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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). The stories on it may alarm some of. 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. 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. 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. Statements Yeah i did think that. 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. community bible study complaints; marriage witness requirements; 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. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. [Blog link was removed]. 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. They were quick to respond, but not with very helpful advice. 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. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Have you had a change of circumstances? 09446231). We can close your account by giving you at least two months notice. During those weeks I kept contacting Monzo and going, What's going on? Bet 10* & Get 30* in Free Bets. 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 We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . 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. so what other reasons could it be? Refunds take up to 14 days from when the merchant processes it. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Monzo, the banking start-up loved by millennials, has over three million users. Theres more here about two ways to pay. Were sorry to see you go. ! 21/09/18 - 5 accounts now closed. Place your first bet, if it loses we will refund your first bet stake as a free bet. Financial crime is a serious problem across society. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. If fraud is involved, regular rules around account closures do not apply. 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). '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. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. CONFUSING! It impacts our economy and can affect people in devastating, life-changing ways. Get in touch with proof from the merchant confirming that they plan to refund your deposit. 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. 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 . If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. 09446231). 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. 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. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. Other than a monthly wage coming in theres been no other incoming transactions since November too. Update on this earlier post. If you do come across one of these stories, its wise to take them with a pinch of salt. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. So we might block the account on our side to investigate, and close it depending on what we find. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Monzo Plus/Premium Why have I received an email about a refund from my closed account? 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 it's rejected the merchant should inform you and then likely ask for new details. 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. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. Why wouldnt I? Monzo Bank Limited is a company registered in England and Wales (No. Of course they do. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. Monzo Bank Limited is a company registered in England and Wales (No. Our Financial Services Register number is 730427. "The prevention of financial crime is an issue that affects the entire. There are some common signs that someones using an account for criminal activity. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. 6 yo Gelding. 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. 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. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. The call just cuts off after 10 minutes! 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. 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. Min odds/bet and payment method exclusions apply. 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. We dont know what and well probably never know. Monzo closed my account but I have a loan with them. 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. Monzo Bank Limited is a company registered in England and Wales (No. Finding out your bank has blocked or closed your account can be stressful and frustrating. We identify a risky customer. Sometimes blocking or closing accounts is one of the ways we do this. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. 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. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. But the biggest issue i have is they said 2 months. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. Thats to do with fraud and AML law - if they are giving him two months its not that. Yes, true, but the rest of my post still applies. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Im afraid this customer forum isnt the place to discuss closed accounts. monzo closed account refund. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. I am being treated as a fraudster without any due process. 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. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. 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. I dont understand your point? 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.. Denied for all further applications. 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". It might be a mistake on Monzos part, youd like to think theres human intervention here. It made me feel upset and angry because that's the only money I had for my daughter, she says. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. 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? 18+ only. 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 It happened just over a week ago when she was shopping. The account would be frozen until the concern was resolved. 09446231). 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. After being criticised by. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. 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. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. Only like you said, if it was fraud related. You might not understand why its happened, and feel powerless to change things. and our Mr Fisher was angry that. However, when he got to a cashpoint in north London, his Monzo card was declined. OR: . Heres some more information about why this sometimes happens. Our Financial Services Register number is 730427. You can find more information in the terms and conditions. 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. 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? 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. Free Bets are paid as Bet Credits. Its just the way the law works. Its likely that your old Monzo account has a positive balance. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Taints my faith in them somewhat. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. So in my mind, Im a Premium customer and I get paid interest on my balance. 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. 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 police tell us to. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. 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. 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. Meu negcio no Whatsapp Business! How do I get my money back? 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 ). 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. 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 closed account refund. But we can broadly explain when we might do it: We spot unusual activity. 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. 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. Danielle Richardson. For over a month, I had no funds. 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 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). This needs to be sorted out now. "I thought I was the only one," he explains. Our Financial Services Register number is 730427. 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.. However, it's not all rave reviews. But if theyve checked it and given 2 months notice, thats the end of it. What reasons would they have though?? 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. Some users are accusing Monzo of. Free Bets are paid as Bet Credits. Get help'. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. 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. 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. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Our Financial Services Register number is 730427. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. 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. I thought I was the only one, he explains. 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 filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. If were able to confirm its definitely you, well unblock your account. "But for others, it's been detrimental to their daily lives.. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". W: 12st 0lb. It impacts our economy and can affect people in devastating, life-changing ways. That 400 was everything I had to last 'til after Christmas.. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. I then got an email from them saying it was going to take two to four weeks. New Customers only. Sometimes freezing, blocking or closing accounts is part of that. 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 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. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. (Monzo Closed Account Without Explanation). The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . Existing customers can get help via the app. 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. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. OP will have had his account flagged for something. Existing customers can get help via the app. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. Getting your car rental or hotel deposit refund. 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. 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.