If youve been waiting more than 14 days, please check that the merchant definitely sent the money. So refunds can appear differently depending on whether you used the virtual card or moved the transaction to Flex after. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. Monzo legally cannot tell you why. According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. been abusive to anyone at Monzo or a member of our community. Managers have more impact on our mental health than doctors and therapists! 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). But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. community bible study complaints; marriage witness requirements; Theres a lot of anger towards the otherwise quite popular service. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. 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 . 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. From there you'll be taken into the flow to enter the process for raising a dispute with the merchant with our disputes team. denver museum of nature and science prehistoric journey. Existing customers can get help via the app. We cant spell out every reason why we might block or close an account, or explain all the ways we spot fraud. It was here that Harford found the advice he needed to get his money back. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. If you paid with your debit card and then moved to Flex afterwards, a refund will come back to your current account. Monzo Bank Limited is a company registered in England and Wales (No. Financial crime is a serious problem across society. I would have thought having it set like this would open the system to abuse somehow. The account would be frozen until the concern was resolved. Refunds take up to 14 days from when the merchant processes it. According to Resolver, an independent online complaints service, more up-to-date Monzo complaint figures may be even higher. If that was the case they would not have two months they would be cut off immediately. 19/06/18 - I just got the final statement from Monzo and they sent it back to one of my clients! Min odds/bet and payment method exclusions apply. We don't know what and we'll probably never know. Closing accounts can help fight financial crime Financial crime is a serious problem across society. Mr Fisher was angry that. 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. In line with our terms and conditions, we can close an account by giving two months notice. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. If fraud is involved, regular rules around account closures do not apply. Our Financial Services Register number is 730427. I have been banking with Monzo for a few months now, using it to trade Bitcoins through LocalBitcoins (peer to peer) and pay for various things. In the end, it took over four weeks for Harford to receive his money back. 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. Nobody here is going to know, because if its happened to them, they wont know either. Existing customers can get help via the app. 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 Limited is a company registered in England and Wales (No. Monzo Plus/Premium On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. Some customers posting on it report having up to 30,000 stuck in frozen business accounts and say they. I dont understand your point? HELP! It was around December last year when Rhys Harford, 25, first noticed a problem. Why wouldnt I? Thats to do with fraud and AML law - if they are giving him two months its not that. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. They also have the same mental health impact as our spouses and partners | 11 comentrios no LinkedIn Only like you said, if it was fraud related. 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. 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. (This is known as tipping off.). Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. "I thought I was the only one," he explains. I went to the shop to buy my daughter some food, and my card got declined, she explains over the phone. If you do not, your paycheck may go to the bank, but you will not be able to access the funds. OP will have done something or some flag for it. 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. 09446231). Get help'. If you used your account for anything cryptocurrency related, that might be why. 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. However today i received a message saying the account would be closed in 2 months. Criminals successfully stole 1.2bn from people in the UK in 2019 alone, Information about our Personal Current Account Services. If it's rejected the merchant should inform you and then likely ask for new details. Need it sooner? Do drop Monzo an email to confirm what will happen, though. Danielle Richardson. 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. 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.. 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. 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. 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. But the biggest issue i have is they said 2 months. If you're expecting a deposit refund from a car rental company or hotel, it'll take around 30 days. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . 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. Its just the way the law works. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. 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. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. very strange situation here. Information about our Personal Current Account Services, Bring your account balance to 0 (this includes withdrawing the balance of your Pots), Tap on your profile icon (if you cant see that, swipe down on your card). Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. 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. Neither the refund from the chargeback nor the refund from the merchant closed my Flex agreement. Denied for all further applications. 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 ). Refunds take up to 14 days from when the merchant processes it. 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. You might not understand why its happened, and feel powerless to change things. Having a wage deposited into it and its all been fine. This only happens very rarely, and most customers will never even know its happening. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. However, it's not all rave reviews. Monzo have flagged his account for something. 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 . It might be a mistake on Monzos part, youd like to think theres human intervention here. 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. Monzo, the banking start-up loved by millennials, has over three million users. 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. Heres some more information about why this sometimes happens. 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. I genuinely thought it was just an issue with their system, Harford tells me over the phone. VICE viewed the . 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. "The prevention of financial crime is an issue that affects the entire. Yes, true, but the rest of my post still applies. Place your first bet, if it loses we will refund your first bet stake as a free bet. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. 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). So in my mind, Im a Premium customer and I get paid interest on my balance. Other than a monthly wage coming in theres been no other incoming transactions since November too. For more information, please see our 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. Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". This document will be password protected, and well send you the password to open it in a text message. It impacts our economy and can affect people in devastating, life-changing ways. ! Why have I received an email about a refund from my closed account? Hopkins' email response, which VICE viewed, said: As per our terms and conditions, we reserve the right to close an account at any time. 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. 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 Your first step should be to contact the merchant and see if it has bounced back. Last run: 364 days. 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 know this can be very frustrating, and were not being deliberately difficult.
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