monzo closed account refund

He. Do other banks pull stuff like this? 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? Last year, hundreds of Monzo customers complained that their accounts has been closed or frozen without explanation. 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. 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. 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. 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). If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. Existing customers can get help via the app. However, if you used the Current Account Switching Service out of Monzo it'll find it's way to your new account. We contacted Monzo about Liam's case and it explained that it initially refused to refund him due to inaccuracies in his story. 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. What happens to that refund? A private Facebook group, "Monzo stole our money", has grown to 850 members, mostly customers complaining that their accounts were frozen without warning. If youve been waiting more than 14 days, please check that the merchant definitely sent the money. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . Before this time frame, it received fewer than 30 complaints in a six-month period. 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. Ive had an account with monzo since 2018 and used it regularly for years. There are some common signs that someones using an account for criminal activity. 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. 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. They usually cannot legally tell you this - it's literally the law they would break if they took pity on you and told you. The call just cuts off after 10 minutes! Thats why like many banks, we constantly evolve our approach to financial crime and the risks that come with it. I genuinely thought it was just an issue with their system, Harford tells me over the phone. 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". Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. monzo closed account refund. 09446231). 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. It means youre effectively given a cash advance in your main balance that you can either pay back monthly or immediately. Get help'. Im afraid this customer forum isnt the place to discuss closed accounts. Your first step should be to contact the merchant and see if it has bounced back. 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 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. 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. 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). I dont understand your point? 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 your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Last run: 364 days. 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. Bet 10* & Get 30* in Free Bets. Privacy Policy. However, its not all rave reviews. Form & Verdict. Monzo closed my account but I have a loan with them. Why wouldnt I? 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. if someone commits fraud theyd shut the bank account down immediately though (or so id assume as it would be a legal risk). And like all banks, we have to act in certain ways, to protect ourselves and our customers. 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. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. For over a month, I had no funds. For more information, please see our They were quick to respond, but not with very helpful advice. (This is known as tipping off.). Thats not an acceptable risk for us. Getting your car rental or hotel deposit refund. 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. It might be a mistake on Monzos part, youd like to think theres human intervention here. But this theyre saying i can still use everything for a further 2 months then on the 18th april itll be cut off. Rest assured we investigate all cases thoroughly and only take action when we're confident about our decisions. Ive posted about this previously. If you need to send an item back to get your refund, the 14 days will only begin once the merchant receives the item. I was incredibly shocked as I felt like I was being treated as if I was a criminal, Harford says. 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. Taints my faith in them somewhat. 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). If weve blocked or closed your account, its very likely we wont be allowed to tell you specifically why. 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. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. 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.. Monzo Bank Limited is a company registered in England and Wales (No. 4 Likes ndrw (Monzo is better than sliced bread) 15 February 2021 11:12 20 Revels: Thats to do with fraud and AML law - if they are giving him two months its not that. so what other reasons could it be? I wondered if it would have gone tot he alternative account details I gave for them to transfer my remaining balance but apparently now. (Monzo Closed Account Without Explanation). I was wondering how this will work with the Flex experience - will that purchase be paid off? 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. Monzo can not (by law) tell the customer this is why their account has been suspended. 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. 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. There isnt a tombola with all our accounts on and they pull one out every Monday morning and that person gets their account closed. In the end, it took over four weeks for Harford to receive his money back. 09446231). According to the most recent data it holds on Monzo from January to June 2019, it received 140 new complaints against the bank. Corporate_Drone31 2 yr. ago. community bible study complaints; marriage witness requirements; Monzo Bank Limited is a company registered in England and Wales (No. 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. During those weeks I kept contacting Monzo and going, What's going on? Sent messages to them but they seem pretty slow at the moment. It impacts our economy and can affect people in devastating, life-changing ways. gold coast shark attack video; giant schnauzer service dog for sale We can close your account by giving you at least two months notice. monzo closed account refundplains, plateaus, and mountains worksheets. This can be as simple as phoning up with a story about hardship, posting one on social media or taking one to the press. Yeah i did think that. 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). Theres more here about two ways to pay, Paying off extra and early with Monzo Flex, Making a Section 75 or purchase protection claim with Monzo Flex, Making a Section 75 claim on a virtual Flex card transaction, Information about our Personal Current Account Services. 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 ). Powered by Discourse, best viewed with JavaScript enabled, Introducing Monzo Flex a better way to pay later. This can happen as part of a financial crime investigation, and well co-operate with any requests from law enforcement. Cookie Notice 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. We identify a risky customer. If our fraud systems believe someone else may have access to your account, we block the account to protect you and your money. This needs to be sorted out now. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. The stories on it may alarm some of. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. 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.