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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 fraud is involved, regular rules around account closures do not apply. 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. 09446231). In Section 14 our terms and conditions, we explain some general reasons we may close or block an account. In the end, it took over four weeks for Harford to receive his money back. They havent just randomly decided to close his account. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Getting your car rental or hotel deposit refund. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. 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. 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 ). 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. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. houston methodist willowbrook cafeteria menu; disadvantages of minimally invasive heart surgery; terry kilburn edmonton. Its unlikely to happen to 99.9% of customers. The stories on it may alarm some of. So what do I do? We know this can be very frustrating, and were not being deliberately difficult. This process is the same as any other High St banks. The max refund is a single 30 free bet and will be applied to your account with 72 hours of qualifying bet settlement. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . 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. To protect peoples money and stop criminals using Monzo for illegal activities, well block accounts when we suspect this is happening. Its likely that your old Monzo account has a positive balance. We dont know what and well probably never know. I am a victim of fraud here, I cannot even afford to take this to court. For over a month, I had no funds. 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. 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. 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. 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. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. monzo closed account refund. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. OP will have done something or some flag for it. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. Meu negcio no Whatsapp Business! 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 Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. 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? It happened just over a week ago when she was shopping. Denied for all further applications. We don't know what and we'll probably never know. Junho 11, 2022; police story: season 2 . For more information, please see our Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. We have robust processes and controls in place to flag any unusual activity in Monzo accounts.. Before this time frame, it received fewer than 30 complaints in a six-month period. '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. Launched in 2015, the company sees 40,000 new bank accounts opened each week, according to figures published on its website. What can I actually do. 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). Financial crime is a serious problem across society. 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. "The prevention of financial crime is an issue that affects the entire. 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. It might take a while, but you should get your money back in the end. "I thought I was the only one," he explains. 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). Get help'. Sometimes freezing, blocking or closing accounts is part of that. Im afraid this customer forum isnt the place to discuss closed accounts. Taints my faith in them somewhat. 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. (This is known as tipping off.). community bible study complaints; marriage witness requirements; Has your situation changed recently? (Monzo Closed Account Without Explanation). Last run: 364 days. Bet 10* & Get 30* in Free Bets. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. Otherwise criminals would quickly figure out how to get around them! Have you stopped being a resident in the UK? 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. 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. 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. Harford says that he struggled to get information from Monzo after his account was frozen. 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). 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 So in my mind, Im a Premium customer and I get paid interest on my balance. You can find more information in the terms and conditions. Do drop Monzo an email to confirm what will happen, though. monzo closed account refundplains, plateaus, and mountains worksheets. OP will have had his account flagged for something. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. It was very frustrating., Charley Hopkins, 19, also says that she had her Monzo account frozen without warning. What happens to that refund? They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn 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. 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. 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 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. But we can broadly explain when we might do it: We spot unusual activity. been abusive to anyone at Monzo or a member of our community. Statements Your first step should be to contact the merchant and see if it has bounced back. Place your first bet, if it loses we will refund your first bet stake as a free bet. That 400 was everything I had to last 'til after Christmas.. It impacts our economy and can affect people in devastating, life-changing ways. Wide margin winner of his sole point-to-point for Cormac Farrell in November was overturned at long odds-on in this event last year, albeit finishing a clear second to the now very useful 138-rated hurdler Three Card Brag; 20-1 shot for the Cheltenham Bumper . Recently the "Specialist" support team contacted me saying I have been found to have commited fraud through LocalBitcoins and other cryptocurrency platforms (which is completely untrue seeing as I have stolen no one's money and I only use LBC). Monzo Bank Limited is a company registered in England and Wales (No. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Form: 2- BF. Our Financial Services Register number is 730427. 09446231). Monzo closed my account but I have a loan with them. 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.. 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.. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. 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. What reasons would they have though?? If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. Ive posted about this previously. So of course Im going to keep the money in a pot until its due back. 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. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Our Financial Services Register number is 730427. This is a first Ive heard it happen to a personal current account, and I dont like it one bit. OR: . It's probably easier for Monzo to simply reject the refund. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. and our 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. Monzo, the banking start-up loved by millennials, has over three million users. 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. 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. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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 have flagged his account for something. 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? Finding out your bank has blocked or closed your account can be stressful and frustrating. HELP! However, when he got to a cashpoint in north London, his Monzo card was declined. 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. If you follow the in-app flow, the money should arrive instantly but can take up to two hours. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Just as you can choose which bank you bank with, they can also choose who they maintain banking relationships with. 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. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. 09446231). New Customers only. 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. Were a regulated bank. Sent messages to them but they seem pretty slow at the moment. VICE spoke to Monzo users who claim their accounts have been frozen or closed, with some waiting weeks to have their money returned. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. If you decide you want to re-open your account at a later date you will need to wait at least 30 days from the date of closure, you wont be able to use the Current Account Switch Service to change to another bank and there are no guarantees that we'll be able to re-open your account for you. 21/09/18 - 5 accounts now closed. Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. After contacting Monzo, he learned that his card had been frozen for no apparent reason, and without warning. And like all banks, we have to act in certain ways, to protect ourselves and our customers. They're saying they can only refund to the original card Any idea what I'm supposed to do here? Or will the end up in my main account or something else? 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. Existing customers can get help via the app. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: 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 isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. But if theyve checked it and given 2 months notice, thats the end of it. Update on this earlier post. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. During those weeks I kept contacting Monzo and going, What's going on? I have opened up a new account on the highstreet today, surely that indicates I am under no investigations. Ive had an account with monzo since 2018 and used it regularly for years. How is this fair? The police tell us to. 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). 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 Bank Limited is a company registered in England and Wales (No. 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. Thats not an acceptable risk for us. I dont understand your point? I am being treated as a fraudster without any due process. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. Sometimes well spot behaviour that makes us think a customer poses a risk to Monzo or other people. No change of circumstances and still live in the UK. 18+ only. Only like you said, if it was fraud related. The call just cuts off after 10 minutes! Our Financial Services Register number is 730427. Cookie Notice Monzo has closed its Monzo Plus packaged account to new customers just four months after it was launched. Monzo Premium is for customers aged between 18 and 69 years old and comes at a monthly cost of 15 for a minimum subscription of 6 months. Were sorry to see you go. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Refunds take up to 14 days from when the merchant processes it. Monzo Bank Limited is a company registered in England and Wales (No. Our Financial Services Register number is 730427. So we might block the account on our side to investigate, and close it depending on what we find. I would have thought having it set like this would open the system to abuse somehow. What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. 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. 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 was wondering how this will work with the Flex experience - will that purchase be paid off? There are two ways you can buy with Flex. "But for others, it's been detrimental to their daily lives.. 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. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. In line with our terms and conditions, we can close an account by giving two months notice. Yeah i did think that. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. If were able to confirm its definitely you, well unblock your 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. 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. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". Need it sooner? 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. 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. Refunds take up to 14 days from when the merchant processes it. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. There are some common signs that someones using an account for criminal activity. Refunds take up to 14 days from when the merchant processes it. 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. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Existing customers can get help via the app. Why have I received an email about a refund from my closed account? That blog link doesnt apply to this customer, it only applies to those who have had their accounts closed immediately. 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.

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