Theres a lot of anger towards the otherwise quite popular service. Have you had a change of circumstances? 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). 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. 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. Monzo Bank Limited is a company registered in England and Wales (No. Monzo closed my account but I have a loan with them. 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. Otherwise criminals would quickly figure out how to get around them! Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. 09446231). That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. It might take a while, but you should get your money back in the end. This only happens very rarely, and most customers will never even know its happening. Danielle Richardson. I am being treated as a fraudster without any due process. It happened just over a week ago when she was shopping. 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 I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. Monzo Bank Limited is a company registered in England and Wales (No. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Im afraid this customer forum isnt the place to discuss closed accounts. 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). 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 . 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. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. Sometimes freezing, blocking or closing accounts is part of that. Financial crime is a serious problem across society. 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. 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. 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. We'll add 8% interest, applied from the date we originally received the money. Our Financial Services Register number is 730427. "I thought I was the only one," he explains. If it's rejected the merchant should inform you and then likely ask for new details. How do I get my money back? Heres some more information about why this sometimes happens. 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. gold coast shark attack video; giant schnauzer service dog for sale 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. ! 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. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. 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. But we can broadly explain when we might do it: We spot unusual activity. 09446231). If you do come across one of these stories, its wise to take them with a pinch of salt. Nobody here is going to know, because if its happened to them, they wont know either. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. '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. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Get help'. 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. HELP! They're saying they can only refund to the original card Any idea what I'm supposed to do here? 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. It was here that Harford found the advice he needed to get his money back. Sent messages to them but they seem pretty slow at the moment. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. They havent just randomly decided to close his account. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. How do I get it back? Min odds/bet and payment method exclusions apply. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. 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. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. Last run: 364 days. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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. However, when he got to a cashpoint in north London, his Monzo card was declined. 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! 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. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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 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 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. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. 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. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. 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. Were a regulated bank. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. Our Financial Services Register number is 730427. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. 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? Monzo legally cannot tell you why. This document will be password protected, and well send you the password to open it in a text message. Ive posted about this previously. 21/09/18 - 5 accounts now closed. Bet 10* & Get 30* in Free Bets. 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. Why have I received an email about a refund from my closed account? Why have I received an email about a refund from my closed account? Its unlikely to happen to 99.9% of customers. 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. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. Denied for all further applications. He. 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. Need it sooner? If that was the case they would not have two months they would be cut off immediately. Mr Fisher was angry that. 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. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. 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.. Theres more here about two ways to pay. 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. OR: . Corporate_Drone31 2 yr. ago. The account would be frozen until the concern was resolved. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. I am a victim of fraud here, I cannot even afford to take this to court. Harford says that he struggled to get information from Monzo after his account was frozen. 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. 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. Its just the way the law works. 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. Before this time frame, it received fewer than 30 complaints in a six-month period. 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. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. This needs to be sorted out now. and our In the end, it took over four weeks for Harford to receive his money back. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. New comments cannot be posted and votes cannot be cast. 09446231). Im only able to do this because refunds from a flex purchase dont repay the balance. I've had an inconvenience, which is frustrating," says Harford. Ive had an account with monzo since 2018 and used it regularly for years. (This is known as tipping off.). denver museum of nature and science prehistoric journey. 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 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 line with our terms and conditions, we can close an account by giving two months notice. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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 of course Im going to keep the money in a pot until its due back. 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. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. What happens to that refund? Thats not an acceptable risk for us. 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. 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.
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