Last run: 364 days. 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. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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. Need it sooner? Only like you said, if it was fraud related. Refunds take up to 14 days from when the merchant processes it. After being criticised by. 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. 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. But if theyve checked it and given 2 months notice, thats the end of it. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. This process is the same as any other High St banks. 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. monzo closed account refund - mail.dynamictyping.dev Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . 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 . This only happens very rarely, and most customers will never even know its happening. Its just the way the law works. Other than a monthly wage coming in theres been no other incoming transactions since November too. How do I get it back? Have you had a change of circumstances? Sometimes freezing, blocking or closing accounts is part of that. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. 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. It's probably easier for Monzo to simply reject the refund. If it's rejected the merchant should inform you and then likely ask for new details. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Junho 11, 2022; police story: season 2 . They're saying they can only refund to the original card Any idea what I'm supposed to do here? 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. 18+ only. Monzo closed my account but I have a loan with them : r/monzo - reddit Yeah i did think that. 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? and our Account closed but I need a refund from an airline : r/monzo - reddit If fraud is involved, regular rules around account closures do not apply. monzo closed account refund I've had an inconvenience, which is frustrating," says Harford. 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. 'Criminals stole my Sim card and emptied my Monzo bank account - Which? Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. "I thought I was the only one," he explains. 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. 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. Get help'. Monzo Bank Limited is a company registered in England and Wales (No. They havent just randomly decided to close his account. Refunds take up to 14 days from when the merchant processes it. Monzo closed my account but I have a loan with them. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. Monzo closes premium packaged account to new customers Monzo Help - Refund hasn't arrived Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Monzo Plus packaged account scrapped after four months: can - Which? So of course Im going to keep the money in a pot until its due back. Why have I received an email about a refund from my closed account? 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. 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. Im afraid youll just have to take your money and pick another bank. 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. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. 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. Quick question. Existing customers can get help via the app. 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. Monzo Closed My Account Immediately and Without Warning - reddit 6 yo Gelding. Free Bets are paid as Bet Credits. Of course they do. 09446231). 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 . Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. We don't know what and we'll probably never know. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Get in touch with proof from the merchant confirming that they plan to refund your deposit. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. Thats to do with fraud and AML law - if they are giving him two months its not that. 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. [Blog link was removed]. so what other reasons could it be? Monzo Help - How do refunds work in Flex So we might block the account on our side to investigate, and close it depending on what we find. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. Carrickmines Handicap Chase (Grade B) - GG.co.uk 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. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. Existing customers can get help via the app. OP will have had his account flagged for something. 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). Heres some more information about why this sometimes happens. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. You might not understand why its happened, and feel powerless to change things. Monzo Closed my Account with no warning or notice and I am outraged 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. OP will have done something or some flag for it. It might take a while, but you should get your money back in the end. 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. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. New Customers only. Thats not an acceptable risk for us. 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. The account would be frozen until the concern was resolved. Cookie Notice Our Financial Services Register number is 730427. Sent messages to them but they seem pretty slow at the moment. 09446231). Monzo Bank Limited is a company registered in England and Wales (No. How is this fair? What happens to that refund? 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. Danielle Richardson. You can find more information in the terms and conditions. I genuinely thought it was just an issue with their system, Harford tells me over the phone. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. 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. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. 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. The stories on it may alarm some of. 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? If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. Its likely that your old Monzo account has a positive balance. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our 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. Place your first bet, if it loses we will refund your first bet stake as a free bet. Closing accounts can help fight financial crime Financial crime is a serious problem across society. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Our Financial Services Register number is 730427. I contacted Monzo, and they told me they had nothing at this time. I then got an email from them saying it was going to take two to four weeks. 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 went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. monzo closed account refund - helpers.sg Im afraid this customer forum isnt the place to discuss closed accounts. So in my mind, Im a Premium customer and I get paid interest on my balance. 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. Meu negcio no Whatsapp Business! 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. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: 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. denver museum of nature and science prehistoric journey. 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. Natalie Joyce no LinkedIn: Mental Health at Work: Managers and Money 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. There are some common signs that someones using an account for criminal activity. Monzo bank 'freezing accounts for no apparent reason' - the Guardian In line with our terms and conditions, we can close an account by giving two months notice. It might be a mistake on Monzos part, youd like to think theres human intervention here. I am being treated as a fraudster without any due process. 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). It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. It was around December last year when Rhys Harford, 25, first noticed a problem. 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. 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. Mr Fisher was angry that. 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. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. Refund into closed Monzo account. (Monzo Closed Account Without