Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. Your first step should be to contact the merchant and see if it has bounced back. No change of circumstances and still live in the UK. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Why have I received an email about a refund from my closed account? As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. Its unlikely to happen to 99.9% of customers. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. Existing customers can get help via the app. New comments cannot be posted and votes cannot be cast. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. denver museum of nature and science prehistoric journey. "I thought I was the only one," he explains. been abusive to anyone at Monzo or a member of our community. However, its not all rave reviews. You might not understand why its happened, and feel powerless to change things. 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. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". OP will have done something or some flag for it. 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). 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 . I was wondering how this will work with the Flex experience - will that purchase be paid off? Ive had an account with monzo since 2018 and used it regularly for years. 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. There are two ways you can buy with Flex. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. 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. 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. Place your first bet, if it loses we will refund your first bet stake as a free bet. 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 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. We identify a risky customer. Refunds take up to 14 days from when the merchant processes it. 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. For more information, please see our If you've been waiting more than 14 days, please check that the merchant definitely sent the money. 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. Sent messages to them but they seem pretty slow at the moment. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. We dont know what and well probably never know. 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. OP will have had his account flagged for something. gold coast shark attack video; giant schnauzer service dog for sale if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). 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. Our Financial Services Register number is 730427. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Monzo Bank Limited is a company registered in England and Wales (No. Or will the end up in my main account or something else? 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). Do other banks pull stuff like this? We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. Our Financial Services Register number is 730427. New Customers only. 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. Taints my faith in them somewhat. The call just cuts off after 10 minutes! Our Financial Services Register number is 730427. I then got an email from them saying it was going to take two to four weeks. Monzo Plus/Premium 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. 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". 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. Were a regulated bank. Monzo, the banking start-up loved by millennials, has over three million users. Harford says that he struggled to get information from Monzo after his account was frozen. community bible study complaints; marriage witness requirements; They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Financial crime is a serious problem across society. Form: 2- BF. W: 12st 0lb. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. Yeah i did think that. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. 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. 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. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Monzo Bank Limited is a company registered in England and Wales (No. 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 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. However, when he got to a cashpoint in north London, his Monzo card was declined. Quick question. It impacts our economy and can affect people in devastating, life-changing ways. This needs to be sorted out now. 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. 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. I can't get in touch with Monzo since I my account was deleted and I can't login anymore. This document will be password protected, and well send you the password to open it in a text message. 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. Sometimes freezing, blocking or closing accounts is part of that. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. It was here that Harford found the advice he needed to get his money back. (Monzo Closed Account Without Explanation). 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). 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.. 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. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Bet 10* & Get 30* in Free Bets. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. very strange situation here. 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 made me feel upset and angry because that's the only money I had for my daughter, she says. Get in touch with proof from the merchant confirming that they plan to refund your deposit. Min odds/bet and payment method exclusions apply. 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. In the end, it took over four weeks for Harford to receive his money back. The account would be frozen until the concern was resolved. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Sometimes blocking or closing accounts is one of the ways we do this. 6 yo Gelding. Last run: 364 days. Only 29 percent of these complaints were resolved in the consumers favour. (This is known as tipping off.). You can use that refund to pay-off the Flex instalment plan by tapping pay off extra - or keep it in your current account and just pay off the remaining instalments on your Flex payment date. 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? "The prevention of financial crime is an issue that affects the entire. Monzo closed my account but I have a loan with them. They're saying they can only refund to the original card Any idea what I'm supposed to do here? There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Refunds take up to 14 days from when the merchant processes it. Statements 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? The first bet must be placed within 7 days of registration and at odds of 1.8 or more. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned.