He. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. Our Financial Services Register number is 730427. 09446231). 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.. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. So in my mind, Im a Premium customer and I get paid interest on my balance. 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. 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. Heres some more information about why this sometimes happens. 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. OP will have done something or some flag for it. After being criticised by. Our Financial Services Register number is 730427. and our Existing customers can get help via the app. Im only able to do this because refunds from a flex purchase dont repay the balance. 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. There are two ways you can buy with Flex. What happens to that refund? Meu negcio no Whatsapp Business! It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Min odds/bet and payment method exclusions apply. 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. (This is known as tipping off.). If you follow the in-app flow, the money should arrive instantly but can take up to two hours. 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. Ive posted about this previously. 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 obviously it cant be a security risk or a fraud risk issue as they still are allowing me to use their service for 2 months, right? And like all banks, we have to act in certain ways, to protect ourselves and our customers. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. 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 ). Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. Finding out your bank has blocked or closed your account can be stressful and frustrating. Harford says that he struggled to get information from Monzo after his account was frozen. Has your situation changed recently? If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Monzo Bank Limited is a company registered in England and Wales (No. 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. Im afraid youll just have to take your money and pick another bank. I genuinely thought it was just an issue with their system, Harford tells me over the phone. So what do I do? "The prevention of financial crime is an issue that affects the entire. New comments cannot be posted and votes cannot be cast. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. Managers have more impact on our mental health than doctors and therapists! Our Financial Services Register number is 730427. Danielle Richardson. 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. 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. No change of circumstances and still live in the UK. The stories on it may alarm some of. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. 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 someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). 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. New Customers only. Min odds/bet and payment method exclusions apply. We can close your account by giving you at least two months notice. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. 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. Thats to do with fraud and AML law - if they are giving him two months its not that. '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. It impacts our economy and can affect people in devastating, life-changing ways. Closing accounts can help fight financial crime Financial crime is a serious problem across society. Need it sooner? according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. But if theyve checked it and given 2 months notice, thats the end of it. 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. 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. However, its not all rave reviews. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. If were able to confirm its definitely you, well unblock your account. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Existing customers can get help via the app. Its unlikely to happen to 99.9% of customers. 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. That 400 was everything I had to last 'til after Christmas.. 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). On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. 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. 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. For over a month, I had no funds. Were a regulated bank. This needs to be sorted out now. If that was the case they would not have two months they would be cut off immediately. Privacy Policy. 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. HELP! I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. Quick question. Bet 10* & Get 30* in Free Bets. community bible study complaints; marriage witness requirements; It made me feel upset and angry because that's the only money I had for my daughter, she says. Have you had a change of circumstances? Corporate_Drone31 2 yr. ago. 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. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Monzo have flagged his account for something. New Customers only. Theres a lot of anger towards the otherwise quite popular service. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Get help'. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. Before this time frame, it received fewer than 30 complaints in a six-month period. It's probably easier for Monzo to simply reject the refund. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Taints my faith in them somewhat. Form: 2- BF. 18+ only. Were sorry to see you go. 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). 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. Surely they need to have some sort of valid reason though right? Existing customers can get help via the app. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. If you used your account for anything cryptocurrency related, that might be why. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. They were quick to respond, but not with very helpful advice. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. VICE viewed the . 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". That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It might take a while, but you should get your money back in the end. Mr Fisher was angry that. It was here that Harford found the advice he needed to get his money back. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. 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. Form & Verdict. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Or will the end up in my main account or something else? In line with our terms and conditions, we can close an account by giving two months notice. 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 . I've had an inconvenience, which is frustrating," says Harford. 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). If you do not, your paycheck may go to the bank, but you will not be able to access the funds. It impacts our economy and can affect people in devastating, life-changing ways. 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.. 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. However today i received a message saying the account would be closed in 2 months. 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. I am a victim of fraud here, I cannot even afford to take this to court. Monzo Bank Limited is a company registered in England and Wales (No. 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. 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. Which youve already replied to? 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. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. So of course Im going to keep the money in a pot until its due back. OP will have done something or some flag for it. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. 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. There are some common signs that someones using an account for criminal activity. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. 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. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. If you do come across one of these stories, its wise to take them with a pinch of salt. 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. Its likely that your old Monzo account has a positive balance. We dont know what and well probably never know. In the end, it took over four weeks for Harford to receive his money back. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. 09446231). In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . ! Monzo Plus/Premium Do drop Monzo an email to confirm what will happen, though. Our Financial Services Register number is 730427. 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. 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. 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. so what other reasons could it be? Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Existing customers can get help via the app. 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. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. 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. gold coast shark attack video; giant schnauzer service dog for sale I was wondering how this will work with the Flex experience - will that purchase be paid off? 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! You might not understand why its happened, and feel powerless to change things. Denied for all further applications. We don't know what and we'll probably never know. I would have thought having it set like this would open the system to abuse somehow. Monzo closed my account but I have a loan with them. It happened just over a week ago when she was shopping. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. This process is the same as any other High St banks. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. Thats not an acceptable risk for us. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Do other banks pull stuff like this? This only happens very rarely, and most customers will never even know its happening. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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 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. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. 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. Theres more here about two ways to pay. Monzo legally cannot tell you why. Monzo, the banking start-up loved by millennials, has over three million users. Monzo have flagged his account for something. 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 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. This document will be password protected, and well send you the password to open it in a text message. Financial crime is a serious problem across society. Monzo Bank Limited is a company registered in England and Wales (No. We know this can be very frustrating, and were not being deliberately difficult. Why have I received an email about a refund from my closed account? During those weeks I kept contacting Monzo and going, What's going on? Your first step should be to contact the merchant and see if it has bounced back. 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). However, it's not all rave reviews. (Monzo Closed Account Without Explanation). 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 a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. We identify a risky customer. How do I get my money back? Some users are accusing Monzo of. Refunds take up to 14 days from when the merchant processes it. Nobody here is going to know, because if its happened to them, they wont know either. It might be a mistake on Monzos part, youd like to think theres human intervention here. monzo closed account refund. Having a wage deposited into it and its all been fine. Sometimes blocking or closing accounts is one of the ways we do this. 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. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Refunds take up to 14 days from when the merchant processes it. 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. 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. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. 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.