We can close your account by giving you at least two months notice. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Of course they do. Min odds/bet and payment method exclusions apply. Only 29 percent of these complaints were resolved in the consumers favour. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. 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. New Customers only. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. I am a victim of fraud here, I cannot even afford to take this to court. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. What can I actually do. Thats not an acceptable risk for us. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn 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. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. It made me feel upset and angry because that's the only money I had for my daughter, she says. We don't know what and we'll probably never know. 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). 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. 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. Were sorry to see you go. 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. Its likely that your old Monzo account has a positive balance. Yeah i did think that. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. In line with our terms and conditions, we can close an account by giving two months notice. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Existing customers can get help via the app. Junho 11, 2022; police story: season 2 . There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Im only able to do this because refunds from a flex purchase dont repay the balance. 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). Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. Privacy Policy. 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. 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. The account would be frozen until the concern was resolved. If you used your account for anything cryptocurrency related, that might be why. I genuinely thought it was just an issue with their system, Harford tells me over the phone. 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. This needs to be sorted out now. 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 . Nobody here is going to know, because if its happened to them, they wont know either. It impacts our economy and can affect people in devastating, life-changing ways. Bet 10* & Get 30* in Free Bets. 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. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. If fraud is involved, regular rules around account closures do not apply. 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. Monzo can not (by law) tell the customer this is why their account has been suspended. 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 . What happens to that refund? How do I get my money back? 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. You can find more information in the terms and conditions. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. 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. 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. 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. Cookie Notice Digital bank Monzo has closed its fee-charging packaged current account to new customers five months after launching it and is refunding some of those who signed up. Corporate_Drone31 2 yr. ago. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Sent messages to them but they seem pretty slow at the moment. Its unlikely to happen to 99.9% of customers. 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. 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. Monzo Bank Limited is a company registered in England and Wales (No. (Monzo Closed Account Without Explanation). And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. Monzo legally cannot tell you why. 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". We identify a risky customer. and our Im afraid this customer forum isnt the place to discuss closed accounts. OP will have done something or some flag for it. Have you stopped being a resident in the UK? If that was the case they would not have two months they would be cut off immediately. 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. denver museum of nature and science prehistoric journey. 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 have opened up a new account on the highstreet today, surely that indicates I am under no investigations. I dont understand your point? I then got an email from them saying it was going to take two to four weeks. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Get in touch with proof from the merchant confirming that they plan to refund your deposit. Do drop Monzo an email to confirm what will happen, though. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. 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. Update on this earlier post. I thought I was the only one, he explains. OP will have done something or some flag for it. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. 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. Finding out your bank has blocked or closed your account can be stressful and frustrating. 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. 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). Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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. 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. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. 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? They were quick to respond, but not with very helpful advice. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. 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. Has your situation changed recently? However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. 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 ). Theres a lot of anger towards the otherwise quite popular service. Managers have more impact on our mental health than doctors and therapists! 21/09/18 - 5 accounts now closed. Why have I received an email about a refund from my closed account? community bible study complaints; marriage witness requirements; 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. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Min odds/bet and payment method exclusions apply. 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. 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. Monzo, the banking start-up loved by millennials, has over three million users. Ive posted about this previously. No change of circumstances and still live in the UK. 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. So we might block the account on our side to investigate, and close it depending on what we find. There are some common signs that someones using an account for criminal activity. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. We'll add 8% interest, applied from the date we originally received the money. 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. Our Financial Services Register number is 730427. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. very strange situation here. But the biggest issue i have is they said 2 months. So of course Im going to keep the money in a pot until its due back. 09446231). 6 yo Gelding. 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. Monzo have flagged his account for something. Free Bets are paid as Bet Credits. 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 . if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). 18+ only. VICE viewed the . 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. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. Other than a monthly wage coming in theres been no other incoming transactions since November too. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. Harford says that he struggled to get information from Monzo after his account was frozen. Our Financial Services Register number is 730427. [Blog link was removed]. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. OP will have had his account flagged for something. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: 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. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. 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).