21/09/18 - 5 accounts now closed. Ive posted about this previously. Sometimes freezing, blocking or closing accounts is part of that. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. 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. 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. 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. 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. This needs to be sorted out now. Mr Fisher was angry that. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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. 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 ). However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. Of course they do. We can close your account by giving you at least two months notice. Our Financial Services Register number is 730427. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Have you had a change of circumstances? I then got an email from them saying it was going to take two to four weeks. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Quick question. If you used your account for anything cryptocurrency related, that might be why. Monzo, the banking start-up loved by millennials, has over three million users. Its just the way the law works. 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. 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). For over a month, I had no funds. Update on this earlier post. However, when he got to a cashpoint in north London, his Monzo card was declined. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. "The prevention of financial crime is an issue that affects the entire. 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 . However today i received a message saying the account would be closed in 2 months. Why have I received an email about a refund from my closed account? If it's rejected the merchant should inform you and then likely ask for new details. Monzo Bank Limited is a company registered in England and Wales (No. Existing customers can get help via the app. You might not understand why its happened, and feel powerless to change things. It might be a mistake on Monzos part, youd like to think theres human intervention here. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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.. 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. What happens to that refund? Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. 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. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. 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. Or will the end up in my main account or something else? If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. During those weeks I kept contacting Monzo and going, What's going on? Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. The call just cuts off after 10 minutes! 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.. so what other reasons could it be? Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. 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. ! From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. Only like you said, if it was fraud related. That 400 was everything I had to last 'til after Christmas.. OP will have done something or some flag for it. If fraud is involved, regular rules around account closures do not apply. 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 had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. 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. How do I get it back? If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Getting your car rental or hotel deposit refund. Harford says that he struggled to get information from Monzo after his account was frozen. Your first step should be to contact the merchant and see if it has bounced back. Existing customers can get help via the app. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. 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. Do drop Monzo an email to confirm what will happen, though. 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. Do other banks pull stuff like this? After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. Nobody here is going to know, because if its happened to them, they wont know either. So what do I do? according to figures published on its website, are accusing Monzo of freezing or closing their accounts. Denied for all further applications. I was wondering how this will work with the Flex experience - will that purchase be paid off? Yeah i did think that. Privacy Policy. If you do come across one of these stories, its wise to take them with a pinch of salt. 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). 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. 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. Closing accounts can help fight financial crime Financial crime is a serious problem across society. 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. It impacts our economy and can affect people in devastating, life-changing ways. Monzo have flagged his account for something. This increase in dissatisfied Monzo customers may just be proportional to the growth of the bank (it had 2 million users in June 2019; in September 2019 it reported to have hit 3 million), or it may indicate issues linked with such rapid expansion. It was around December last year when Rhys Harford, 25, first noticed a problem. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. Its likely that your old Monzo account has a positive balance. Monzo Bank Limited is a company registered in England and Wales (No. Heres some more information about why this sometimes happens. and our New comments cannot be posted and votes cannot be cast. 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. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. The police tell us to. Before this time frame, it received fewer than 30 complaints in a six-month period. 18+ only. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. 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? 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. We know this can be very frustrating, and were not being deliberately difficult. But if theyve checked it and given 2 months notice, thats the end of it. Corporate_Drone31 2 yr. ago. New Customers only. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. monzo closed account refund. Our Financial Services Register number is 730427. gold coast shark attack video; giant schnauzer service dog for sale 09446231). I would have thought having it set like this would open the system to abuse somehow. Theres a lot of anger towards the otherwise quite popular service. I just didn't know what to do., When Hopkins contacted Monzo again, a customer service employee asked her if she had friends or family who could help: I said no, and I shouldn't need to [borrow money] because I have my own money., Hopkins received an email response from Monzo on the same day that VICE approached the company for comment. "But for others, it's been detrimental to their daily lives.. Im afraid youll just have to take your money and pick another bank. Need it sooner? 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. 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. Cookie Notice We don't know what and we'll probably never know. 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. However, it's not all rave reviews. 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. Financial crime is a serious problem across society. 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. Bet 10* & Get 30* in Free Bets. It might take a while, but you should get your money back in the end. 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. It was a refund from Ticketmaster in October they also did not contact me to let me know but they are saying that it was refunded and I have to wait 15 days for them to find out where it went. "I thought I was the only one," he explains. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. Our Financial Services Register number is 730427. Which youve already replied to? (This is known as tipping off.). 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. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. 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. 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.
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