monzo closed account refund. Min odds/bet and payment method exclusions apply. 09446231). very strange situation here. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. Its just the way the law works. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. I dont understand your point? Min odds/bet and payment method exclusions apply. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. 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. 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. and our Monzo Bank Limited is a company registered in England and Wales (No. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. Some users are accusing Monzo of. If were able to confirm its definitely you, well unblock your account. Danielle Richardson. So we might block the account on our side to investigate, and close it depending on what we find. 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. New comments cannot be posted and votes cannot be cast. 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? 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 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 you do not, your paycheck may go to the bank, but you will not be able to access the funds. 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 (/ m n z o /), is an online bank based in the United Kingdom. This process is the same as any other High St banks. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. monzo closed account refundplains, plateaus, and mountains worksheets. Cookie Notice I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. 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 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). Need it sooner? He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. However, its not all rave reviews. W: 12st 0lb. I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. Were sorry to see you go. Digital bank Monzo has closed its fee-charging packaged current account to new customers five months after launching it and is refunding some of those who signed up. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. It was here that Harford found the advice he needed to get his money back. However, when he got to a cashpoint in north London, his Monzo card was declined. 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. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. I thought I was the only one, he explains. Our Financial Services Register number is 730427. Financial crime is a serious problem across society. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. During those weeks I kept contacting Monzo and going, What's going on? Taints my faith in them somewhat. 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. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. Having a wage deposited into it and its all been fine. Sent messages to them but they seem pretty slow at the moment. Theres a lot of anger towards the otherwise quite popular service. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Only 29 percent of these complaints were resolved in the consumers favour. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. 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. We identify a risky customer. Thats to do with fraud and AML law - if they are giving him two months its not that. 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. [Blog link was removed]. Monzo Bank Limited is a company registered in England and Wales (No. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. We don't know what and we'll probably never know. Monzo Bank Limited is a company registered in England and Wales (No. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Im only able to do this because refunds from a flex purchase dont repay the balance. OP will have had his account flagged for something. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Existing customers can get help via the app. 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. 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. Mr Fisher was angry that. Existing customers can get help via the app. Would be nice to know, in at least a vague sense, the criteria, so as a customer I can try to avoid falling into it. 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. 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. Form & Verdict. 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. Ive had an account with monzo since 2018 and used it regularly for years. 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 Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. "But for others, it's been detrimental to their daily lives.. 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. Im afraid youll just have to take your money and pick another bank. 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.. That 400 was everything I had to last 'til after Christmas.. 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". Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. 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 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. 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. Our Financial Services Register number is 730427. 18+ only. How do I get it back? 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. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Other than a monthly wage coming in theres been no other incoming transactions since November too. 09446231). VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. 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 . 09446231). 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. Of course they do. (Monzo Closed Account Without Explanation). So what do I do? New Customers only. A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. 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. Monzo legally cannot tell you why. Were a regulated bank. Last run: 364 days. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. If our review finds theres a perfectly reasonable, legal explanation for the activity, we of course immediately unblock the account and apologise. However, it's not all rave reviews. Do other banks pull stuff like this? If you've been waiting more than 14 days, please check that the merchant definitely sent the money. Thats not an acceptable risk for us. 21/09/18 - 5 accounts now closed. I would have thought having it set like this would open the system to abuse somehow. Why have I received an email about a refund from my closed account? Privacy Policy. For over a month, I had no funds. But we can broadly explain when we might do it: We spot unusual activity. 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).
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