I would have thought having it set like this would open the system to abuse somehow. 21/09/18 - 5 accounts now closed. What to Do If Monzo Freezes or Closes Your Account - Vice Natalie Joyce no LinkedIn: Mental Health at Work: Managers and Money monzo closed account refund Existing customers can get help via the app. 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. 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. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Refunds for purchases made with Flex? - Help - Monzo Community Last run: 364 days. HELP! Our Financial Services Register number is 730427. Were sorry to see you go. The stories on it may alarm some of. Monzo Help - Refund hasn't arrived In the summer of 2019 a Facebook group, " Monzo stole our money ", was quietly set up by Ian Fisher after his account was unexpectedly closed by the digital bank. Thats to do with fraud and AML law - if they are giving him two months its not that. Refunds take up to 14 days from when the merchant processes it. So of course Im going to keep the money in a pot until its due back. Sometimes blocking or closing accounts is one of the ways we do this. Dedication & Commitment Maiden Plate(For all Maidens) - GG.co.uk The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . Information about our Personal Current Account Services, Please log in and verify your identity by recording a short video and taking a photo of one of your ID documents, Once weve verified you, youll be able to give us the details of another UK account for us to forward the money to. 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. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. And like all banks, we have to act in certain ways, to protect ourselves and our customers. Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. monzo closed account refundplains, plateaus, and mountains worksheets. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. Its likely that your old Monzo account has a positive balance. Monzo under investigation by FCA over anti-money laundering rules Why have I received an email about a refund from my closed account? However today i received a message saying the account would be closed in 2 months. There are some common signs that someones using an account for criminal activity. Monzo is allergic to cryptocurrency fraud risk, so they will sometimes close the account for that. Were a regulated bank. 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. 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. 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. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Why have I received an email about a refund from my closed account? Surely they need to have some sort of valid reason though right? 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. What happens to that refund? 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. Only like you said, if it was fraud related. Of course they do. Monzo Closed My Account Immediately and Without Warning - reddit 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. I then got an email from them saying it was going to take two to four weeks. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Monzo have flagged his account for something. Have you had a change of circumstances? If the account activity does seem suspicious, we have to report it to the National Crime Agency, and wait for their response before closing the account. But if theyve checked it and given 2 months notice, thats the end of it. Why we sometimes freeze, block or close Monzo accounts If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. 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 am being treated as a fraudster without any due process. 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 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. Monzo says 'no' to refund as thousands are lost to cold-callers I thought I was the only one, he explains. Its just the way the law works. This process is the same as any other High St banks. The account would be frozen until the concern was resolved. That 400 was everything I had to last 'til after Christmas.. Having a wage deposited into it and its all been fine. We know this can be very frustrating, and were not being deliberately difficult. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. New Customers only. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. 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. Theres more here about two ways to pay. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. "I thought I was the only one," he explains. '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. 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. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Some users are accusing Monzo of. 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 done something or some flag for it. Harford says that he struggled to get information from Monzo after his account was frozen. Monzo Help - How do refunds work in Flex Ive posted about this previously. 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. 09446231). Monzo Bank Limited is a company registered in England and Wales (No. If you've been waiting more than 14 days, please check that the merchant definitely sent the money. 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 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 ). In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . If youve been waiting more than 14 days, please check that the merchant definitely sent the money. 6 yo Gelding. But the biggest issue i have is they said 2 months. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. Monzo Plus packaged account scrapped after four months: can - Which? It was here that Harford found the advice he needed to get his money back. If you used your account for anything cryptocurrency related, that might be why. Monzo closed my account but I have a loan with them : r/monzo - reddit I can't get in touch with Monzo since I my account was deleted and I can't login anymore. Finding out your bank has blocked or closed your account can be stressful and frustrating. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. 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. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. Ive had an account with monzo since 2018 and used it regularly for years. Monzo Bank Limited is a company registered in England and Wales (No. 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. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. We identify a risky customer. In line with our terms and conditions, we can close an account by giving two months notice. For over a month, I had no funds. In the end, it took over four weeks for Harford to receive his money back. 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. But we can broadly explain when we might do it: We spot unusual activity. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. It was around December last year when Rhys Harford, 25, first noticed a problem. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 09446231). 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. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. If you do come across one of these stories, its wise to take them with a pinch of salt. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Form & Verdict. Existing customers can get help via the app. Free Bets are paid as Bet Credits. 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. The call just cuts off after 10 minutes! 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. My account was closed about 8 months ago which is fine and I accepted it, but I need a refund from an airline for a flight I was supposed to take in March 2020, but booked in June 2019 with my Monzo card. 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. Monzo bank 'freezing accounts for no apparent reason' - the Guardian Im afraid youll just have to take your money and pick another bank. (Monzo Closed Account Without Explanation). [Blog link was removed]. Corporate_Drone31 2 yr. ago. The first bet must be placed within 7 days of registration and at odds of 1.8 or more. 'Criminals stole my Sim card and emptied my Monzo bank account - Which? 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? On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. Monzo legally cannot tell you why. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. Account closed but I need a refund from an airline : r/monzo - reddit Nobody here is going to know, because if its happened to them, they wont know either. Only 29 percent of these complaints were resolved in the consumers favour. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: Yeah i did think that. New comments cannot be posted and votes cannot be cast. Monzo have flagged his account for something. 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. We dont know what and well probably never know. 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. 09446231). Monzo, the banking start-up loved by millennials, has over three million users. Sent messages to them but they seem pretty slow at the moment. How can I get money back from refunds paid to a closed credit card? 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.. For more information, please see our If it's rejected the merchant should inform you and then likely ask for new details. 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. ! However, its not all rave reviews. Need it sooner? 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? (This is known as tipping off.). Quick question. Sadly its common for criminals to try and get into their accounts by putting pressure on us, and sometimes getting other people to join in too. There are two ways you can buy with Flex. 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. 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. 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 incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. 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. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. Our Financial Services Register number is 730427. Thats not an acceptable risk for us. very strange situation here. It impacts our economy and can affect people in devastating, life-changing ways. 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). 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. Refunds take up to 14 days from when the merchant processes it. W: 12st 0lb. It might be a mistake on Monzos part, youd like to think theres human intervention here.