monzo closed account refund

Refunds take up to 14 days from when the merchant processes it. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. I then got an email from them saying it was going to take two to four weeks. The police tell us to. "The prevention of financial crime is an issue that affects the entire. OP will have done something or some flag for it. Monzo Bank Limited is a company registered in England and Wales (No. Monzo have flagged his account for something. New Customers only. But if theyve checked it and given 2 months notice, thats the end of it. 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. The call just cuts off after 10 minutes! "I thought I was the only one," he explains. For over a month, I had no funds. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. 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. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. 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. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: W: 12st 0lb. Closing accounts can help fight financial crime Financial crime is a serious problem across society. Thats to do with fraud and AML law - if they are giving him two months its not that. You can find more information in the terms and conditions. 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 ). If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. I continued using my account saying I am willing to provide anything they need to get this case disproven but they asked for nothing. OP will have had his account flagged for something. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. 09446231). 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. Or will the end up in my main account or something else? It might take a while, but you should get your money back in the end. Sometimes blocking or closing accounts is one of the ways we do this. 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? Update on this earlier post. Corporate_Drone31 2 yr. ago. Monzo have flagged his account for something. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Do drop Monzo an email to confirm what will happen, though. 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. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. Refunds take up to 14 days from when the merchant processes it. Why have I received an email about a refund from my closed account? Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. 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. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. What happens to that refund? I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. very strange situation here. Form: 2- BF. How is this fair? Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. 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. It happened just over a week ago when she was shopping. Only 29 percent of these complaints were resolved in the consumers favour. OP will have done something or some flag for it. 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. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Free Bets are paid as Bet Credits. However, when he got to a cashpoint in north London, his Monzo card was declined. Existing customers can get help via the app. How do I get it back? There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. 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. 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. 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. 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. Other than a monthly wage coming in theres been no other incoming transactions since November too. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. 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. So of course Im going to keep the money in a pot until its due back. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. 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. So in my mind, Im a Premium customer and I get paid interest on my balance. 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). I am being treated as a fraudster without any due process. If you used your account for anything cryptocurrency related, that might be why. After being criticised by. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. I genuinely thought it was just an issue with their system, Harford tells me over the phone. Which youve already replied to? 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. Have you had a change of circumstances? But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. How do I get my money back? This Christmas Ive used the Flex system to get a small cash advance by splitting a payment over 12 payments with Curve Credit and then again with Monzo Flex. Cookie Notice 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. 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. To create a new dispute request, tap on a transaction in your app, and then scroll to the bottom where you'll see in red text 'Something wrong? Otherwise criminals would quickly figure out how to get around them! They havent just randomly decided to close his account. New comments cannot be posted and votes cannot be cast. HELP! 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. (Monzo Closed Account Without Explanation). It made me feel upset and angry because that's the only money I had for my daughter, she says. 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 . During those weeks I kept contacting Monzo and going, What's going on? Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. Surely they need to have some sort of valid reason though right? Monzo Bank Limited is a company registered in England and Wales (No. 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 However today i received a message saying the account would be closed in 2 months. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. 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 . So what do I do? Your first step should be to contact the merchant and see if it has bounced back. It's probably easier for Monzo to simply reject the refund. 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. Get help'. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Monzo legally cannot tell you why. Free Bets are paid as Bet Credits. Has your situation changed recently? However, its not all rave reviews. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Were a regulated bank. 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. 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. 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? If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Ive posted about this previously. Its likely that your old Monzo account has a positive balance. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. The account would be frozen until the concern was resolved. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. Finding out your bank has blocked or closed your account can be stressful and frustrating. 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). This needs to be sorted out now. Why wouldnt I? We'll add 8% interest, applied from the date we originally received the money. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. It might be a mistake on Monzos part, youd like to think theres human intervention here. so what other reasons could it be? But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. This process is the same as any other High St banks. Why have I received an email about a refund from my closed account? In line with our terms and conditions, we can close an account by giving two months notice. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. Min odds/bet and payment method exclusions apply. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Information about our Personal Current Account Services, Bring your account balance to 0 (this includes withdrawing the balance of your Pots), Tap on your profile icon (if you cant see that, swipe down on your card). 09446231). 18+ only. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. [Blog link was removed]. 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. Sometimes freezing, blocking or closing accounts is part of that. 21/09/18 - 5 accounts now closed. monzo closed account refund. Our Financial Services Register number is 730427. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. denver museum of nature and science prehistoric journey. What reasons would they have though?? I thought I was the only one, he explains. Its unlikely to happen to 99.9% of customers. Existing customers can get help via the app. 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, the banking start-up loved by millennials, has over three million users. Monzo Bank Limited is a company registered in England and Wales (No. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. I contacted Monzo, and they told me they had nothing at this time. Our Financial Services Register number is 730427. 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. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. And we can close an account immediately in some situations, like if we think youve broken the law or breached our terms and conditions. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. Our Financial Services Register number is 730427. 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 is a first Ive heard it happen to a personal current account, and I dont like it one bit. But the biggest issue i have is they said 2 months. The stories on it may alarm some of. 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. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. 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.

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