risk for us. During those weeks I kept contacting Monzo and going, What's going on? 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. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 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. denver museum of nature and science prehistoric journey. Our Financial Services Register number is 730427. 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. How is this fair? monzo closed account refund. 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. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. I am being treated as a fraudster without any due process. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. Monzo have flagged his account for something. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Closing accounts can help fight financial crime Financial crime is a serious problem across society. 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. Existing customers can get help via the app. OP will have had his account flagged for something. 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. and our ! 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. However, it's not all rave reviews. It's probably easier for Monzo to simply reject the refund. Heres some more information about why this sometimes happens. Have you stopped being a resident in the UK? This only happens very rarely, and most customers will never even know its happening. Last run: 364 days. Existing customers can get help via the app. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. Monzo can not (by law) tell the customer this is why their account has been suspended. Monzo Bank Limited is a company registered in England and Wales (No. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. 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. CONFUSING! If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. I then got an email from them saying it was going to take two to four weeks. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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've had an inconvenience, which is frustrating," says Harford. This process is the same as any other High St banks. 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. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. Existing customers can get help via the app. 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. We dont know what and well probably never know. If you do come across one of these stories, its wise to take them with a pinch of salt. Having a wage deposited into it and its all been fine. Monzo Bank Limited is a company registered in England and Wales (No. 09446231). very strange situation here. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Get help'. "But for others, it's been detrimental to their daily lives.. But the biggest issue i have is they said 2 months. You can find more information in the terms and conditions. Update on this earlier post. He. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. The account would be frozen until the concern was resolved. Free Bets are paid as Bet Credits. Sent messages to them but they seem pretty slow at the moment. 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 contacted Monzo, and they told me they had nothing at this time. 09446231). Bet 10* & Get 30* in Free Bets. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. However today i received a message saying the account would be closed in 2 months. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. If fraud is involved, regular rules around account closures do not apply. Finding out your bank has blocked or closed your account can be stressful and frustrating. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Place your first bet, if it loses we will refund your first bet stake as a free bet. Im afraid youll just have to take your money and pick another bank. Some users are accusing Monzo of. No change of circumstances and still live in the UK. 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 Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. HELP! 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. 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 ). 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 In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. How do I get it back? How do I get my money back? Were a regulated bank. 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. 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. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. 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. Quick question. I thought I was the only one, he explains. 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. What happens to that refund? Monzo Bank Limited is a company registered in England and Wales (No. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. Min odds/bet and payment method exclusions apply. Monzo have flagged his account for something. And like all banks, we have to act in certain ways, to protect ourselves and our customers. 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? It impacts our economy and can affect people in devastating, life-changing ways. 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. Form & Verdict. Sometimes blocking or closing accounts is one of the ways we do this. 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. However, its not all rave reviews. So of course Im going to keep the money in a pot until its due back. 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. But if theyve checked it and given 2 months notice, thats the end of it. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. '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. Thats to do with fraud and AML law - if they are giving him two months its not that. The call just cuts off after 10 minutes! I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. After being criticised by. Free Bets are paid as Bet Credits. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. It happened just over a week ago when she was shopping. Has your situation changed recently? I was wondering how this will work with the Flex experience - will that purchase be paid off? monzo closed account refundplains, plateaus, and mountains worksheets. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. Im only able to do this because refunds from a flex purchase dont repay the balance. New comments cannot be posted and votes cannot be cast. 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). 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 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. 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. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. 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). 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. Existing customers can get help via the app. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. Your first step should be to contact the merchant and see if it has bounced back. 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. I am a victim of fraud here, I cannot even afford to take this to court. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Of course they do. Danielle Richardson. Ive posted about this previously. 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. (Monzo Closed Account Without Explanation). According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. Our Financial Services Register number is 730427. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. 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. 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. been abusive to anyone at Monzo or a member of our community. Theres a lot of anger towards the otherwise quite popular service. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. "I thought I was the only one," he explains. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. 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. 09446231). VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. 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. 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? [Blog link was removed]. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . Otherwise criminals would quickly figure out how to get around them! There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. "The prevention of financial crime is an issue that affects the entire. We identify a risky customer. New Customers only. Only like you said, if it was fraud related. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. Have you had a change of circumstances? 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.