By signing up, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from Vice Media Group, which may include marketing promotions, advertisements and sponsored content. Getting your car rental or hotel deposit refund. We don't know what and we'll probably never know. 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? 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. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. No change of circumstances and still live in the UK. Refunds take up to 14 days from when the merchant processes it. What reasons would they have though?? This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Financial crime is a serious problem across society. Im not in a sticky situation either way, but just keen to know how this side of it works before I use it again - Ive checked Help section and googled this, but come up with nothing so far. 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. very strange situation here. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. 09446231). 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. 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. I've had an inconvenience, which is frustrating," says Harford. 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. 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). Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. We can close your account by giving you at least two months notice. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. I thought I was the only one, he explains. 18+ only. 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 Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Why have I received an email about a refund from my closed account? 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. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. Thats to do with fraud and AML law - if they are giving him two months its not that. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . There are two ways you can buy with Flex. 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. How do I get my money back? That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. You might not understand why its happened, and feel powerless to change things. Monzo, the banking start-up loved by millennials, has over three million users. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. Get in touch with proof from the merchant confirming that they plan to refund your deposit. There's more here about two ways to pay So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. Our Financial Services Register number is 730427. He. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Do drop Monzo an email to confirm what will happen, though. After being criticised by. But if theyve checked it and given 2 months notice, thats the end of it. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. Refunds take up to 14 days from when the merchant processes it. 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. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. 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. Monzo can not (by law) tell the customer this is why their account has been suspended. We'll add 8% interest, applied from the date we originally received the money. If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Last run: 364 days. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. 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. 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). Which youve already replied to? Free Bets are paid as Bet Credits. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. 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. Its just the way the law works. Heres some more information about why this sometimes happens. Bet 10* & Get 30* in Free Bets. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. 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. community bible study complaints; marriage witness requirements; "But for others, it's been detrimental to their daily lives.. 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. ! 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. However, it's not all rave reviews. Place your first bet, if it loses we will refund your first bet stake as a free bet. 6 yo Gelding. OR: . They're saying they can only refund to the original card Any idea what I'm supposed to do here? Your first step should be to contact the merchant and see if it has bounced back. However, when he got to a cashpoint in north London, his Monzo card was declined. It was around December last year when Rhys Harford, 25, first noticed a problem. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. I am a victim of fraud here, I cannot even afford to take this to court. Existing customers can get help via the app. OP will have done something or some flag for it. 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. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. So we might block the account on our side to investigate, and close it depending on what we find. It might be a mistake on Monzos part, youd like to think theres human intervention here. 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. For legal reasons they won't be able to discuss it with you whilst the case is ongoing. 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? Otherwise criminals would quickly figure out how to get around them! 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. denver museum of nature and science prehistoric journey. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Monzo have flagged his account for something. In the end, it took over four weeks for Harford to receive his money back. 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. 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. Has your situation changed recently? Bet 10* & Get 30* in Free Bets. New Customers only. Do other banks pull stuff like this? Refunds take up to 14 days from when the merchant processes it. 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. Having a wage deposited into it and its all been fine. 09446231). If you used your account for anything cryptocurrency related, that might be why. 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. 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". If were able to confirm its definitely you, well unblock your account. You can find more information in the terms and conditions. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. so what other reasons could it be? Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Corporate_Drone31 2 yr. ago. 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 . 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. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. What happens to that refund? VICE viewed the . To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. been abusive to anyone at Monzo or a member of our community. 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. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. This process is the same as any other High St banks. 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. It might take a while, but you should get your money back in the end. 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. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. Need it sooner? Free Bets are paid as Bet Credits. 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. OP will have had his account flagged for something. I was wondering how this will work with the Flex experience - will that purchase be paid off? Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. 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). Theres more here about two ways to pay. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. What can I actually do. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. Thats not an acceptable risk for us. 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. So of course Im going to keep the money in a pot until its due back. "The prevention of financial crime is an issue that affects the entire. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. Existing customers can get help via the app. Sometimes blocking or closing accounts is one of the ways we do this. 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. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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 . Min odds/bet and payment method exclusions apply. 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. For more information, please see our Monzo Bank Limited is a company registered in England and Wales (No. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 09446231). I genuinely thought it was just an issue with their system, Harford tells me over the phone. 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. 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.. Form: 2- BF. New Customers only. OP will have done something or some flag for it. If fraud is involved, regular rules around account closures do not apply. It's likely that your old Monzo account has a positive balance Please log in and verify your identity by recording a short video and taking a photo of one of your ID documents 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? From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. Min odds/bet and payment method exclusions apply. 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). 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). The call just cuts off after 10 minutes! Our Financial Services Register number is 730427.