Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. "The prevention of financial crime is an issue that affects the entire. 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 happened just over a week ago when she was shopping. 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. During those weeks I kept contacting Monzo and going, What's going on? 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.. 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. It might be a mistake on Monzos part, youd like to think theres human intervention here. Refunds take up to 14 days from when the merchant processes it. We know this can be very frustrating, and were not being deliberately difficult. Some users are accusing Monzo of. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. Which youve already replied to? We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. Of course they do. 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. Finding out your bank has blocked or closed your account can be stressful and frustrating. Quick question. Place your first bet, if it loses we will refund your first bet stake as a free bet. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. 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 This needs to be sorted out now. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. New comments cannot be posted and votes cannot be cast. 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 . 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. 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. Cookie Notice 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. Monzo, the banking start-up loved by millennials, has over three million users. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! 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. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. monzo closed account refund. Free Bets are paid as Bet Credits. Theres more here about two ways to pay. Have you stopped being a resident in the UK? 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. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. If were able to confirm its definitely you, well unblock your account. You can find more information in the terms and conditions. We'll add 8% interest, applied from the date we originally received the money. and our 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? 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. 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. It's stressing me out., Hopkins was stuck in the middle of a shopping centre with no money to buy food. 21/09/18 - 5 accounts now closed. 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. I was wondering how this will work with the Flex experience - will that purchase be paid off? Only like you said, if it was fraud related. Theres a lot of anger towards the otherwise quite popular service. 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. "But for others, it's been detrimental to their daily lives.. It impacts our economy and can affect people in devastating, life-changing ways. CONFUSING! Otherwise criminals would quickly figure out how to get around them! 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. Get help'. We dont know what and well probably never know. So we might block the account on our side to investigate, and close it depending on what we find. It was here that Harford found the advice he needed to get his money back. Whether Hopkins and other Monzo users like her receive their money back in full, the trust between them and their bank is broken. How is this fair? To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. If it's rejected the merchant should inform you and then likely ask for new details. So of course Im going to keep the money in a pot until its due back. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. 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). I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. It impacts our economy and can affect people in devastating, life-changing ways. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. Monzo Bank Limited is a company registered in England and Wales (No. 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 am being treated as a fraudster without any due process. 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. 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. monzo closed account refundplains, plateaus, and mountains worksheets. There are some common signs that someones using an account for criminal activity. 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. 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. What can I actually do. He. (Monzo Closed Account Without Explanation). The police tell us to. Sent messages to them but they seem pretty slow at the moment. 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. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. Other than a monthly wage coming in theres been no other incoming transactions since November too. For over a month, I had no funds. Sometimes blocking or closing accounts is one of the ways we do this. 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 a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. Min odds/bet and payment method exclusions apply. 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. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. 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. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. 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. Why have I received an email about a refund from my closed account? I genuinely thought it was just an issue with their system, Harford tells me over the phone. OR: . Im afraid this customer forum isnt the place to discuss closed accounts. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. How do I get it back? And like all banks, we have to act in certain ways, to protect ourselves and our customers. 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 Its just the way the law works. They're saying they can only refund to the original card Any idea what I'm supposed to do here? 09446231). For more information, please see our 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. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. 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. 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. Were a regulated bank. But if theyve checked it and given 2 months notice, thats the end of it. 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. 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. Our Financial Services Register number is 730427. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. So what do I do? I contacted Monzo, and they told me they had nothing at this time. Thats not an acceptable risk for us. 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. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: Existing customers can get help via the app. Bet 10* & Get 30* in Free Bets. Min odds/bet and payment method exclusions apply. It made me feel upset and angry because that's the only money I had for my daughter, she says. Do other banks pull stuff like this? Our Financial Services Register number is 730427. Your first step should be to contact the merchant and see if it has bounced back. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 09446231). The first bet must be placed within 7 days of registration and at odds of 1.8 or more. In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. Bet 10* & Get 30* in Free Bets. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. This process is the same as any other High St banks. It's probably easier for Monzo to simply reject the refund. Monzo Bank Limited is a company registered in England and Wales (No. Meu negcio no Whatsapp Business! I thought I was the only one, he explains. This document will be password protected, and well send you the password to open it in a text message. Form: 2- BF. Surely they need to have some sort of valid reason though right? denver museum of nature and science prehistoric journey. "I thought I was the only one," he explains. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. But the biggest issue i have is they said 2 months. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. so what other reasons could it be? We don't know what and we'll probably never know. We identify a risky customer. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. 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. 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). Monzo have flagged his account for something. 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. Do drop Monzo an email to confirm what will happen, though. Existing customers can get help via the app. Flex after If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. 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? 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. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Statements 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. 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. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. 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. If that was the case they would not have two months they would be cut off immediately. 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. As we mentioned, explaining some of the reasons we close accounts could give fraudsters clues that might help them get around our security controls. New Customers only. Taints my faith in them somewhat. Our Financial Services Register number is 730427. Closing accounts can help fight financial crime Financial crime is a serious problem across society. 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. Thats to do with fraud and AML law - if they are giving him two months its not that. In a private Facebook group called Monzo stole my money, which now has over 1,300 members, many are furious that their accounts have been frozen without notice, claiming that the company is being unclear about where their money has gone, or when it will be returned. Its likely that your old Monzo account has a positive balance. Free Bets are paid as Bet Credits. 09446231). They havent just randomly decided to close his account. Form & Verdict. 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. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. 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. 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. 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). Having a wage deposited into it and its all been fine. In line with our terms and conditions, we can close an account by giving two months notice. Im afraid youll just have to take your money and pick another bank. 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. Has your situation changed recently? It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. 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. 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. 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. '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. Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. But we can broadly explain when we might do it: We spot unusual activity. Ive had an account with monzo since 2018 and used it regularly for years. The stories on it may alarm some of. Harford says that he struggled to get information from Monzo after his account was frozen. Monzo legally cannot tell you why. The call just cuts off after 10 minutes!