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). Almost 3,500 people have joined a private Facebook group titled "Monzo stole our money". 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. 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. Powered by Discourse, best viewed with JavaScript enabled, Refund into closed Monzo account. 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. Managers have more impact on our mental health than doctors and therapists! They havent just randomly decided to close his account. denver museum of nature and science prehistoric journey. If a fraud closure is immediate then its clearly something less serious but also something Monzo dont want to be a part of. Monzo Plus packaged account scrapped after four months: can - Which? 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. Monzo closes premium packaged account to new customers In the end, it took over four weeks for Harford to receive his money back. Monzo Bank Ltd (/ m n z o /), is an online bank based in the United Kingdom. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. I still live in the UK (havent left), lived here all my life so have a passport, no legal troubles etc. 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. 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. Were sorry to see you go. according to figures published on its website, are accusing Monzo of freezing or closing their accounts. 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). I've had an inconvenience, which is frustrating," says Harford. The account charged a monthly fee, starting at 6, and offered exclusive card colours and what Monzo . Monzo Plus/Premium 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 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. 09446231). 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. Having a wage deposited into it and its all been fine. monzo closed account refund - helpers.sg Thats not an acceptable risk for us. 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. Has your situation changed recently? What happens to that refund? 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. Sent messages to them but they seem pretty slow at the moment. 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. The call just cuts off after 10 minutes! Yeah i did think that. Once your account is closed, well email you to confirm and attach a statement showing your full payment transaction history. Why have I received an email about a refund from my closed account? Which is a bit anxiety inducing given that from the customer perspective theres no identifiable reason for it. There are also rules that explicitly stop us from giving information about why weve closed an account, to protect ongoing law enforcement investigations. VICE reached out to the Financial Ombudsman Service, the body responsible for financial complaints in the UK. 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. But we can broadly explain when we might do it: We spot unusual activity. Refunds take up to 14 days from when the merchant processes it. On the next screen, scroll until you see the heading that fits your situation best, and then tap 'Dispute this transaction'. What can I actually do. 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. Denied for all further applications. However today i received a message saying the account would be closed in 2 months. Have you stopped being a resident in the UK? 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. We identify a risky customer. 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. He continues: A couple of days passed, and I thought it would take three to five days [to get the money back]. 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). 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. The account would be frozen until the concern was resolved. I am a victim of fraud here, I cannot even afford to take this to court. No change of circumstances and still live in the UK. 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. Why have I received an email about a refund from my closed account? Theres more here about two ways to pay. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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 . Do other banks pull stuff like this? How can I get money back from refunds paid to a closed credit card? Update on this earlier post. Monzo closed my account but I have a loan with them : r/monzo - reddit Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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. 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. 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. New Customers only. But your point was Monzo legally cannot tell you why. which is not true unless its AML or fraud. Monzo closed my account but I have a loan with them. Why we sometimes freeze, block or close Monzo accounts If that was the case they would not have two months they would be cut off immediately. Monzo giving two months' notice of account closures monzo closed account refund What's going on? I just started to get tired of it, and that's when I came across the Facebook group.. It might take a while, but you should get your money back in the end. '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. Ive been told that a purchase Ive made using Flex (my first ) is to be refunded in X working days. What reasons would they have though?? monzo closed account refund. This only happens very rarely, and most customers will never even know its happening. Criminals successfully stole 1.2bn from people in the UK in 2019 alone. Our Financial Services Register number is 730427. In response, HSBC said in a statement: 'A customer who has closed their credit card would be entitled to any refunds that are . been abusive to anyone at Monzo or a member of our community. monzo closed account refund Refund into closed Monzo account. (Monzo Closed Account Without Sometimes blocking or closing accounts is one of the ways we do this. Unfortunately none of us here can say what the reason might be, as were not privy to Monzos internal discussions. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. After filing numerous online complaints to Monzo, one was finally upheld, and Harford had his money returned in full along with 25 compensation. You can find more information in the terms and conditions. I had my bank account closed since Late October, I was awaiting a refund from Adidas For around 800. 09446231). 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. 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 under investigation by FCA over anti-money laundering rules Monzo Bank Limited is a company registered in England and Wales (No. There are some common signs that someones using an account for criminal activity. 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. Christmas was approaching, and he planned to use the 365 in his Monzo account to buy presents for his family. Im afraid youll just have to take your money and pick another bank. 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. and our very strange situation here. Announcing the move on its community forum yesterday, Monzo said 'things just haven't gone the way they should have'. Monzo bank 'freezing accounts for no apparent reason' - the Guardian
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